I was confused as well, I must admit.
The way I understand it is: we have a Vanadium project consisting of our QLD tenements, and they are 'earning in' - to a maximum of 75%.
I don't believe we have any tenements up there that are separate from 'the project' that AXF is earning in to, but I stand to be corrected.
Aside from the above, AXF have also grabbed some tenements of their own around the IRC tenements.
Ann: Outstanding Drilling Results from the Anthill Gold Project, page-101
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