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Australian Vanadium commences drilling extensions, JORC update expected

Drilling aims to further define and add value to the high-grade vanadium magnetite zone.

Australian Vanadium Ltd - Australian Vanadium commences drilling targeting extensions at vanadium project
A JORC resource update is also underway for the project

Australian Vanadium Ltd (ASX:AVL) has commenced a 2,000-metre reverse circulation (RC) drilling program at its Australian Vanadium Project in Western Australia.

Drilling is focused on the southern strike extensions and will infill the 400-metre spacings to around 140 metres.

Drilling success will significantly increase the potential mine life or scale of the project to beyond the current 17 years as defined in the pre-feasibility study (PFS).

It will also enable better-informed decisions regarding the optimal scale and mine-life of the project.

Looking to build the resource base

AVL’s managing director Vincent Algar said: “Reprocessing of airborne magnetic data has focused the geology team to target areas interpreted to have more transitional mineralisation at surface, and hence better vanadium recovery though the proposed magnetic separation process.

“AVL‘s significant strike position is an opportunity to selectively target materials for mining to maximise the processing plant’s capabilities.

“New Mineral Reserves that may result from this drilling aim to increase the mine life substantially.

“Our targeted project investors and offtake partners have indicated they value a de-risked, large resource base, with built-in flexibility for shallow open-pit mining.”

Following up high-grade historical drill results

The drilling has been prioritised to follow up on the best intersections from pre-2015 drilling.

The image below shows historical intersections greater than 8 metres at 1.0% vanadium pentoxide in the southern blocks of the project.

Drilling of the priority one holes is planned to be completed by the end of 2019.

Further priorities will be revisited after the results to ensure that the best areas are still being targeted.

JORC resource update underway

A JORC resource update is underway, to incorporate the results of the earlier 2018 and 2019 drill programs.

A further resource update will be completed at the end of this drill program.

Quick facts: Australian Vanadium Ltd

Price: 0.012 AUD

Market: ASX
Market Cap: $30.63 m

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