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Liontown Resources’ Toolebuc project hosts an 84 million tonne maiden resource

Last updated: 13:43 30 Jul 2018 AEST, First published: 23:43 29 Jul 2018 AEST

Liontown Cambridge deposit is adjacent to Intermin Resources’ Lilyvale resource
The Liontown deposit is adjacent to Intermin Resources’ Lilyvale resource

Liontown Resources Limited (ASX:LTR) has established a maiden 84 million tonne vanadium resource for the Cambridge deposit at its wholly-owned Toolebuc project in northwest Queensland.

The company called the achievement confirmation the 1,000 square kilometre project 400 kilometres west of Townsville was a “signification addition” to its existing battery metals assets.

Resource features molybdenum

The 0.30% vanadium inferred mineral resource was prepared by independent assessor Optiro Pty Ltd and remains open.

Optiro applied a 0.25% cut-off grade to its assessment.

The inferred resource also contained 188 parts per million of molybdenum trioxide.

Liontown said an exploration target of 100-110 million tonnes grading about 0.28% to 0.32% vanadium had also been estimated adjacent to the inferred resource.

The company is planning to drill this target to extend the resource.

Toolebuc potential ‘demonstrated’

Liontown managing director David Richards said the maiden JORC 2012 resource for Toolebuc demonstrated the scale and potential of the project.

“The Cambridge deposit has a number of exciting attributes which make it a significant and potentially valuable addition to our portfolio of Australian battery metals projects,” he said.

“These include the shallow nature of the mineralisation, its proximity to major existing regional infrastructure, and the fact that it remains open and offers substantial growth potential – plus the opportunity for further discoveries within our large tenement holding.

“We intend to pursue this project with vigour, in parallel with our emerging lithium projects at Kathleen Valley and Buldania in Western Australia.”

Cambridge near Lilyvale

Mineralisation at Cambridge extends from 1 metre to 22 metres below surface, on average to 10 metres, and is about 2-17 metres thick, averaging about 9.7 metres thick.

Liontown’s Cambridge resource is immediately east of Intermin Resources Limited’s (ASX:IRC) 670 million tonne Lilyvale resource which is graded at 0.35% vanadium.

Cambridge is 5 kilometres long and up to 3 kilometres wide.

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