Mining and exploration company, King River Resources Limited (ASX: KRR) is primarily focused on the development of its 100% owned global scale and class VANADIUM resource. On 1 April 2019, the company provided an amended resource estimate for its wholly owned Speewah Specialty Metals (SSM) Project, located in the Kimberley of Western Australia.
The company recently provided Prefeasibility Study update on SSM Project.
In 2017, the company engaged CSA Global Pty Ltd to report Mineral Resource estimates for their Speewah Project. The company recently requested CSA Global to amend the manner in which the Mineral Resource estimate was reported, such that Titanium dioxide (TiO2) was tabulated in addition to Titanium (Ti) which will allow for the direct comparison between resource grade and the metallurgical grade of magnetic magnetite-ilmenite concentrates and final refined products.
Source: Company’s announcement on ASX dated 1 April’19
As per the amended mineral resource estimate, the Speewah deposits includes High Grade Measured, Indicated and Inferred Mineral Resource of 1,725 million tonnes at 0.35% Vanadium oxide (V2O5), 3.4% Titanium dioxide (TiO2) and 15.0% Iron (Fe). Further, the Speewah deposit also contains total low-grade mineral Measured, Indicated and Inferred Mineral Resource of 2,987 million tonnes.
The Speewah deposits is comprised of Total Measured, Indicated and Inferred Mineral Resource of 4,712 million tonnes at 0.3 percent V2O5, 3.3 percent TiO2 and 14.7 percent Fe.
The combined resource includes Measured Resources of 322 million tonnes at 0.32% V2O5, 3.4% TiO2 and 14.9% Fe, Indicated Resources of 1,054 million tonnes at 0.33% V2O5, 3.3% TiO2 and 14.9% Fe, and Inferred Resources of 3,335 million tonnes at 0.29% V2O5, 3.3% TiO2 and 14.6% iron (Fe).
The Samples which were used for the Mineral Resource estimate were mainly obtained through reverse circulation (RC) drilling methods. The database of Speewah contains 502 holes including 14 diamond holes and 488 RC holes for a total of 33,390 m. The Mineral Resource estimate has been completed for the deposits: Central, Buckman and Red Hill. All deposits are in close proximity and lie within the same intrusion (the Hart Dolerite).
The company had already completed a Concept Study to examine the feasibility of producing vanadium in the form of standard grade and high purity vanadium pentoxide and vanadium electrolyte and also titanium dioxide and iron oxide products from the Central vanadium deposit located at the Speewah Vanadium Project (SPV).
Driven by the positive hydrometallurgical test outcomes, a resource upgrade, mining studies and marketing studies, the company progressed with a Scoping Study to examine the prevailing vanadium and titanium market conditions. On 1 November 2018, the company released Scoping Study results for its 100% owned Vanadium-Titanium-Iron Project at Speewah which outlined the path forward for the development of the SVP.
As at 31 December 2018, the company had current assets of $4.27 million and current liabilities of $131,541, as per recently released half yearly results. At the end of December 2018, the company had cash and cash equivalent of $4.145 million.
KRR’s shares last traded at $0.026 with a market capitalization of circa $33.44 million as on 1 April 2019.
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