Proactiveinvestors Australia Hardey Resources Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Hardey Resources Ltd RSS feed en Mon, 27 May 2019 01:44:04 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Hardey Resources receives CSA Global report on vanadium mining projects ]]> https://www.proactiveinvestors.com.au/companies/news/220901/hardey-resources-receives-csa-global-report-on-vanadium-mining-projects-220901.html Hardey Resources Limited (ASX:HDY) has received a draft report from CSA Global on its strategy and operations following a desktop technical review of its projects and acquisitions.

These include Nelly Vanadium Pty Ltd and the Vanadium Mining Pty projects.

The company is reviewing its contents and will consider the technical and commercial aspects of the report to determine whether the company should proceed with the acquisitions, which may refocus its business in the resource space.  

Hardey anticipates presenting the outcome on the Vanadium Project to shareholders in a general meeting once regulatory approvals have been received.

READ: Hardey Resources board reviews proposed vanadium company acquisitions

The company engaged Cadre Geology and Mining to undertake a field reconnaissance program at its Grace Project in WA’s Paterson Range, completed on May 12, 2019.

Hardey is also reviewing past exploration data to determine the future exploration program for the project and notes heightened interest in this area from other explorers and major mining companies.

An exploration licence application adjacent to the Grace project is being progressed with negotiations under way on a land access and mineral exploration agreement with the Western Desert Lands Aboriginal Corporation.

READ: Hardey Resources undertaking comprehensive review to determine ideal strategy

A data review and field reconnaissance programs are also planned for several of the granted exploration licences in the Pilbara and the Murchison, to ensure compliance with the statutory activity, reporting and expenditure requirements of the titles.

Hardey is also continuing to compile and review previous exploration data for its Burraga Project in NSW in order to plan future exploration work.

Earlier this week the company committed to a director nomination process allowing shareholders with more than 3 million shares to nominate a director for review and possible appointment.

It has appointed Stanton Chase executive recruiter Tony Taylor to review and adjudicate the nominated directors, along with the interim directors who intend to nominate for re-election to determine the outcome.

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Fri, 24 May 2019 16:18:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220901/hardey-resources-receives-csa-global-report-on-vanadium-mining-projects-220901.html
<![CDATA[News - Hardey Resources board reviews proposed vanadium company acquisitions ]]> https://www.proactiveinvestors.com.au/companies/news/218992/hardey-resources-board-reviews-proposed-vanadium-company-acquisitions-218992.html The junior company has a market capitalisation of $7.95 million

Shares were last traded in April 2018 for 0.3 cents

What does Hardey Resources do?

Hardey Resources Ltd (ASX:HDY) is an Australian junior company listed on the Australian Securities Exchange as a metals and mining sector company. It was previously known as Elysium Resources Limited (ASX:EYM).

The company’s board is undertaking a review of two proposed company acquisitions that may refocus its business in the resources space.

Hardey’s board, appointed in March 2019, is made up of five non-executive directors: chartered accountant and View Street Partners founder and director John Hannaford; minerals economist and former SMS Innovative Mining chief financial officer David Izzard; boutique corporate advisory practice principal Brian Thomas; Gramercy Partners Pty Ltd finance company director and shareholder Scott Paterson; solicitor, economist and mining industry specialist Nick Johansen.

What does Hardey Resources own?

If Hardey’s board opts to move forward with proposed acquisitions of Nelly Vanadium Pty Ltd and Vanadium Mining Pty Ltd, the mineral vanadium will form part of its focus.

The historical Nelly Vanadium Mine on a 53-hectare tenement is 170 kilometres from the capital of Argentina’s San Luis Province.

The mine has access to mains power and water supplies, with nearby towns featuring support services and skilled labour.

Transportation infrastructure from mine to ports is on gravel tracks, a sealed highway and a rail network.

Nelly was operated between 1949 and 1957, as a gravimetric separation operation and a processing plant produced vanadium pentoxide (V2O5) and ammonium metavanadate (VO3NH4) on-site.

What is Hardey Resources focused on in the near term?

“The overall goal of the remediation action … is for a new board to consider afresh whether the acquisitions (with any changes that may be negotiated and agreed by the new board and the vendors) are in the best interests of HDY and its unassociated shareholders,” company secretary Sarah Smith wrote in a remediation proposal put forward to ASX Limited on March 8.

“If the new board decides that the acquisitions are in the best interests of HDY and its unassociated shareholders, the acquisitions are to be submitted to the unassociated shareholders for approval.”

In a company update published on March 29, Smith noted: “The board is in the process of undertaking a review of the acquisitions of Nelly Vanadium Pty Ltd and Vanadium Mining Pty Ltd, and will provide an update with respect to that process, as well as the nomination of directors in due course.”

Inflection points

Board decision on whether to proceed with vanadium company acquisitions

Board make-up if acquisition does not proceed

Remediation proposal progress with ASX Limited listing advisers

Successful company restructure and recapitalisation

Key milestones and significant transactions

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Thu, 25 Apr 2019 18:25:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218992/hardey-resources-board-reviews-proposed-vanadium-company-acquisitions-218992.html
<![CDATA[News - Hardey Resources undertaking comprehensive review to determine ideal strategy ]]> https://www.proactiveinvestors.com.au/companies/news/216707/hardey-resources-undertaking-comprehensive-review-to-determine-ideal-strategy-216707.html Hardey Resources Ltd’s (ASX:HDY) new leadership is currently undertaking a comprehensive review of the company’s strategy and operations following the new board appointments made earlier this month.

