This chart shows the price per mtu (10kg) of APT (Ammoniumparatungstate) in Australia dollars
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Vital Grows West African Portfolio - Bella Tondi
Set to Drill 1.5km Long Gold Target in Niger
- BDD002: 17.9m @ 7.92 g/t Au from 2m
- BDD001: 1.6m @ 16.58 g/t Au from 7m
- BDD029: 7.1m @ 2.73 g/t Au from 0m
- BDD019: 5.8m @ 2.60 g/t Au from 8m
- BDD027: 4.1m @ 3.20 g/t Au from 0m
- Bella Tondi prospect has previously had intensive hard rock artisanal activity with up to 20,000 miners over a strike length of 1.5km but has never been drill tested
- Vital will spend US$1M spend over six Vital can elect to either withdraw or proceed to earn a total 50% interest in the holding company by sole funding exploration over 2 years
- On establishment of a 50/50 joint venture, SUMMA can elect to jointly fund further expenditure or withdraw for a 2.5% gross revenue royalty
Vital’s Managing Director Mr Mark Strizek said:
“Bella Tondi looks to have real scale with hard rock artisanal workings over 1.5km and has never been drill tested. There is great potential for exploration success with high grades from diamond drilling at the other nearby prospects on the Bouli permit that complements our Burkina Faso exploration permits and as such we see it as our top priority drilling prospect at this time. ”
Exploration Agreement signed with SUMMA on a portfolio of three highly prospective gold permits in Niger, West Africa
Covers three exploration permits (4,289km² in total) held by a subsidiary in SUMMA (a private Turkish company with a broad range of multi-jurisdictional interests)
Drilling proposed for the Bella Tondi prospect which previously had intensive hard rock artisanal activity with up to 20,000 miners working over a strike length of 1.5km
Advanced exploration completed by SUMMA on several prospects with high-grade gold intercepts returned from limited diamond drilling in 2016:
- 17.9m @ 7.92 g/t Au from 57.2m
- 1.6m @ 16.58 g/t Au from 63.7m
- 7.1m @ 2.73 g/t Au from 16m
- 5.8m @ 2.60 g/t Au from 45.8m
- 4.1m @ 3.20 g/t Au from 77m
Based on solid exploration
The Watershed tungsten deposit was discovered and explored by Utah Development Company Limited (“Utah”) in the early 1980’s with limited further work conducted by Peko-Wallsend Operations Limited – Geopeko Division (“Geopeko”) in the mid-1980’s. Vital acquired the project in 2005 and has been investigating the deposit since that time.
The deposit has been defined by more than 326 drill holes for over 54km of predominately diamond drilling. Mineralization has been encountered over a strike length of approximately 1500m and down dip to 450m. The deposit is open at depth and along strike.
World class resource
The Watershed Deposit ranks among the 10 largest unexploited non-Chinese tungsten deposits worldwide. This JORC (2004) compliant resource model has been classified using JORC Code and Guidelines and Measured, Indicated and Inferred Resources total 49.2 million tonnes of ore at 0.14% WO3 for 70,400 tonnes WO3 (7.04 million metric tonnes units – mtus) at a 0.05% WO3 cut-off.
The Watershed projects holds all the required permits and agreements, allowing immediate start of construction: Mining Leases – ML, Environmental Authority – EA, Native Title Agreement – ILUA, Agreements with pastoral landholders.
Completed positive DFS
A Definitive Feasibility Study (DFS) was completed by Vital with very positive outcome in 2014. A 2.5Mt ore per year mining and processing operation is supported by strong economics and a mineral reserve of 21.3Mt of ore grading 0.15% WO3 (31,400 tonnes of contained WO3) over a mine life of 10 years.
Excellent exploration opportunities
The Watershed resource is open to depth as well as along strike with high grade drill intercepts known below the current open pit design as well as in close proximity to south of the deposit. This provides great opportunities to extend the life of the Watershed project through future underground or satellite open pit operations.
