major extensions to vanadium deposit nearly 2km lo

Does anyone know what the TiO2 is likely to be worth in this context?

They also continue to say "Windimurra is already the largest reported proven vanadium ore reserve of any deposit anywhere in the world."


Regards

MAJOR EXTENSIONS TO VANADIUM DEPOSIT NEARLY 2km LONG
Includes Iron and Titanium
Final results from the January/February 2006 drilling program at the Company’s Windimurra vanadium mine in
Western Australia have extended the drilled strike length of the world class deposit by nearly 50% (1,950m)
from the existing reserve, with the majority of the mineralised horizon still to be tested.
Windimurra is already the world’s largest reported proven vanadium ore reserve. Grades of up to 1.45% V2O5
plus 48%Fe and 28% TiO2 were encountered in recent drilling, with the best intercepts including 15m at 0.82%
V2O5 from 3m depth.
For the first time, PMA is herein disclosing the assay values for iron and titanium from the new holes, in
addition to vanadium assays. The vanadium assays only from holes WR260-264 and WR275-277 were
reported on 24 March 2006.
The results from this program are very robust, demonstrating a continuation of the vanadium, iron and titanium
mineralisation at surface, in widths that allow cheap bulk mining via a pit entirely within ore, with no
requirement for blasting.
Highlights of new results:-
• 20 RC holes extended continuous mineralisation 1,950m along strike.
• All holes intersected ore grade from surface.
• All holes ended still in ore grade, except those penetrating the foot wall.
• Grades of up to 1.45% V2O5, 48% Fe and 28% TiO2 encountered. Best intercepts include 15m at 0.82%
V2O5 from 3m depth.
• Estimated grade from new area bulk at 0.52% V2O5.
• Results demonstrate a continuation of the mineralisation at surface, in widths that would allow cheap bulk
mining a pit entirely within ore, with no requirement for blasting, pre-strip or waste removal.
• Windimurra is already the largest reported proven vanadium ore reserve of any deposit anywhere in the
world.
• All existing JORC reserves and resources are contained within a 4,000m segment of the 26,000m strike
length within PMA’s granted mining leases.
• Known extensions to mineralisation at depth and along strike, as defined by geological mapping,
aeromagnetics and limited RC drilling are now being partially tested.
• 20 hole RC programme completed in January/February 2006 on 200m spaced lines, is expected to
significantly lift indicated resources of surface material.
• Recalculated resource inventory based on the increased, 5,950m drilled portion of the strike, expected
by end April 2006.
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New Drilling Programme
A total of 20 reverse circulation holes for 1,134m were drilled, for a total of strike extension of 1,950
meters from the northern end of the current resource.
The holes were mostly drilled at a spacing of approximately 50m apart across lines 200m apart heading
north along strike, starting from the existing resource, the calculation of which currently ends at grid line
11,750N. The new holes on lines 11,900N, through to 13,700N therefore extend the drilled mineralisation
by a further 1,950m north.
The holes were drilled eastward across strike at a 60o dip, giving apparent intercepts approximating true
widths. The attached table includes every assay result received with surveyed drill collar locations. SGS
Australia P/L assayed the samples in Perth by XRF.
Reserve and Resource
Reserves and Resource calculations to date by Coffey Mining, are based on detailed drilling conducted
by PMA prior to 1998, confined to a 4,000m section of the 26,000m mineralised horizon. The results
reported herein represent the first drilling since 1998.
Significant potential to add to the reserves and resources was previously identified, with extensions to
mineralisation at depth and along strike, identified by geological mapping, costeaning, ground geophysics,
aeromagnetics and limited drilling. This work indicated the continuous nature of the mineralisation, and
defined a large horizon hosting significant vanadium mineralisation over a 26km length within PMA’s
granted tenements. The new drilling has confirmed the extension of the mineralisation along strike to the
north for nearly 2km to a depth of approximately 60m, leaving a significant area still to be tested along
strike and at depth.
Windimurra is already considered one of the most straightforward open pit mining undertakings in
Australia, due to the absence of overburden or ongoing waste removal, soft oxidised ore, low production
requirement, shallow depth, no dewatering and ground control, easy blending of ore at the face, and no
grade control requirement.
It is expected that a new resource inventory for Windimurra will be calculated by end April 2006.
The Company’s growing team of professional staff are working with Hatch Engineers on the reopening of
the Windimurra vanadium mine in 2007.
Yours sincerely
PRECIOUS METALS AUSTRALIA LIMITED