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- Australian Vanadium (AVL) has formed an alliance to explore the Coates Mafic Intrusive Complex in Western Australia
- The company formed the alliance with Mercator Metals and ASX-listed Lithium Australia (LIT)
- The three companies own adjoining claims across the Coates Mafic Intrusive Complex and will pool resources to explore potential nickel, copper and platinum group element (PGE) mineralisation
- The companies expect to finish compiling historical data by the end of this quarter and hope to commence surveying and drilling sometime around September
- Despite the news, Australian Vanadium shares 9.09 per cent in the red, trading for one cent per share
Australian Vanadium (AVL) has formed an alliance to explore the Coates Mafic Intrusive Complex in Western Australia.
The company formed the alliance with Mercator Metals and ASX-listed Lithium Australia (LIT).
The three companies own adjoining claims across the Coates Mafic Intrusive Complex and will pool resources to explore potential nickel, copper and platinum group element (PGE) mineralisation.
According to the agreement, the three companies will remain responsible for its own exploration and mining cost
Any costs associated with pooling data or resources will be spread evenly across all three parties.
Chalice Gold Mines recently discovered significant mineralisation at the nearby Julimar Project, bolstering Australian Vanadium hopes for its exploration efforts.
Australian Vanadium’s Managing Director, Vincent Algar, believes this discovery bodes well for the company’s prospects.
“The discovery of nickel-copper-PGE at the Julimar Project has generated a lot of interest in the Western Yilgarn, and the strategic alliance announced today is intended to streamline exploration processes through seamless and efficient use of personnel and capital,” he said.
The alliance will begin by compiling historical work completed across all three claims to develop a single data set. Once this set has been analysed, the site will undergo laterite sampling and geological mapping, highlighting potential targets for future exploration.
The companies expect to finish compiling historical data by the end of this quarter and hope to commence surveying and drilling sometime around September.
However, Australian Vanadium noted that the Coates project is not its current priority, and it remains focused on the Australian Vanadium Project, near Meekatharra.
Despite the news, Australian Vanadium shares 9.09 per cent in the red, trading for one cent per share at 11:14 am AEST.