As part of the review, the board is assessing Hardey’s current asset portfolio, to determine the best strategy going forward.

The board will also re-consider the acquisitions of Nelly Vanadium Pty Ltd and Vanadium Mining Pty Ltd, to determine whether the acquisitions are in the best interests of Hardey and its shareholders.

READ: Hardey Resources’ study confirms high-grade vanadium at Nelly

Hardey is also working towards finalising its half-year report and accounts for the period ended December 31 2018.

The company is in communication and working with the ASX to establish the requirements for relisting it on the ASX.

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Tue, 19 Mar 2019 14:52:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216707/hardey-resources-undertaking-comprehensive-review-to-determine-ideal-strategy-216707.html
<![CDATA[News - Hardey Resources completes drilling at Lloyds Copper Mine, news flow expected ]]> https://www.proactiveinvestors.com.au/companies/news/208071/hardey-resources-completes-drilling-at-lloyds-copper-mine-news-flow-expected-208071.html Hardey Resources Ltd (ASX:HDY) has completed drilling two exploration drill-holes as part of the Lloyds Copper Mine extension program at the Burraga Project in New South Wales.

Two reverse circulation (RC) holes for 740 metres were drilled to test extensions to known mineralisation.

Samples have now been processed and dispatched to the lab for follow-up analysis with results likely available in the next few weeks.

READ: Hardey Resources gains new substantial shareholder in Pacific Continental Holdings

Hardey’s director Robert McCauley said: “It is pleasing to have concluded this latest drilling round at our core copper project.

“The board looks forward to reviewing the assay results as this will determine the next phase of the drilling program at the Burraga project.

“Further, our geology teams are ramping up development work on the vanadium projects, given favourable global demand-supply dynamics have propelled the V2O5 price to 5-year highs.”

Further drilling likely

Once the assay results have been reviewed, further drilling is likely to be proposed to test potential extensions to the known ore body to the east.

READ: Hardey Resources on fast-track to reopen Nelly Vanadium Mine in Argentina

In addition, Hardey intends to provide updated progress reports on its Nelly Vanadium Mine and six vanadium assets in the Northern Territory and Queensland.

Hardey aims to capitalise on Argentina’s comparatively favourable mining laws to expedite re-opening the Nelly Vanadium Mine.

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Tue, 30 Oct 2018 10:47:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208071/hardey-resources-completes-drilling-at-lloyds-copper-mine-news-flow-expected-208071.html
<![CDATA[News - Hardey Resources gains new substantial shareholder in Pacific Continental Holdings ]]> https://www.proactiveinvestors.com.au/companies/news/204579/hardey-resources-gains-new-substantial-shareholder-in-pacific-continental-holdings-204579.html Hardey Resources Ltd (ASX:HDY) has a new substantial shareholder with Pacific Continental Holdings Pty Ltd securing a 15.44% stake through an on-market transaction.

Sydney-based Pacific Continental became a substantial shareholder on August 29, 2018, demonstrating confidence in Hardey’s vanadium and gold strategy.

This occurred when more than 409 million shares were acquired at a price of 0.4 cents per share.

Hardey’s flagship assets are its recently acquired vanadium projects but it also has gold projects in Western Australia.

Hardey to respond to ASX queries

The company is preparing to make an announcement to the market by this coming Friday, September 14, in response to ASX queries.

Hardey recently entered a trading halt pending the release of a response.

READ: Hardey Resources completes study revealing Pilbara conglomerate-hosted gold targets

Last week, Hardey completed an updated study on four of its Pilbara gold projects highlighting the potential for conglomerate-hosted gold and polymetallic deposits.

The study noted exploration upside across all project, especially for conglomerate-hosted gold at Bellary, which is alongside Novo Resources’ (CVE:NVO) ground.

While Hardey’s priority remains developing its newly acquired vanadium projects, the board began reviewing plans last week to fast-track a high-level exploration program at its Pilbara projects.

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Tue, 11 Sep 2018 11:44:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204579/hardey-resources-gains-new-substantial-shareholder-in-pacific-continental-holdings-204579.html
<![CDATA[News - Hardey Resources completes study revealing Pilbara conglomerate-hosted gold targets ]]> https://www.proactiveinvestors.com.au/companies/news/204287/hardey-resources-completes-study-revealing-pilbara-conglomerate-hosted-gold-targets-204287.html Hardey Resources Ltd (ASX:HDY) has completed an updated study on four of its Pilbara gold projects highlighting the potential for conglomerate-hosted gold and polymetallic deposits.

The study noted exploration upside across all project, especially for conglomerate-hosted gold at Bellary, which is alongside Novo Resources’ (CVE:NVO) ground.

The board is now reviewing plans to fast-track a high-level exploration program.

Also of note, the board has confirmed it has recently been approached by Australian and international groups interested in the four projects.