- 4th largest gold producer in Africa
- 7 gold mines commissioned since 2007
- Exceptional geological potential – still underexplored with significant potential for growth in gold resources
- Mining friendly Government
- Kollo Gold project
- Boungou South Gold prospect
- Zinc projects
Vital Metals Limited work focus in Australia is far North Queensland. The region hosts the companies flagship Watershed Tungsten Project about 115km northwest of Cairns, together with 7 highly prospective exploration tenements covering an area of 868km2. The Watershed Tungsten Project is poised to become one of the largest tungsten suppliers outside China. The nearby exploration tenements in one of the most prospective mineral provinces of Queensland offer outstanding opportunities for the discovery of substantial tungsten, tin, gold or copper resources, which could add value to the Watershed Project or be developed into stand-alone operations.
Vital Metals’ Aue Exploration Permit is prospective for underground tungsten, tin, cobalt, silver, zinc, indium, gold and uranium mineralisation. It is located in the western Erzgebirge region which is in the heart of one of Europe’s most famous mining regions and is surrounded by several world-class mineral fields within a radius of less than 20km.
This permit is a very attractive addition to Vital’s exploration portfolio:
- Reduced exploration risk – tungsten mineralisation has been sampled and mapped from underground adits and drill core;
- Preliminary metallurgical testwork showed WO3 recoveries of around 85% for concentrates containing around 60% WO3;
- Extensive geological data package;
- Supportive Government for strategic metals mining projects.
David Macoboy Non-Executive Chairman
Mr Macoboy holds a Bachelor of Economics and a Bachelor of Commerce from the University of WA. David is a Certified Practicing Accountant. He is a former Chairman of Ammtec Limited, AVZ Minerals Limited and Territory Resources Ltd and has served on numerous other boards. He has not held any directorships of other listed companies in the past three years.
The Directors and Management of the Company believe Mr Macoboy’s cross-industry experience, especially in the areas of corporate strategy, finance, treasury, risk management and international fund raising, are skills needed to ensure the company’s projects are appropriately funded and promoted.
Mark Strizek – BSc, MAusIMM Managing Director
Mark Strizek is a qualified geologist with over 19 years’ experience in the mining industry and is Member of the Australasian Institute of Mining and Metallurgy. Mark’s career began in the Yilgarn in Western Australia in gold. He has experience in mining and exploration and has also worked as a resource consulting geologist. Prior to joining Vital he was involved in project development of mineral, coal and petroleum resources in both Australia and Papua New Guinea.
Andrew V Simpson – Grad. Dip. Bus (Curtin), MAICD Non-Executive Director
Mr Simpson holds a Graduate Diploma in Business and Administration (majoring in Marketing and Finance) from Curtin University and is currently the Managing Director and Principal of Resource and Technology Marketing Services Pty Ltd (RTM) in Perth.
He formed RTM in 1999 to specialise in strategic and business planning, resource project assessment and marketing. RTM is recognised as one of Australia’s leading market research consultants to the international mining industry.
Mr Simpson is non-executive Chairman of Swick Mining Services Ltd. He is past Chairman of Territory Resources Ltd and India Resources Ltd. Mr Simpson is a Member of the Australian Institute of Company Directors.
Peter G Cordin – B.Eng (Civil) (UWA), F.AusIMM, MIEA Non-Executive Director
Mr Cordin is a civil engineer with over 35 years experience in the evaluation and operation of resource projects within Australia and overseas. He is the former Non-Executive Chairman of Dragon Mining Limited an Australian listed company with gold mines in Sweden and Finland. He has direct experience in the management of diamond and gold operations and has been involved in the development of resource projects in Kazakhstan and New Caledonia.
Mr Cordin is also a non-executive director of Coal of Africa Limited and Aurora Minerals Limited.
Francis Harper LLB (Hons) BEc Non-Executive Director
Mr Harper is a lawyer and has been a director of Blackwood Capital since 2002 and prior to that spent 15 years with NM Rothschild in the US, UK and Australia in M&A and resources finance. Blackwood Capital has raised over $1 billion for small caps since inception. Mr Harper (through Blackwood) financed West African Resources (WAF) and was chairman from 2009 to 2015.