The new resource estimate is 280.1 million tonnes grading 9.18% titanium dioxide and 0.44% vanadium pentoxide to 80 metres vertical depth.
This results in a contained titanium resource exceeding 25 million tonnes and contained vanadium resource exceeding 1.2 million tonnes.
Includes high-grade section of resource
Barrambie's global resource includes high-grade sections of both titanium and vanadium.
The high-grade titanium subset totals 53.6 million tonnes grading 21.17% titanium and 0.63% vanadium pentoxide.
The high-grade vanadium subset totals 64.9 million tonnes grading 0.82% vanadium and 16.9% titanium.
Neometals CEO Chris Reed said: "As we progress the dual-track evaluation of direct shipping ore and integrated titanium/vanadium production, and with strong market conditions and pricing, it is timely to update the resource and maiden exploration target.
“Barrambie is globally significant in both size and grade, and offers significant optionality in terms of timing, scale and commodity focus for optimal development”
Drilling planned to unlock Exploration Target potential
While the resource has been significantly increased, Barrambie’s total Exploration Target shows how much larger this resource can potentially become.
The consultant, in accordance with the JORC code estimated the Exploration Target to be about 470 to 700 million tonnes grades at 6% to 10% titanium dioxide and 0.3% to 0.5% vanadium pentoxide.
Drilling to target Barrambie Deeps
In the coming 12 months Neometals intends to drill test the Barrambie Deeps target as deep as 230 metres.
Barrambie Deeps is located below the current mineral resource, which extends down only 80 metres.
Additionally, a review of the aeromagnetic surveys is planned to assess the potential along strike extension of the Ballanhoe Hills target south into E57/1041