Australian Vanadium Ltd (ASX:AVL) has confirmed high-grade vanadium and iron from an infill reverse circulation (RC) drill program at the Australian Vanadium Project near Meekatharra in Western Australia.
Coupled with magnetic susceptibility data, the new results further highlight the presence of higher grades within a shallower weathering profile.
Standout assays include:
- 4 metres at 1.35% vanadium from 64 metres, including 9 metres at 1.52% from 65 metres;
- 19 metres at 1.28% from 29 metres, including 12 metres at 1.44% from 36 metres; and
- 21 metres at 1.21% from 29 metres, including 11 metres at 1.47% from 36 metres.
Looking ahead, these assays will enhance the mineral resource inventory, which in turn will improve project economics.
Maximising value
AVL CEO Graham Arvidson said: “These drill results improve our geotechnical and geometallurgical understanding of the mineral resource inventory, which will play a key role in maximising the value of the project as we move closer to financial investment decision and development.
“The initial results from this infill drilling program confirm higher vanadium and iron grades and shallower weathering profiles.
“These positive results will enable our geometallurgical team to further optimise concentrate grade, yield and recovery outcomes while maximising the project economics and further de-risking the ramp-up period of the project.”
Forward plan
With all results now returned for the RC portion of the resource development program, an update of the geological model is underway.
Diamond core drilling during 2022 will be used for variability and geometallurgy studies, as well as mineral resource QAQC purposes.
Samples have been submitted to the laboratory and results are pending.
A sampling of the remainder of the 2020 and 2022 diamond core is planned in the coming weeks for geometallurgy programs aimed at further de-risking the project.
During the remainder of the first half of 2023, the geological model update will be completed, followed by an update of the mineral resource for the project.