Ferro-Alloy Resources has confirmed the resource upgrade flagged recently Ore-Body 1 (OB1) at the Balasausqandiq deposit in Kazakhstan.
Indicated resources of vanadium pentoxide (V2O5) rose 35% to 32.9mmln tones, with contained V2O5 upped by 23% to 30,000t.
SRK, which carried out the work, added there are reasonable prospects for eventual economic extraction by constraining the mineral resources to an optimised open pit shell (50 degree slopes and a revenue factor of one) using a selling price for 98% V2O5 flake of USD9.82 /lb.
Nick Bridgen, chief executive, said: "We are delighted with the results of this MRE for OB1 which has not only upgraded the classification of all the resources to the Indicated category, but increased the contained V2O5 at OB1 by 23%.
“Exploration of OB2, 3 and 4 has been completed and the mineral resource estimate for those ore bodies is expected later this year.
“We look forward to publishing the results of the feasibility study for Stage 1 of the Balasausqandiq project, expected to be completed in the final quarter of 2023, with the feasibility study for Stage 2 to follow in 2024."