Technology Metals Australia Limited (ASX: TMT) has announced a significant update of the Gabanintha Vanadium Project in Western Australia’s Proven and Probable Ore Reserve estimate and increased the estimated Life of Mine to 22.5 years.
Managing Director, Ian Prentice, saidthe 32% increase includes numbers from the recently upgraded Southern Tenement Mineral Resource estimate (MRE) of 9.4Mt at 0.97% V2O5.
The expanded Ore Reserve supports an operating schedule that extends the GVP life of mine to 22.5 years, compared to an initial DFS life of mine of 16 years.
Managing Director, Ian Prentice said GVP hosts a Global Mineral Resource estimate of 137.2Mt @ 0.9% V2O5, including an outstanding high-grade portion of 75.1 Mt at 1.1% V2O5, and an Indicated and Measured Resource estimate of 39.6Mt @ 0.9% V2O5.
The maiden Southern Tenement Ore Reserve has delivered on providing a material extension to the GVP mine life, with higher grades and vanadium recovery into magnetic concentrate expected to enhance the flexibility for the development of this lowest cost quartile, large scale, long-life World-class vanadium project,” Mr Prentice said.
“The 22.5 year initial project life is expected to be viewed favourably by prospective Project financiers, strategic partners and key stakeholders.”
Mr Prentice said the very high quality DFS on the development of the globally significant Gabanintha Vanadium Project was based on the Northern Block Mineral Resource (M51/883), delivering a Proven and Probable Ore Reserve of 29.6Mt at 0.88% V2O5 from a Measured and Indicated Mineral Resource of 30.0 Mt at 0.9% V2O5.
An update of the Southern Tenement Mineral Resource (M51/884) resulted in an increased Mineral Resource estimate of 27.7Mt at 0.9% V2O5 including a high grade massive mineralisation zone of 14.4Mt at 1.1% V2O5, and a maiden Indicated Mineral Resource estimate of 9.6Mt at 1.0% V2O5. The Southern Tenement area is located 15km southeast of the proposed GVP processing plant.
The maiden Indicated Mineral Resource estimate includes a large proportion of the high grade massive mineralisation zone and consists of only fresh mineralisation, which has excellent vanadium recovery in to magnetic concentrate of 92% and 80% for fresh massive and fresh disseminated mineralisation types respectively. This mineralisation has delivered Project high average vanadium in concentrate grades of 1.48% V2O5 for the fresh massive magnetite mineralisation and 1.64% V2O5 for disseminated mineralisation.
Open pit mine modelling and scheduling work has now been completed on the updated Southern Tenement Mineral Resource by independent consultant CSA Global. This work, incorporating metallurgical testwork results and geotechnical data from the 2018 diamond drilling, has resulted in the delivery of the maiden Southern Tenement Probable Ore Reserve estimate of 9.4Mt at 0.97% V2O5. The maiden Ore Reserve represents a very high 98% conversion from the Indicated Mineral Resource estimate.