Arafura Resources Limited (ASX:ARU) plans to advance exploration and assess potential development options for the Jervois Vanadium Project in the Northern Territory.
The objective is to seek project-level investors to advance the project through resource development and subsequent feasibility work.
Jervois is held in joint venture with Thor Mining PLC (ASX:THR) (AIM:THR) and has substantial exploration history, including 60 reverse circulation (RC) holes drilled between 2006 and 2008 intersecting extensive potentially economic grades of vanadium and titanium.
Upcoming work will include resource drilling at the Casper, Coco and RD (previously known as Misty) deposits as well as testing other prospects for potential economic grades of vanadium and titanium.
Follow-up activities will focus on gold and platinum group elements potential on all prospects before metallurgical, environmental and social impact studies.
The JV partners have set an exploration target range of 90 to 110 million tonnes at 0.3% – 0.8% vanadium pentoxide and 4% - 8% titanium dioxide determined from 1,295 metres of assayed mineralisation.
Laboratory test work has demonstrated potential to produce concentrates with grades of 1-2% vanadium pentoxide, comparable to others around the globe, with recoveries between 61-69%.
The eastern portion of the licence was recently split-off and assigned a new EL number to facilitate Jervois’ development separately from other titles in the area.
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Arafura completed a review of all previous exploration data available for the Jervois project area in 2004, identifying the Attutra Metagabbro as an area of interest for magnetite vanadium and gold-platinum group elements potential.
The next year a high-resolution airborne magnetic/radiometric survey over the area was commissioned, highlighting magnetic targets within the Metagabbro.
Drilling between 2006-2008 comprised 60 RC holes for 5,774 metres with intersections including:
44 metres at 0.76% vanadium and 8.3% titanium;
22 metres at 0.77% vanadium and 8.13% titanium and;
21 metres at 0.62% vanadium and 7.56% titanium.