READ: Hardey Resources on fast-track to reopen Nelly Vanadium Mine in Argentina

Hardey’s executive chairman Terence Clee said: “While considerable resources have been devoted to closing out the two vanadium transactions, our geology consultants have been conducting reviews on the gold assets.

“This initial update on Cheela, Bellary, Hammersley and Elsie North is highly encouraging, particularly the prospect of subsurface target mineralisation being apparent.

“More importantly, recent approaches by Australian and international groups is timely, with the Board seeking to optimise these assets through bringing in prospective strategic partners.”

Overall, the geology consultant believes there is discovery potential given the widespread occurrences of Hardey Formation and Mount Roe Basalt style rocks.

Notably, a number of companies have recently made significant gold mineralisation discoveries in the region associated with the aforementioned rock types.

Two vanadium projects still the focus

Hardey’s clear priority still remains developing the newly acquired vanadium projects, while at the same time optimising legacy assets.

This twin objective is being progressed to maximise value for shareholders.

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Thu, 06 Sep 2018 09:38:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204287/hardey-resources-completes-study-revealing-pilbara-conglomerate-hosted-gold-targets-204287.html
<![CDATA[News - Hardey Resources on fast-track to reopen Nelly Vanadium Mine in Argentina ]]> https://www.proactiveinvestors.com.au/companies/news/203930/hardey-resources-on-fast-track-to-reopen-nelly-vanadium-mine-in-argentina-203930.html Hardey Resources Ltd (ASX:HDY) aims to bring the Nelly Vanadium Mine in Argentina back into production as soon as possible and is moving swiftly to secure the necessary regulatory approvals.

Apart from the significant potential upside as highlighted by SRK Consulting, a key reason for Hardey acquiring the project is Argentina’s favourable mining regulatory system.

This enables a legacy mining right to be expediated for reactivation compared to other mining countries.

READ: Hardey Resources’ study confirms high-grade vanadium at Nelly

Hardey Resources executive chairman Terence Clee said, “The board’s immediate core objective is to capitalise on Argentina’s comparatively favourable mining laws to expedite re-opening Nelly Vanadium Mine.”

Attractive timeframe

Compared with the typical 3-5 years to transform a greenfield project into a viable mining operation in Argentina, the relative timeframe to reactivate Nelly’s mining right is potentially under 12 months.

In most developed countries this timeframe is 5-7 years.

Based on preliminary geological evidence to date, the company’s board believes the reopening the mine and scaling up production of vanadium pentoxide will expedite creating value for shareholders at a materially faster rate.

READ: Hardey Resources parking in the right vanadium neighbourhood of Northern Territory

This will, in turn, supplement the future development of Hardey’s Australian greenfield assets.

Clee said, “Our initial goal, pending the mining right being granted, is approval of the exploration permit.

“This will enable the geology team to commence work verifying the extent of vanadium mineralisation and potentially monetising the historical stockpiles.”

To demonstrate Hardey’s strategic imperative to re-open Nelly, a formal letter has been sent to the director of San Luis’ Mining Department (SLMD) that details the change of ownership and forward plans.

Visit to San Luis

In addition, senior company representatives will travel to San Luis from Australia in early September to expedite the re-opening process.

This will involve meeting the SLMD director and key officials to establish a working rapport.

A liaison office will be set up in San Luis province to directly manage ongoing contact with the SLMD to progress the exploration approval and mining right.

An exploration approval application and accompanying EIA have been lodged with the relevant authorities.

There are a considerable number of documents that SLMD requires before the process to reactivate the mining right can commence.

The company hopes that these initiatives will enable it to fast-track the process to reactivate the mining right.

READ: Hardey Resources reveals stockpiles and unexploited mineralisation at Nelly Vanadium Mine

Once exploration approval is granted, the company’s geology team can start verifying the extent of mineralisation within the project and bulk sample legacy stockpiles.

Quantifying the mineral potential of these stockpiles is the priority before prospective offtake partners undertake independent metallurgical testing.

Plan to monetise stockpiles

Upon approval of the mining right reactivation, the stockpiles can potentially be monetised to facilitate generating early stage cash flow.

This can occur while the technical team works on feasibility plans for optimal open pit mining operations, with forward planning to accommodate future underground mining operations.

Next steps post-exploration permit and mining right approval.

The board believes that Nelly delivers Hardey a significant comparative advantage in enabling it to potentially jump-start vanadium pentoxide production faster relative to peers with predominantly greenfield assets.

Shareholders approve acquisitions

At an extraordinary general meeting last week Hardey's shareholders approved the company's acquisition of two private vanadium companies - Nelly Vanadium Pty Ltd (NVPL) and Vanadium Mining Pty Ltd (VanMin).

NVPL owns the Nelly mine while VanMin owns six high-quality vanadium projects across Queensland and Northern Territory.

The company's due diligence supports this decision.

Aeromagnetic and soil sampling evidence shows that the Wollagalong and Chisholm prospects in the NT are highly prospective for vanadium mineralisation.

The prospects more than likely share similar geology and magnetics to TNG Limited’s (ASX:TNG) adjoining Mt Peake project.

