Tando Resources Limited (ASX: TNO) Jumps As High As 15% On First Drilling Results At SPD Vanadium

TNO

ASX listed mineral exploration company Tando Resources today announced the first assay results from the phase one drilling program at its recently acquired SPD Vanadium Project located in South Africa.

This came after the Tando Resources completed acquisition of SPD Vanadium Project on 27 September 2018 under which the company can acquire 73.95% of project on meeting JORC maiden Mineral Resource compliance. SPD Vanadium Project is located in world’s significantly vanadium rich region in South Africa which is 30 Km away from International Resources’ Mapochs mine.

From the ongoing drilling at high-grade vanadium pipes surrounding the SPD deposit, the company has identified high grades of vanadium in VRC001 which possess the potential to support a low-cost direct shipping ore (DSO) operation, returning early cash flows to Tando.   [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]

The miner flags the whole-rock vanadium mineralization with 35m at 1.12% Vanadium pentoxide (V2O5) and 4.59% titanium dioxide (TiO2) from 47m at lower layer of drillhole VRC001. Whereas, the upper layer of the drillhole has returned 7m at 0.84% vanadium pentoxide (V2O5) & 5.60% titanium dioxide (TiO2) from 3m.

Drillhole VRC001 is said to be a part of drilling undertaken in the first phase of the program, targeting well-established SPD deposit. The company told that as defined in SAMREC code, SPD deposit contains a resource of 513 million tonnes categorized as ‘foreign resource’ at a grade of 0.78% vanadium pentoxide (V2O5).

With this maiden drilling programme, Tando targets to achieve milestone Mineral Resource compliance in its Phase 1 of drilling in order to adhere to the code of Australasian Joint Ore Reserves Committee (JORC).

The Phase1 drilling is reported to be completed by the early of next week, while the resources to be published next month after the receipt of assay results from all drillholes.

It has been informed that after the completion of Phase 1 drilling, the company will initiate testing to check the potential of SPD surrounded high-grade vanadium pipes to underpin Direct Shipping Ore (DSO) operation.

Further, Tando Resources intends to wheel its drilling program to second phase which will consist of 58 holes for 5,550m. The objective of advancement is to upgrade the maiden JORC Resource to an Indicated category.

The cost to complete drilling programme both at Phase 1 and Phase 2 along with cost associated with resources estimation is expected to amount A$1.4 million, said Tando. But, the company is reported to be fully backed by funds for the drilling programmes and metallurgical and mining studies due on the completion of programme for drilling.

Currently the majority of vanadium production comes from China, Russia and South Africa which nearly accounts to 85% of world’s total vanadium production. Having SPD Vanadium in South Africa, world’s one of the vanadium dominant region, Tando Resources advance to become a major vanadium producer.

The Annual General meeting of Tando Resources Limited is due to be held on 15 November 2018.

The share price of Tando Resources Limited surged 15% or $0.015 to close at $0.115 on 12 October 2018. Listed on Australian Securities Exchange on 3 November 2017, the company has witnessed an attractive +88.53% change in performance of its stock over year-to-date. But, the stock performance has been slipping down since past few months as TNO fell 48.72% in the last three months.

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