Australian Vanadium Ltd (ASX:VDL) has reported an updated JORC mineral resource estimate (MRE) for its flagship project in Western Australia.
VDL has increased its estimates by 3% within the Measured and Indicated categories.
The MRE update also represents the consolidation of the company’s merger with Technology Metals Australia Ltd – completed on February 1 – which brought their two projects together as a combined Australian Vanadium Project, sitting along a contiguous orebody with an 18 kilometre strike length.
The combined project now holds a MRE of 395.4 million tonnes at 0.77 percent vanadium oxide (V2O5), with 61% of its high-grade domain now within the Measured or Indicated classifications.
Australian Vanadium CEO, Graham Arvidson said he was pleased with the MRE’s improvements in resource category for the expanded project.
“This MRE update strengthens our conviction that we will be able to define a ‘stronger for longer’ project capable of producing high grades of vanadium and iron in the magnetic concentrate with positive economic implications,” he said.
“Increased accuracy of the MRE from additional drilling by AVL during 2022, coupled with consolidation of the MRE over the whole deposit will be pivotal in moving the
Optimised Feasibility Study forward, targeting improved early mine-life cash flow.
“AVL continues to make great progress on project development activities and approvals towards mining and vanadium oxide production while also continuing to hit key milestones in the production of electrolyte suitable for vanadium flow batteries at our electrolyte facility.”
Australian Vanadium has been trading at 1.3c.