READ: Hardey Resources’ due diligence increases confidence in Queensland vanadium projects

In Queensland, incremental due diligence on four highly prospective vanadium projects has increased the confidence to geologically model, estimate and report under the JORC 2012 Code.

Hardey has uncovered further historical evidence there are actually 383 air-core drill-holes targeting the Toolebuc Formation along the 150 kilometres strike running through the Spike, Cera and Petrie projects and within the Sharptooth prospect.

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Fri, 31 Aug 2018 10:57:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203930/hardey-resources-on-fast-track-to-reopen-nelly-vanadium-mine-in-argentina-203930.html
<![CDATA[News - Hardey Resources’ study confirms high-grade vanadium at Nelly ]]> https://www.proactiveinvestors.com.au/companies/news/203741/hardey-resources-study-confirms-high-grade-vanadium-at-nelly-203741.html Hardey Resources Ltd (ASX:HDY) has received confirmation that its Nelly Vanadium Mine in Argentina is prospective for high-grade vanadium and it will now expedite high-level exploration.

A geological study was undertaken by SRK Consulting, together with Condor Prospecting, to review all necessary historic information and undertake a site visit.

The results confirmed historic miners only extracted a small portion of the mineralised central vein and SRK used ground truthing to identify four other unmined quartz-rich veins over a 1.5-kilometre trend.

READ: Hardey Resources shareholders approve vanadium acquisitions

Hardey executive chairman Terence Clee said: “Confirmation from SRK Consulting there is potentially four untapped, mineralised veins at Nelly Vanadium Mine and 10 historic stockpiles, reflects the project’s significant potential upside.

“The board has accepted all SRK Consulting’s recommendations to expedite a high-level exploration program, with re-opening the mine as soon as possible the core priority.”

Main open pit at Nelly Vanadium Mine

  READ: Hardey Resources reveals stockpiles and unexploited mineralisation at Nelly Vanadium Mine

Historic channel sampling and assay results across Nelly’s historical workings have produced grades from the partially mined vein that range up to 1.9% vanadium pentoxide with a length weighted average of 0.82%.

SRK’s ground truthing indicated the unmined veins are up to 5.5 metres wide and from 12 metres to potentially 40 metres deep.

The review also confirmed ore continuity, defining a mineralised strike length of at least 1.5 kilometres, with the central vein continuously surface-mapped for 1.1 kilometres.

Unique mineralised system

The type of deposit at Nelly differs from the four main types found globally, which includes vanadiferous titanomagnetite and sandstone-hosted vanadium systems that are prevalent in Australia.

Nelly’s mineralisation can be defined as hydrothermal vanadium and base metal veins where the upper zone is enriched by oxidation during weathering.

This post-mineralisation enrichment resulted in widespread oxidised minerals such as malachite, azurite and wulfenite, along with some primary sulphides such as pyrite and galena.

The main vanadium minerals recognised to date at Nelly are vanadinite and descloizite.

Vanadates within open pit

  Source of early cashflow

Teams from SRK and Condor undertook a comprehensive three-day site visit to Nelly as part of the review, surveying the old workings, outcrops with possible vanadium mineralisation, historic ore stockpiles and infrastructure facilities.

It was noted that 10 stockpiles existed around multiple small surface workings and the historical processing plant.

A future priority will be to bulk sample the stockpiled ore and determine the volume, as this may represent an early-stage source of cashflow.

READ: Hardey Resources parking in the right vanadium neighbourhood of Northern Territory

SRK recommended a high-level exploration program to determine the extent of mineralisation with the channel system.

Its recommendations include: induced polarisation geophysics; geological, topographical and structural mapping; ore sampling and chemistry; mineralogy; and a conceptual model compiling all collected information.

If the results from a conceptual geological model demonstrate ore grade and ore body continuity, Hardey will prepare an inaugural drilling campaign and move towards reopening the mine. 

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Tue, 28 Aug 2018 21:18:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203741/hardey-resources-study-confirms-high-grade-vanadium-at-nelly-203741.html
<![CDATA[News - Hardey Resources granted trading halt ahead of Nelly Vanadium Project report ]]> https://www.proactiveinvestors.com.au/companies/news/203614/hardey-resources-granted-trading-halt-ahead-of-nelly-vanadium-project-report-203614.html Hardey Resources Ltd (ASX:HDY) is expecting news regarding finalisation of an SRK report on the Nelly Vanadium Project in Argentina and has been granted a trading halt by the ASX.

The halt will remain in place until the earlier of the start of normal trading on Wednesday, August 29, 2018, or when the announcement is released to the market.

READ: Hardey Resources shareholders approve vanadium acquisitions

Prior to the halt being granted this morning, Hardey released an announcement stating that its shareholders have approved the acquisition of two vanadium private companies.

The company will now proceed with the acquisition of Nelly Vanadium Pty Ltd (NVPL) and Vanadium Mining Pty Ltd (VanMin).

Plan to reactivate Nelly project

NVPL owns the highly prospective Nelly Vanadium Mine in the San Luis province of Argentina while

VanMin owns six high-quality vanadium projects across Queensland and Northern Territory.

