Technology Metals Australia Limited (ASX:TMT) has been granted Mining Leases M51/883 (Northern Block) and M51/884 (Southern Tenement) within its Gabanintha Vanadium Project in WA.
The Mining Leases have been granted by the Western Australian Government’s Department of Mines, Industry Regulation and Safety (DMIRS) for an initial period of 21 years.
Importantly, the grant of the mining leases delivers all tenure required for the development of the Gabanintha Vanadium Project (GVP), including miscellaneous licences for the bore field and camp and general-purpose leases for mining infrastructure associated with the Northern Block.
TMT's high-quality definitive feasibility study (DFS) on the development of the globally significant GVP was based solely on the Northern Block Mineral Resource estimate, with a proven and probable ore reserve of 29.6 million tonnes at 0.88% vanadium pentoxide.
Gabanintha Vanadium Project tenements location plan
TMT managing director Ian Prentice said: “Grant of the GVP Mining Leases is a key milestone as we continue to de-risk the development of the lowest cost quartile, large scale, long life World class Gabanintha Vanadium Project, complimenting the rapid progress we are making on the environmental approvals pathway.
“These achievements, along with the targeted delivery of an initial +20 year project life, are expected to be very positive in regards to TMT’s ongoing engagement with Project financiers, strategic partners and key stakeholders.”
Environmental approvals pathway
TMT has been rapidly advancing environmental workstreams in support of the preparation of an Environmental Review Document (ERD) addressing the key environmental factors identified by the WA Environmental Protection Authority.
Completion of these workstreams will facilitate the preparation and ultimate submission of the ERD with the project to undergo a formal environmental impact assessment with no public comment period.
Work completed as part of the DFS identified a good quality water source within a paleochannel located to the north-west of the processing facility.
A drilling program designed to establish additional production water bores as well as a series of bore field monitoring bores commenced in early August 2020 and is on track to be completed in early September 2020.
Data from this drilling will allow TMT’s consultants AQ2 to further develop the hydrogeological understanding of the borefield area to be included in the ERD.
Southern Tenement Ore Reserve
Reserve estimation work on the Southern Tenement is progressing well, with a maiden Southern Tenement Ore Reserve expected to be completed shortly.
Based on the knowledge gained from the Northern Block DFS and the defined quantum of the Southern Tenement maiden Indicated Mineral Resource estimate, the company is expecting to deliver a +20 year Gabanintha project life.