Australian Vanadium Ltd (ASX:AVL) is in a trading halt pending an announcement regarding its Gabanintha Vanadium Project near Meekatharra in Western Australia’s Mid-West.
An announcement is expected about the base case for the project’s pre-feasibility study (PFS).
The ASX has granted the trading halt, which will remain in place until the start of normal trading on Wednesday, September 26, or when an announcement is released to the market, whichever occurs earliest.
AVL last traded at 5.4 cents on Friday, a day in which the share price ranged from 5.2 to 5.6 cents.
READ: Australian Vanadium completes PFS drilling for resource update
Earlier this month the company completed a 14-hole reverse circulation drilling program, which forms part of the PFS work with results to be used for a JORC resource update.
At the time, AVL managing director Vincent Algar said the initial base case scenario was the first step in a series of activities enabling the delivery of a realistic and achievable study to support future investment decisions.
AVL has also pegged a new 49.7 square kilometre tenement at the southern end of Gabanintha, which is prospective for deposit extensions as well as gold, copper and uranium.
Algar stated, “The addition of this strategic tenement provides AVL with potential to define additional mineral resources and consolidates accessibility to all of our deposits in the Gabanintha area.”
READ: Australian Vanadium signs LOI with German battery manufacturer for potential vanadium supply
Recently, AVL also signed a letter of intent with a German vanadium redox flow battery (VRFB) manufacturer which could lead to the company supplying vanadium pentoxide and/or vanadium electrolyte.
SCHMID is keen to secure a material supply of vanadium for VRFB batteries and recognises that the Gabanintha project near Meekatharra in Western Australia as a potential source.