Hardey’s geology team in Argentina is progressing the application to reactivate the mining licence for Nelly and studying the process to monetise the legacy stockpiles to generate near-term cash flow.

READ: Hardey Resources parking in the right vanadium neighbourhood of Northern Territory

In Australia, the focus for the projects is to utilise historical data, if possible, to model JORC-compliant vanadium pentoxide resources.

Hardey’s shares traded at 0.6 cents prior to the halt.

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Mon, 27 Aug 2018 13:52:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203614/hardey-resources-granted-trading-halt-ahead-of-nelly-vanadium-project-report-203614.html
<![CDATA[News - Hardey Resources shareholders approve vanadium acquisitions ]]> https://www.proactiveinvestors.com.au/companies/news/203600/hardey-resources-shareholders-approve-vanadium-acquisitions-203600.html Hardey Resources Ltd (ASX:HDY) has received approval from shareholders at the extraordinary general meeting held last Friday to acquire two vanadium private companies.

The company will acquire 100% of both Nelly Vanadium Pty Ltd (NVPL) and Vanadium Mining Pty Ltd (VanMin).

NVPL is the owner of the highly prospective Nelly Vanadium Mine in the San Luis province of Argentina.

VanMin owns six high-quality vanadium projects across Queensland and Northern Territory.

READ: Hardey Resources parking in the right vanadium neighbourhood of Northern Territory

The geology team in Argentina is progressing the application to reactivate the mining licence for Nelly and studying the process to monetise the legacy stockpiles to generate near-term cash flow.

In Australia, the focus for the Queensland and Northern Territory projects is to utilise historical data, if possible, to model JORC compliant inferred vanadium pentoxide resources.

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Mon, 27 Aug 2018 08:24:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203600/hardey-resources-shareholders-approve-vanadium-acquisitions-203600.html
<![CDATA[News - Hardey Resources parking in the right vanadium neighbourhood of Northern Territory ]]> https://www.proactiveinvestors.com.au/companies/news/203522/hardey-resources-parking-in-the-right-vanadium-neighbourhood-of-northern-territory-203522.html Hardey Resources Ltd’s (ASX:HDY) due diligence shows that two Northern Territory vanadium projects forming part of its proposed acquisition of Vanadium Mining Pty Ltd are in the right neighbourhood.

Preliminary due diligence findings by Hardey’s geology team shows that the two projects more than likely share similar geology and magnetics to TNG Limited’s (ASX:TNG) adjoining Mt Peake project.

This advanced project has a JORC 2012-compliant resource of 160 million tonnes at 0.28% vanadium pentoxide.

READ: Hardey Resources eyes vanadium JORC resource at acquisition targets

Hardey Resources executive chairman Terence Clee said: “Undoubtedly, the two Northern Territory projects are in the right neighbourhood, given the proximity to TNG’s high-calibre Mt Peake VTM operation.

“The aeromagnetic and soil sampling evidence is quite compelling that both projects are highly prospective for vanadium mineralisation.

“Taking a holistic view, the board is delighted the due diligence to date on Vanadium Mining’s six assets across Queensland and the Northern Territory is heading in the right direction.”

Contiguous to Mt Peake

Vanadium Mining’s Wollagalong and Chisholm prospects are contiguous to the Mt Peake tenure, forming the north and east boundaries.

Through aeromagnetic imaging, Hardey’s geology team has verified that Mt Peake’s underlying mineralisation – vanadiferous titano-magnetite (VTM) hosted in layered ultramafics – is similar to anomalies within the two prospects.

Specifically, the Anningie Formation that underpins the VTM mineralisation at Mt Peake, has been mapped into the Wollagalong prospect, representing significant exploration upside.

An aeromagnetic image highlighting the mineralisation.

Historical results to be reviewed

Ongoing due diligence work includes a review of historical surface sampling results across the two projects, which if aligned with aeromagnetic anomalies, can expedite targeting anomalous vanadium within exposed outcrops.

As TNG’s analogue VTM mineralisation is relatively shallow, a comprehensive exploration program comprising drilling, sampling and assaying can be implemented rapidly across the prospects.

This would facilitate potentially modelling a mineral resource.

If shallow VTM mineralisation is confirmed, then open pit mining methods can potentially be utilised to rapidly exploit high-grade VTM ore.

The Arunta region relative to the Wollagalong and Chisholm prospects.

Exploration upside

Hardey believes that this preliminary work shows there is clearly significant exploration upside to uncover additional vanadium mineralisation.

It stated the probability would appear to be higher for Wollagalong given the surface exposures of the Anningie Formation had been mapped within its boundaries.

READ: Hardey Resources’ due diligence increases confidence in Queensland vanadium projects

Due diligence is also continuing on Vanadium Mining’s four Queensland prospects - Sharptooth, Spike, Cera and Petrie.

Hardey’s long-term strategic objective with the vanadium projects is to develop viable operations in Australia and at the Nelly project in Argentina, and results to date are on the right trajectory.

