Australia Vanadium And Lithium Power International Limited Provides a Resource Update

Australian Vanadium Limited (ASX: AVL) at its Gabanintha vanadium project near Meekatharra in Western Australia, the company is delighted to advise the commencement of metallurgical and resource drilling. 2019 Pilot Plant Drill Campaign will collect large diameter diamond core as test material for pilot scale studies using blends of oxide, fresh and transitional material from the high-grade massive magnetite layer within the proposed open pit at Gabanintha.

For the Crushing, Milling and Beneficiation (CMB) circuit approximately 30 tons of oxide, transitional and fresh core samples required to run a robust ‘pilot plant’ test work program. Concentrate products will produce samples of refined Vanadium Pentoxide (V205) from the CMB ‘pilot plant’ test work program for the use in salt-roast leach and hydrometallurgical tests. To refine the results of the Pre-Feasibility Study (PFS) released in December 2018, information from these tests to be used.

The drilling program will also be used by the company to test for mineralization at depth below the existing Mineral Resource shell to update the current Mineral Resource by drilling several holes. Through specialized laboratory services, trial new spectral and XRF core scanning techniques will be through the drilling program. To identify any structures not intersected by the orthogonal-to-deposit resource drill holes, gather further geotechnical data, through a survey of the drill holes with Tele viewer. To carry out the drilling, the company has appointed an experienced drilling contractor.

To extract approximately 30 tons of oxide diamond holes will be drilled into the designed pit shell within Mining Lease Application MLA51/878. To specifically reduce costs and drilling time and maximize tonnage and information per hole during the program, the company will be using some innovative drilling procedures. The stock price traded at a market price of $0.025 which is -3.846% down on the day. The performance change for the last six months is -39.53%.

Lithium Power International Limited (ASX: LPI) is delighted to provide details of the Mineral Resource update and maiden Ore Reserve for its Maricunga lithium brine project in northern Chile through its Joint Venture company Minera Salar Blanco S.A.

After the drilling of two additional sonic holes to 200 meters in 2H18, with the previous 20% inferred resources converted to Indicated Resources for a revised Resource of 2.07 Mt of lithium Resources. By competent persons and reported by requirements of the 2012 JORC code the estimated Mineral Resources used in the DFS has been prepared. Considering brine retrieval from the aquifers in the salar, a model was developed to describe a maiden brine reserve for the project.

For brine extracted from the aquifer and pumped to the ponds, while 539,000 as probable and 203,000 is classified as proved, out of an overall mining reserve of 742,000 tons of LCE has been defined. In the old mining code Cocina property the first seven years of production from the Litio properties in the salar proved resources represent those. The final recovered LCE equates to 430,000 tons, when the lithium pond and process recovery efficiency of 58% is applied, of which 73% is derived from Probable Ore in brine fed to the ponds and 27% derives from Proved Ore. Based on the reserve and resource defined to 200 m depth, this 430,000 tons of defined reserve for the project exceeds the 20 years of production at 20 Ktpa of lithium carbonate. Below the current Resource drilling depth of 200 m, the company believes there is also considerable scope to add additional resources and probable reserves. The stock price traded flat at a market price of $0.235 and the performance change for the last six months is -18.97%.


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