Technology Metals Australia (ASX:TMT) has revealed the maiden resource at its Gabanintha Vanadium Project near Meekatharra in Western Australia.
The inferred resource of 62.8 million tonnes at 0.8% vanadium and 9.7% titanium includes up to five medium grade lodes located up dip from a massive magnetite basal zone at the Northern Block.
The high-grade massive magnetite basal zone contains 29.5 million tonnes at 1.1% vanadium and 12.6% titanium.
Significantly, the high-grade portion of the overall resource confirms the position of the project as one of the highest-grade vanadium projects in the world.
Furthermore, the medium grade lodes up dip from the high-grade zone may materially enhance economics by providing a low strip ratio.
It is worth noting that the Northern Block tenements are contiguous with the northern extent of Australian Vanadium’s (ASX:AVL) Gabanintha Vanadium Project resource and conceptual open pit.
Technology Metals is currently planning a program of resource infill and extensional drilling to enhance the confidence level and increase the overall resource estimate in the Northern Block.
This program will also incorporate diamond drilling to provide detailed geological data relating to the various mineralised lodes and to provide samples for detailed metallurgical testwork.
It is expected that this program will commence in the September 2017 quarter.
In addition, the company’s first drilling program on the Southern Tenement is also expected to commence in the September 2017 quarter.