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Fri, 24 Aug 2018 09:50:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203522/hardey-resources-parking-in-the-right-vanadium-neighbourhood-of-northern-territory-203522.html
<![CDATA[News - Hardey Resources’ due diligence increases confidence in Queensland vanadium projects ]]> https://www.proactiveinvestors.com.au/companies/news/203350/hardey-resources-due-diligence-increases-confidence-in-queensland-vanadium-projects-203350.html Hardey Resources Ltd’s (ASX:HDY) incremental due diligence on four highly prospective vanadium projects in Queensland has increased the confidence to geologically model, estimate and report under the JORC 2012 Code.

The projects are owned by Vanadium Mining (VanMin) that HDY intends to acquire.

READ: Hardey Resources to acquire six prospective Australian vanadium projects

Hardey has uncovered further historical evidence there are actually 383 air-core drill-holes targeting the Toolebuc Formation along the 150 kilometres strike running through the Spike, Cera and Petrie projects and within the Sharptooth prospect.

Encouragingly, the average drill-hole depth remains shallow at 30 metres, while elevated vanadium pentoxide (V2O5) assay results verify heightened mineral prospectivity across the projects, including:

• 3 metres at 0.31% V2O5 from 4 metres (including 0.5 metres at 0.39% V2O5) within the Sharptooth prospect; and
• 5 metres at 0.48% V2O5 from 10 metres and 3 metres at 0.47% V2O5 from 2 metres within the Cera prospect.

READ: Hardey Resources eyes vanadium JORC resource at acquisition targets

Hardey has conducted a thorough review of the historical air-core drill holes and believe any future exploration, utilising a large diameter conventional bore-core at the same locations, may result in higher V2O5 assay values in line with peers.

This clearly highlights the potential exploration upside across the four projects.

Overall, with high-grade V2O5 mineralisation confirmed near surface within weathered units, there is potentially a solid case that open-pit mining methods can be employed.

Hardey’s strategic objective with the vanadium projects over the longer-term is to develop viable operations in Australia and Argentina, and the results to date are clearly on the right trajectory.

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Wed, 22 Aug 2018 13:02:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203350/hardey-resources-due-diligence-increases-confidence-in-queensland-vanadium-projects-203350.html
<![CDATA[News - Hardey Resources due diligence extends mineralised vein to 1.5 kilometres ]]> https://www.proactiveinvestors.com.au/companies/news/202900/hardey-resources-due-diligence-extends-mineralised-vein-to-15-kilometres-202900.html Hardey Resources Ltd (ASX:HDY) fieldwork has extended a mineralised vein to at least 1.5 kilometres in length at the Nelly vanadium mine in Argentina.

The update is part of ongoing due diligence at Nelly related to the proposed acquisition of the project.

Positively, these latest findings provide incremental evidence there is significant exploration upside at Nelly.

READ: Hardey Resources reveals stockpiles and unexploited mineralisation at Nelly Vanadium Mine

Hardey’s executive chairman Terence Clee said: “The new discoveries in the north-east part of the tenure which confirm the likelihood of an extended mineralised vein that is largely untapped is exciting news.”

Focusing on the north-eastern part of the Nelly tenure, the field team has discovered a second open pit with untapped mineralisation and a 10th stockpile 400 metres from the historical processing plant.

Notably, the team found evidence of a mineralised vein outcropping 100 metres before and 250 metres after the second open pit that aligns with the main open pit.

Collectively, these observations confirm the mineralised vein running through tenure is at least 50% larger than the 0.9-1 kilometre vein originally envisaged.

Final stages of due diligence underway

The reporting to date on Nelly has been deemed sufficient to complete most of the board’s due diligence.

The next steps involve receiving final report from SRK Consulting, planning the next phase of the exploration strategy and expediting seeking approval to reactivate the mine.

READ: Hardey Resources eyes vanadium JORC resource at acquisition targets

Elsewhere, Hardey  continues to advance its pre-acquisition due diligence on four Queensland projects.

Work has confirmed that all four projects are within an enriched vanadium mineralised zone with significant exploration upside.

Notably, the geology team believes there is adequate historical drilling and sampling data to potentially model a JORC compliant Inferred resource.

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Wed, 15 Aug 2018 09:03:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202900/hardey-resources-due-diligence-extends-mineralised-vein-to-15-kilometres-202900.html
<![CDATA[News - Hardey Resources eyes vanadium JORC resource at acquisition targets ]]> https://www.proactiveinvestors.com.au/companies/news/202698/hardey-resources-eyes-vanadium-jorc-resource-at-acquisition-targets-202698.html Hardey Resources Ltd (ASX:HDY) continues to advance its pre-acquisition due diligence on four Queensland projects.

Work has confirmed that all four projects are within an enriched vanadium mineralised zone with significant exploration upside.

Notably, the geology team believes there is adequate historical drilling and sampling data to potentially model a JORC compliant Inferred resource.

READ:  Hardey Resources reveals stockpiles and unexploited mineralisation at Nelly Vanadium Mine

Hardey’s executive chairman Terence Clee said: “The early due diligence findings are highly encouraging, particularly the confirmed prevalence of the Toolebuc Formation across the projects.

“More significantly, the board is delighted with the prospect of being able to model a JORC compliant inferred vanadium pentoxide resource, as this materially de-risks this Queensland projects.”

