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Australian Vanadium drilling confirms high-grade massive magnetite horizons at namesake project

Positive results improve the resource interpretation to support an updated mineral resource estimate at The Australian Vanadium Project.

Australian Vanadium Ltd - Australian Vanadium drilling confirms high-grade massive magnetite horizons at namesake project
Further drill programs to convert inferred resources to indicated resources in advanced planning stage

Australian Vanadium Ltd (ASX:AVL) has received high-grade results from drilling within the current pre-feasibility Study (PFS) pit design at The Australian Vanadium Project south of Meekatharra in WA.

The drilling was undertaken to further refine the structural model and provide additional input to the resource and geotechnical data supporting the pit design.

Importantly, the new drilling results confirm the consistency and high-grade nature of the massive magnetite horizons at the project.

Best intersections include:

  • 20 metres at 1.04% vanadium pentoxide from 125 metres in hole 19RRC012 including 4 metres at 1.29% vanadium pentoxide from 136 metres;
  • 17 metres at 1.23% vanadium pentoxide from 38 metres in hole 19RRC002 including 8 metres at 1.30% vanadium pentoxide from 62 metres;
  • 12 metres at 1.21% vanadium pentoxide from 22 metres in hole 19RRC003 including 8 metres at 1.28% vanadium pentoxide from 24 metres; and
  • 17 metres at 1.14% vanadium pentoxide from 58 metres in hole 19RRC004 Including 5 metres at 1.29% vanadium pentoxide from 62m.

Sectional interpretation of the mineralisation in drill hole 19RRC012

The highest individual assay from this program returned 1.44% vanadium pentoxide in 19RRC001 from 38 to 39 metres.

Impressively, 16 individual metre assays returned grades over 1.3% vanadium pentoxide.

AVL managing director Vincent Algar said: “This targeted drilling has resolved an area of structural complexity between the 17 and 20 resource blocks.

“Despite the main zone 10 being offset by minor faulting, the consistently high vanadium grades and thicknesses are generally still present.

Total magnetic intensity showing locations of completed drilling and mineral resources by major fault block

“This drilling allows us to reach the level of understanding and delineation of the resource which is required to support new de-risked resources that can feed the DFS mine schedule.

“The current drill programs are enabling the company to continue to validate the exceptional nature of the project for potential investors.

“Processing of new drill information supports further conversion of Inferred to Indicated Resources, confirming the globally significant size of the Project and AVL’s ability to extend the Project life.”

Planned drilling

Plans for drilling throughout the southern blocks of AVL’s 11.5-kilometre strike length have progressed, with heritage surveys completed and priorities defined.

Blocks 16, 8 and 15 will be the focus of drilling which is designed to infill existing drill holes to 140 metres x 30 metres drill spacing, with a view to increase the resource category from the current inferred to indicated resources.

Quick facts: Australian Vanadium Ltd

Price: 0.012 AUD

ASX:AVL
Market: ASX
Market Cap: $35.08 m
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