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.
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.