READ: Hardey Resources appoints consultant to review vanadium mine

The due diligence is part of the proposed acquisition of six prospective vanadium projects in Queensland and the Northern Territory.

It represents a strategic move to expand into Australia and complement the proposed acquisition of the Nelly vanadium mine in Argentina.

This recent pre-acquisition due diligence relates to the four Queensland projects – Sharptooth, Spike, Cera and Petrie.

The vendor of the four Queensland projects is Vanadium Mining

Due diligence has shown that within each project area there are significant, outcropping and below surface, occurrences of the Toolebuc Formation.

The Toolebuc Formation is an oil shale highly prospective for vanadium mineralisation and secondary oil-bearing potential.

Historical drill assays up to 0.58% vanadium

During 2010, around 170 aircore holes were drilled, averaging 30 metres depth, across the north-south trending Spike, Cera and Petrie projects.

These holes have a combined 150-kilometre strike length with widespread elevated vanadium pentoxide grades.

Notably, the Cera project has numerous intercepts exhibiting elevated assay results up to 0.58% vanadium pentoxide.

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Mon, 13 Aug 2018 09:06:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202698/hardey-resources-eyes-vanadium-jorc-resource-at-acquisition-targets-202698.html
<![CDATA[News - Hardey Resources reveals stockpiles and unexploited mineralisation at Nelly Vanadium Mine ]]> https://www.proactiveinvestors.com.au/companies/news/202330/hardey-resources-reveals-stockpiles-and-unexploited-mineralisation-at-nelly-vanadium-mine-202330.html Hardey Resources Ltd’s (ASX:HDY) consultants have moved quickly to commence the inaugural site visit to Nelly Vanadium Mine in Argentina, as part of the company’s strategy to fast-track pre-acquisition due diligence.

READ: Hardey Resources appoints consultant to review vanadium mine

Hardey has received a brief report from SRK Consulting and Condor Prospecting that highlight key initial findings from the field trip.

Main open pit at Nelly Vanadium Mine

Key initial findings, other than a comprehensive survey of the entire project area and taking numerous photos, included:

• Discovery of nine stockpiles around the main open pit which are readily accessible and can be easily processed as a potential direct shipping ore product, if bulk sampling and metallurgy results are positive;
• Portions of mineralised veins up to 1.5 metres wide left untouched from historical mining operations within the open pit and shafts;
• Possible extension to the main open pit vein evidenced by surface outcropping with no visible legacy workings apparent; and
• Numerous examples from across the project area that highlights vanadium mineralisation prevalence at surface.

Vanadates within open pit

Hardey executive chairman Terence Clee said: “Without question, SRK Consulting and Condor Prospecting have moved rapidly to mobilise their teams to Nelly Vanadium Mine to progress preliminary due diligence.

“Having reviewed the initial findings, the board is highly encouraged to have confirmation the stockpiles are readily accessible and visible evidence of unexploited mineralisation.

“The board looks forward to receiving further news flow from site as it materialises.”

Host-rock and vein

Over the balance of the site visit, the teams will focus on geologically mapping the project area, ascertaining the extent of unexploited mineralised veins and quantifying the cumulative size of ore within the legacy stockpiles.

READ: Hardey Resources may look to fast-track reopening of Argentine vanadium mine ]]>
Tue, 07 Aug 2018 12:36:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202330/hardey-resources-reveals-stockpiles-and-unexploited-mineralisation-at-nelly-vanadium-mine-202330.html
<![CDATA[News - Hardey Resources appoints consultant to review vanadium mine ]]> https://www.proactiveinvestors.com.au/companies/news/201384/hardey-resources-appoints-consultant-to-review-vanadium-mine-201384.html 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.

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Tue, 24 Jul 2018 10:39:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201384/hardey-resources-appoints-consultant-to-review-vanadium-mine-201384.html
<![CDATA[News - Hardey Resources to acquire six prospective Australian vanadium projects ]]> https://www.proactiveinvestors.com.au/companies/news/201099/hardey-resources-to-acquire-six-prospective-australian-vanadium-projects-201099.html Hardey Resources Ltd (ASX:HDY) has 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.

Shares in Hardey were up 20% to 0.6 cents in intra-day trading.

READ: Hardey Resources may look to fast-track reopening of Argentine vanadium mine

Hardey Resources executive chairman Terence Clee said the company’s board had taken the decision to evolve Hardey into an emerging vanadium supplier to the renewable energy sector.

He said: “The new projects will complement the Nelly Vanadium Mine in Argentina and deliver Hardey Resources a solid, yet geographically diversified, platform to develop moving forward.”

Projects in well-known mining districts

Four of the projects are in west Queensland near Intermin Resources Ltd’s (ASX:IRC) Richmond project, which has an inferred mineral resource of 2,579 million tonnes at 0.32% vanadium oxide at a cut-off grade of 0.29%.

The other two in the Northern Territory are contiguous to TNG Ltd’s (ASX:TNG) Mt Peake project, which has a total mineral resource of 160 million tonnes at 0.28% vanadium with a cut-off grade of 0.10%.

All six projects are in well-known mining districts with suitable infrastructure and ready access to ports and skilled labour pools.

