Following the completion of a positive Pre-feasibility Study (“PFS”) on its 100% held Gabanintha Vanadium Project (“the Project”), Technology Metals Australia (“the Company”) has now commenced a Definitive Feasibility Study (“DFS”), which is targeted for completion in mid-2019.
Since listing in late 2016, Technology Metals has made considerable progress at Gabanintha in the Yilgarn Craton of Western Australia which has a Mineral Resource Estimate (“MRE”) of 119.9Mt @ 0.8% V2O5, including a high grade massive magnetite basal zone of 55.0Mt @ 1.10% V2O5, one of the highest grade undeveloped primary vanadium resources globally. Eighteen percent of the total and 26% of the high grade mineralisation is in the Indicated Resource category, with 77% of Indicated Resources being converted to Probable Reserves.
The results of recently completed drilling will be used in a Resource upgrade and expansion, expected in early 2019, from which increased Reserves will be used for the DFS – this has the potential to result in a significantly larger scale operation than the 13 year, up to 13,000tpa V2O5 scenario as presented in the PFS, which returned a headline post-tax NPV10 of A$850 million for an up-front capital cost of A$380 million, and competitive operating costs of US$4.27/lb V2O5.
