Ann: High-Grade Indicated Resource Doubles, page-4

HIGH-GRADE INDICATED RESOURCE DOUBLES AT THE AUSTRALIAN VANADIUM PROJECT

Total Resource rises to 208 Million Tonnes (Mt). Combined Measured and Indicated Resource increases to 35.2Mt at 1.11% V2O5, potentially supporting a longer mine life.
KEY POINTS
• Indicated Resource of the distinct high-grade magnetite zone increased by 115% to 25.1Mt at 1.10% vanadium pentoxide (V2O5)
• Total Mineral Resource increased by 9.5% to 208.2Mt at 0.74% V2O5 consisting of:
➢ Measured: 10.1Mt at 1.14% V2O5,
➢ Indicated: 69.6Mt at 0.72% V2O5, and
➢ Inferred: 128.5Mt at 0.73% V2O5.
• Updated high-grade portion now 87.9Mt at 1.06% V2O5 comprising:
➢ Measured: 10.1Mt at 1.14% V2O5,
➢ Indicated: 25.1Mt at 1.10% V2O5, and
➢ Inferred: 52.7Mt at 1.04% V2O5.
• Successful conversion of 13Mt of existing high-grade Mineral Resources from Inferred to Indicated category strongly supports ongoing optimisation studies to extend life of mine.
• Detailed magnetic susceptibility analysis outlines opportunity for improved vanadium recovery.
• Prospective project financiers and joint venture partners seeking a de-risked and large resource base.

Australian Vanadium Limited (ASX: AVL, “the Company” or “AVL” is pleased to announce an updated Mineral Resource for The Australian Vanadium Project (“the Project” near Meekatharra in Western Australia (Figure 1). The revised estimate has been conducted following a series of drill programmes through 2018 and 2019.

That's a long life mine, now to get to a DFS. Will be interesting to see who they can partner up with.