A real kicker: Vanadium project boosted by resource upgrade
Another vanadium project in the north west of the state has upgraded its resources, increasing the confidence for a potential mine.
Australian shares have maintained momentum after hitting all-time levels last week. (Pic Steven Saphore/AAP PHOTOS)
Critical Minerals Group said the Linfield project had upgraded its resource by 75 per cent as well as boosted grades by 10 per cent.
The new estimate also includes higher grades of aluminium oxide that had the potential as feedstock for high purity alumina which is used in electric vehicle batteries as well as technology.
CMG managing director Scott Drellincourt said the upgrades were very pleasing.
CMG shares increased 8 per cent this morning.
He said the report also showed that the higher grade vanadium mineralisation sat “very shallow”, between the surface and 30 metres which meant there was little overburden that needed to be removed.
“The real kicker in this upgrade for me as a geologist is the indicated 104 metres at 0.48 per cent vanadium oxide in the weathered zone. That really boosts our economic confidence to progress this project,” he said.
There are five significant vanadium projects at various stages of development in the north west around Julia Creek and Richmond. Vanadium is used in steel strengthening but also in grid-scale batteries.
