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Technology Metals Australia concludes stage I project enhancement drilling at Gabanintha

The project comprises an indicated and inferred resource of 119.9 million tonnes at 0.8% vanadium pentoxide (V2O5).
Technology Metals Australia concludes stage I project enhancement drilling at Gabanintha
The company is leveraged to a vanadium price up 4x over the past two years

Technology Metals Australia Ltd (ASX:TMT) has concluded stage I project enhancement drilling at its Gabanintha Vanadium Project in Western Australia.

The drilling program targeted infill and depth extension of the mineral resource in support of the ongoing definitive feasibility study (DFS).

Technology Metals’ drilling consisted of 6,730 metres of reverse circulation (RC) and diamond drilling across 45 holes.

Notably, the drilling was extremely successful in both infilling and extending the defined mineralisation, with all holes targeting the resource intersecting broad zones of the basal massive magnetite mineralisation.

Cross section through the Central Pit demonstrates the extension of the basal massive magnetite mineralisation beyond the previous extent of drilling

Geotechnical data from the diamond drilling completed in the stage I program is being collated, reviewed and analysed by Technology Metals’ geotechnical consultants.

The outcomes of this work will be incorporated into updated open pit mine designs as the DFS progresses.

Bulk sample generation drilling

Large diameter diamond drilling designed to generate bulk sample for process plant equipment vendors and large scale metallurgical test work as part of the DFS commenced on September 22, 2018.

This drilling is expected to be completed by mid-October 2018, with the samples to then be composited and prepared prior to delivery to process plant equipment vendors, including potential roasting kiln suppliers.

READ: Technology Metals Australia secures $6 million for vanadium project

Technology Metals recently completed a capital raising to enable the company to maintain momentum and focus on the work required for the completion of the DFS.

Vanadium prices surging higher

Technology Metals has commodity price tailwinds at its back with the vanadium price recently breaking out above US$22 per pound for V2O5 vanadium pentoxide flake 98%.

Given the company has achieved an impressive high-purity 99.53% vanadium pentoxide in recent Gabanintha test work, it is leveraged to this price momentum.

Although vanadium is traditionally used to harden steel, vanadium flow batteries are becoming increasingly popular especially for commercial energy storage, most notably in China.

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