THE DRILL SERGEANT: Intermin Resources (ASX: IRC) released an updated JORC 2012-compliant Mineral Resource for the company’s Richmond vanadium project in central north Queensland.
Intermin Resources owns 100 per cent in five Mineral Exploration Permits (EPM25163, EPM25164, EPM25258, EPM26425 and EPM26426) covering 481 Blocks near Richmond and 100 per cent of the metal rights to Global Oil Shale Plc’s Julia Creek (Burwood) MDL 522.
The company explained the updated Mineral Resource has been compiled to consider changes to tenement boundaries and to ensure compliance with the JORC Code (2012).
The Mineral Resource for the Richmond project area now stands at:
2,579 million tonnes at 0.32 per cent vanadium oxide (V2O5) at a 0.29 per cent lower cut-off grade.
The Richmond project is a Joint Venture with Chinese backed AXF Vanadium Pty Ltd (AXF), under which AXF can earn up to 75 per cent interest by spending $6 million by 2021 inclusive of completion of a Feasibility Study.
“The Richmond project hosts a globally significant Vanadium resource amenable to low cost, shallow open cut mining in close proximity to existing road, rail and ports,” Intermin Resources managing director Jon Price said in the company’s announcement to the Australian Securities Exchange.
“With vanadium prices reaching ten-year highs on the back of tightening supply and surging demand in the grid-scale battery market, Richmond has the potential to become a major supplier of vanadium to the energy storage and steel markets.
“The company looks forward to supporting AXF as the JV completes infill drilling and metallurgical test work to assess the most economic and efficient pathway to commercial production.”