Hardey Resources Ltd (ASX:HDY) has appointed SRK Consulting to conduct a geological review of the Nelly vanadium mine in Argentina.
The review is part of the expedited due diligence process in motion and SRK will take the lead alongside local geologists, Condor Prospecting.
Earlier this month, Hardey entered into a share sale agreement to acquire the Nelly vanadium mine subject to a 40-day due diligence period.
READ: Hardey Resources may look to fast-track reopening of Argentine vanadium mine
Hardey’s executive chairman Terence Clee said: “We are delighted to have secured SRK Consulting’s services to conduct an expedited geological review of Nelly Vanadium Mine in Argentina.
“Working closely with our experienced in-country geology team from Condor Prospecting, the Board looks forward to receiving regular updates as due diligence moves in to top gear over the next four weeks.”
Report with recommendations within four weeks
The combined due diligence consultants, being led by SRK, will be expected to produce a final report with recommendations within four weeks.
The terms of reference comprise the following:
• A site visit to assess mineralised veins and historical stockpiles and geologically map the tenure to update earlier work;
• Review of all available historical public and private information including studies, maps, sections, assays, quality assurance procedures and geological models;
• Use gathered data to assess potential exploration upside for vanadium, gold, silver, copper, zinc, lead, molybdenum and bismuth; and
• Produce regular updates and a final report, with appropriate recommendations, within four weeks that can aid the company’s aim of estimating a JORC mineral resource.
READ: Hardey Resources to acquire six prospective Australian vanadium projects
Last week, Hardey entered into a share sale agreement with Vanadium Mining Pty Ltd to acquire six highly prospective vanadium projects in Queensland and the Northern Territory.
Together with Hardey’s proposed acquisition of the Nelly Vanadium Mine in Argentina, the company believes it can rapidly build a strong scalable global platform to meet growing demand for vanadium.