HIGHLIGHTS
The Richmond Project covers 1,520km2 in central north Queensland and is close to existing infrastructure including a gas pipeline, major highway and railway linked to Townsville Port
Project in Joint Venture with Chinese backed AXF Vanadium Pty Ltd (“AXF”) whereby AXF can earn up to 75% interest by spending A$6m by 2021 inclusive of a Feasibility Study1
Updated Mineral Resource Estimate compiled to account for tenement boundary changes and to ensure compliance with JORC 2012 Reporting
The global Inferred Mineral Resource for Richmond totals 2,579Mt grading 0.32% V2O5 at a 0.29% cut-off grade, making it one of the largest Vanadium deposits in the world2
Richmond also contains valuable molybdenum, nickel and copper mineralisation
The resource remains open in all directions and is amenable to low cost, open cut mining with the resource located within 15m of surface and hosted in a soft marine sediment
Initial development focus on the shallow higher grade 671Mt Lilyvale Mineral Resource2
More than 220,000m of drilling has been completed in the project area along with extensive metallurgical testwork on pre-concentration and metal extraction3
Run of Mine oxidised ore (5-15m depth) upgradable by simple sizing separation with over 90% of contained metal in the -38μm fraction, yielding a ~1% V2O5 concentrate 3
Additional metallurgical test work underway to confirm historic results with initial results expected in the June Quarter 2018
Infill drilling planned to upgrade the resource to the Measured JORC category as part of the concept / scoping study
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