READ: Hardey Resources to acquire Nelly Vanadium mine in Argentina

Hardey secured the 40-day option term to acquire the projects with a $75,000 cash payment.

If the option is exercised, Hardey will issue at settlement 550 million ordinary shares and 550 million listed options to Vanadium Mining’s seven shareholders.

The issued Hardey shares will amount to around 20.76% of Hardey’s expanded issued capital.

Hardey will also pay a 3% net smelter royalty to Vanadium Mining’s founding shareholders for all minerals produced from the six projects.

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Wed, 18 Jul 2018 23:37:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201099/hardey-resources-to-acquire-six-prospective-australian-vanadium-projects-201099.html
<![CDATA[News - Hardey Resources may look to fast-track reopening of Argentine vanadium mine ]]> https://www.proactiveinvestors.com.au/companies/news/201002/hardey-resources-may-look-to-fast-track-reopening-of-argentine-vanadium-mine-201002.html Hardey Resources Ltd (ASX:HDY) believes its proposal to reopen the Nelly Vanadium Mine in San Luis Province of Argentina can be fast-tracked owing to the country’s mining laws.

The company’s ongoing due diligence process in acquiring the mine has revealed a number of regulatory and operational comparative advantages.

These include the ability to expedite the monetising of legacy stockpiles as a direct shipping ore vanadium product then, if a JORC-compliant resource is modelled, recommence mining.

READ: Hardey Resources to acquire Nelly vanadium mine in Argentina

Typically, establishing a mining platform from a prospective area in most jurisdictions takes up to five years, numerous studies and material capex.

However, under Argentina’s laws, the process to reactivate a mining licence is relatively straightforward and fast.

“A comparative advantage”

Executive chairman Terence Clee said: “One of the attractive and unique features with Nelly Vanadium Mine is the potential to fast-track the commencement of mining operations and cashflow.

“This is a material comparative advantage over building up a resource from inception, which can take many years.

“The board is increasingly optimistic about the forward prospects for vanadium and is not averse to building a global footprint to meet growing demand, especially from China.”

Hardey’s geology team is scheduling meetings with the directors of San Luis’ mining and

environmental departments, so they can meet key decision makers and fast-track reactivating the mining licence.

Potential to monetise stockpiles

The ability to rapidly reactivate the licence will facilitate the potential to monetise legacy stockpiles around the historical workings and generate early cashflow.

Operationally, with a high-grade prospective ore grade historically averaging 0.82% vanadium pentoxide, the company believes Nelly can potentially be a primary low-cost producer.

When Nelly was operating from 1949-57 only one vein was partially exploited, leaving most of the deposit intact.

Over the longer-term, Hardey’s goal is to replicate the low-cost production structure achieved by Largo Resources’ (TSX:LGO) at the Maracás Menchen Mine in Brazil.

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Wed, 18 Jul 2018 13:54:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201002/hardey-resources-may-look-to-fast-track-reopening-of-argentine-vanadium-mine-201002.html
<![CDATA[News - Hardey Resources to acquire Nelly vanadium mine in Argentina ]]> https://www.proactiveinvestors.com.au/companies/news/199997/hardey-resources-to-acquire-nelly-vanadium-mine-in-argentina-199997.html Hardey Resources Ltd (ASX:HDY) is poised to acquire the Nelly vanadium mine in San Luis Province, Argentina, after entering into a share sale agreement with mine owner Nelly Vanadium Pty Ltd.

Nelly comprises several vanadium-rich polymetallic sheeted vein systems, aligned northwest to southeast, that are around 1-kilometre long and up to 5.5 metres wide.

Under the terms of the agreement, Hardey has been granted a 40-day option to acquire 100% of the issued capital of Nelly Vanadium.

Hardey paid Nelly Vanadium $75,000 in consideration for the option, and if exercised, will issue 737.5 million fully paid ordinary shares of the company and the same number of listed options to acquire shares.

Hardey will also pay a 3% net smelter royalty to Nelly Vanadium’s founding shareholders.

Aim to delineate a resource

Nelly historically produced vanadium pentoxide and the company will soon lodge an application with the San Luis regulator to re-open the mine.

When Nelly was operating from 1949-57, only one vein was partially exploited, leaving most of the deposit intact.

Historical sampling and assay results produced grades from the partially mined vein that ranged up to 1.9% vanadium with a length weighted sample average of 0.82% vanadium

Focusing on the historical workings and surrounding areas, and a desktop review, Hardey is planning a drilling program to generate geological and assay information with the aim of modelling a resource.

Board optimistic of vanadium demand

Supply shortages and accelerating demand from the battery metals sector has underpinned a substantial increase in the vanadium price over the last several years, improving the financial case for reopening Nelly.

Hardey’s executive chairman Terence Clee said the board would focus on exploration activities to prove up a resource and move to re-open the mine upon finalising the acquisition.

“The board is optimistic demand for vanadium will remain robust over the next few years, as structural changes augur favourably for the continued expansion of the renewable battery sector.”

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Tue, 03 Jul 2018 13:45:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199997/hardey-resources-to-acquire-nelly-vanadium-mine-in-argentina-199997.html