THE BOURSE WHISPERER: Speewah Metals has reported an increase in Mineral Resources of the combined Speewah titanium / vanadium deposit situated within the company’s 100 per cent-owned Speewah project in the East Kimberly region of Western Australia.
The Speewah deposit represents three large Resources (Central, Buckman and Red Hill) on the Speewah tenements.
Location of titanium / vanadium Mineral Resources at Speewah. Source: Company announcement
The latest upgrade represents:
A 32 per cent increase to the total combined Resource at Speewah; and
A 34 per cent increase to the Measured and Indicated Resources at Speewah.
The total combined Mineral Resource has been updated to include all three deposits at Central, Red Hill and Buckman.
The combined Measured, Indicated and Inferred Resource total is 4.7 Billion tonnes at 0.30 per cent vanadium oxide and 2 per cent titanium (at 0.23% V2O5 cut-off grade) in the three deposits, comprising:
Measured Resource of 322 million tonnes at 0.32 per cent vanadium oxide and 2 per cent titanium;
Indicated Resource of 1,054Mt at 0.33 per cent vanadium oxide and 2 per cent titanium; and
Inferred Resource of 3,335Mt at 0.29 per cent vanadium oxide and 2 per cent titanium.
“The Board is very pleased to be able to deliver another significant increase in the titanium / vanadium in magnetite Resource which is the largest of its kind in Australia,” Speewah Metals said in its ASX announcement.
“This Resource upgrade represents completion of one of the key objectives in respect of the titanium/ vanadium/ hematite project to be delivered.
“As well as the increase in size the drill results will provide the basis for analysis of the ore body to identify optimum pit location and design for the initial mine development and operation.
“The Board believe the resource is now globally strategic in size and provides excellent opportunity for long mine life and future expansion of production, both key value drivers for shareholders.”
Speewah said it intends following up these latest results with scoping level Operating and Capital cost estimates that will provide it with an indication of project economics and further work throughout 2012.