TNG hits wide magnetite intersections at Mount Peake

THE DRILL SERGEANT: Subiaco-based vanadium hopeful TNG Limited has reported encouraging results from a recently commenced program of diamond drilling at its flagship Mount Peake Iron-Vanadium project in the Northern Territory.

The Mount Peake project boasts a large-scale resource of 140 million tonnes grading 0.3% vanadium pentoxide, 23.66% iron, 5.34% titanium dioxide, with outstanding exploration upside through an additional Exploration Target of 500-700 million tonnes grading 0.2-0.4% vanadium pentoxide, 25-35% iron and 6-9% titanium dioxide.

A total of four diamond drill holes have been completed to date through the central part of the resource for a total of 510 metres.

The HQ sized core has been photographed and logged by TNG’s geologists, and magnetic susceptibility and NITON1 readings have been recorded.

These holes have returned consistent vanadium grades of up to 0.6% vanadium pentoxide in magnetite, compared with average grades of 0.29% – 0.4% vanadium pentoxide reported from previous drilling.

Titanium and iron grades are consistent with previous results.

“Whilst these are preliminary results, very significant widths of magnetite mineralisation with good vanadium grades continue to be intersected,” TNG managing director Paul Burton said in an announcement.

“They confirm and support the scale and quality of the Mount Peake deposit giving the potential for an increase in the JORC resource estimate which would further cement Mount Peake as one of Australia’s largest vanadium projects.”

The company went on to say that logging of the core indicates continuous magnetite mineralisation has been intersected over down-hole widths of up to 144 metres, which are the widest intersections seen at the project to date.

These grades and widths are expected to provide support for an increase in both tonnes and grade in the next JORC resource upgrade for the Mount Peake project.

Four additional diamond holes will be completed and core will be used to provide a representative sample for metallurgical and pilot plant test work on the company’s patented hydrometallurgical process for the Mount Peake project.

The diamond drilling is proceeding on schedule and is expected to be completed by mid-June.

The current program of diamond drilling will be followed by 2,000m of Reverse Circulation (RC) drilling, which is expected to commence in July.

TNG also indicated that Pre-Feasibility work is progressing on schedule for completion in October, with engineering, process design, hydrology, Native Title and environmental studies all underway.