TNG (ASX: TNG) is focused on the exploration, evaluation and development of the wholly owned Mount Peake Vanadium-Titanium-Iron Project, located in the highly prospective Arunta Geological Province, 80 kilometres north-east of Alice Springs in the Northern Territory.
TNG looks to boost Mount Peake iron vanadium JORC Resource on drill results
Perth based TNG (ASX: TNG) has completed four diamond drill holes intersecting widths of up to 144 metres of continuous magnetite mineralisation at its Mount Peake Iron-Vanadium Project in the Northern Territory, supporting potential for a resource upgrade.
The holes were through the central part of the resource for a total of 510 meters and results included homogeneous grades of up to 0.6% vanadium (V205) in magnetite.
The consistent vanadium grades compared with average grades of 0.29% - 0.4% V205 reported from previous drilling. Titanium and iron grades are consistent with previous results.
TNG's managing director, Paul Burton, said, “whilst these are preliminary results, very significant widths of magnetite mineralisation with good vanadium grades continue to be intersected.
"They confirm and support the scale and quality of the Mount Peake deposit giving the potential for an increase in the JORC resource estimate which would further cement Mount Peake as one of Australia's largest vanadium projects.”
The current JORC Inferred Resource is 139 million tonnes at 0.29% vanadium, 5.34% titanium and 23.66% iron, to the higher confidence categories of Measured and / or Indicated. The resource upgrade will be completed by Snowden Mining Consultants.
TNG said the HQ sized core has been photographed and logged by the company's geologists, and magnetic susceptibility and NITON1 readings have been recorded.
The logging of the core indicates that continuous magnetite mineralisation has been intersected over down-hole widths of up to 144 metres, which are the widest intersections seen at the project to date.
In addition, the company is planning to complete four additional diamond holes and core will be used to provide a representative sample for metallurgical and pilot plant testwork on TNG's patented hydrometallurgical process for the Mount Peake Project.
The diamond drilling is proceeding on schedule and is expected to be completed by mid-June.
The current program of diamond drilling will be followed by 2,000 metres of Reverse Circulation (RC) drilling, which is expected to commence in July.
TNG is also progressing Pre-Feasibility work on schedule for completion in October 2011 with engineering, process design, hydrology, Native Title and environmental studies underway.
In April TNG received a further boost to the credentials of the Mount Peak Iron-Vanadium Project with a major Chinese engineering and development company extending the non-binding MoU which allows for the establishment of a strategic partnership for Mount Peake financing and development.
