• November 10, 2021

Yarrabubba Mineral Resource Estimate Upgrade Increases to 110%

Published on November 10th, 2021
  • Yarrabubba Mineral Resource Estimate grows by 32% to 36.6Mt at 0.8% V2O5.
  • Indicated Mineral Resource Estimate of 20.2Mt at 0.9% V2O5 at Yarrabubba, representing a 110% increase on the previous maiden Indicated Mineral Resource Estimate.
  • Upgrade includes high grade component of 19Mt at 1.1% V2O5, increasing the Murchison Technology Metals Project (MTMP) high grade component to 79.8Mt at 1.1% V2O5.
  • Global Measured and Indicated Mineral Resource Estimate for the MTMP increased by 27% to 50.2Mt at 0.9% V2O5.
  • Global Mineral Resource for the MTMP only includes fresh mineralisation classified as Measured and Indicated based on high metallurgical recovery factors.
  • Global Mineral Resource Estimate for the MTMP increased to 146.2Mt at 0.8% V2O5.
  • Work underway to update the Yarrabubba Ore Reserve estimate to be integrated into an expanded Global Ore Reserve estimate for the MTMP.

The Board of Technology Metals Australia Limited (ASX: TMT) (“Technology Metals” or the “Company”) is pleased to announce an updated Mineral Resource Estimate (“MRE”) for the Yarrabubba Project (“Yarrabubba”), delivering a 32% increase on the previous MRE and a 110% increase on the previous maiden Indicated MRE. Yarrabubba, located on granted Mining Lease M51/884, forms part of the Murchison Technology Metals Project (“MTMP”).

Yarrabubba was not included in the Gabanintha Vanadium Project (“GVP”) definitive feasibility study (“DFS”) and provides clear scope to materially enhance the development of the integrated MTMP.

The updated Yarrabubba Indicated MRE represents a 27% increase to the MTMP Global Measured and Indicated MRE, providing a pathway to deliver a material increase to the MTMP Ore Reserve estimate and potential operating life.

Managing Director Ian Prentice commented; “The Yarrabubba Mineral Resource upgrade is very pleasing, delivering on our objectives with a significant increase to the overall mineral resource and importantly more than doubling the Indicated mineral resource component.

This underlines the opportunity for Yarrabubba to materially extend the life of the proposed low cost MTMP as a large scale, world class vanadium development project, which is expected to be viewed favourably by prospective Project financiers and key stakeholders.”

Yarrabubba, located on granted Mining Lease M51/884 to the south south east of GVP, forms part of  the MTMP (see Figure 1). Technology Metals has completed a very high quality DFS on the development of the globally significant GVP as a producer of high purity vanadium pentoxide.

This study generated a maiden Ore Reserve estimate that supported an initial 16 year project life, with +1.0% V2O5 feed grade for the first 12 years of operation. The DFS did not include any ore from Yarrabubba, which is now subject to an integration study as part of the proposed implementation of the MTMP.

Work has now been completed by CSA Global Pty Ltd (“CSA Global”), an ERM Group company, on updating the Yarrabubba MRE to incorporate the recently announced diamond and RC drilling results from infill and extensional Mineral Resource drilling programs (ASX Announcement 16 September 2021).

The Mineral Resource estimation work has delivered an upgraded Indicated and Inferred MRE for Yarrabubba of 36.6Mt at 0.8 % V2O5, a tonnage increase of 32% from the previously reported MRE of 27.7Mt at 0.9% V2O5. The updated MRE includes 19Mt of high grade Massive magnetite mineralisation at 1.1% V2O5 (see Table 1 below).

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SOURCE: Technology Metals
DATE: November 10, 2021

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