Wednesday, 11 January 2006Michael VaughanAurox handed down a...

Wednesday, 11 January 2006
Michael Vaughan


Aurox handed down a mining reserve for Balla Balla of 53.9 million tonnes at 0.73% vanadium oxide, from a resource base of 70.2Mt at 0.78% vanadium oxide.

Precious Metals Australia reported a reserve of 50.4Mt at 0.489% vanadium oxide in December last year and at the time claimed to have the largest vanadium resource in the world.

Clearly the larger Ore reserve at AXO (Proved and Probable I think), and from what I have been told these categories are suitable for inclusion in BFS. Resource has been increased much more since January.

Yet PMA still says it as the largest and highest grade deposit in the world, if you read the latest PMA presentations. In an alternate reality, 0.49% would be higher than 0.73%.

Understand AXO have nearly finished drilling the rest of the deposit now, and their new reserves will make everything else in the world look tiny.