Resource extension stage I drilling in the North Pit area comprised of 9 diamond and reverse circulation (RC) holes for a total of 1,659 metres.
The holes targeted depth extensions to the JORC resource and also will provide geotechnical data for mine planning and samples for metallurgical test work.
Drilling continues at other areas in the project with and expects to be finished by this month with assay results available in October.
TMT’s managing director Ian Prentice said: “The stage I drilling data has confirmed our belief in the importance of the North Pit in the overall development of the Gabanintha Vanadium Project, with the acquisition of the Royalty over this area very positive for the planned development of this globally significant vanadium project.”
Royalty acquired boosting project economics
TMT has also completed the acquisition of the 1.5% net profit interest over two tenements that cover the proposed North Pit and associated supporting infrastructure.
The consideration for the acquisition consists of fully paid TMT shares upon the satisfaction of a number of milestones.
The acquisition of the royalty is positive for the future mine development, and enhances the economics, of the project.
Early indications positive for mine plan
All holes intersected broad zones of high-grade massive magnetite mineralisation at downhole depths of up to 195 metres.
Drilling has confirmed the very shallow oxidation profile providing early access to high yielding, high-grade mineralisation and potential for steeper pit walls.