Golden Deeps Commenced Drilling at Abenab Vanadium Project in Namibia

  • Apr 12, 2019 AEST
  • Team Kalkine
Golden Deeps Commenced Drilling at Abenab Vanadium Project in Namibia

Golden Deeps Limited (ASX: GED) is involved in the exploration of minerals with a portfolio that is based on a business model aiding discovery and development of mineral deposits in an economical manner. The key focus of the company is on prospects in Namibia.

The company today, on 12th April 2019, announced that it has commenced drilling at Abenab Vanadium Project in Namibia. The objective of the current drilling program is to increase the company’s current resource and to in-fill previous drilling at the project.

The plan of the company is to drill up to 22 holes for 2,900 metres at the Abenab Mine. The drilling program has the dual aim of in-filling the existing drilling as well as extending the resource.

The confidence in the current JORC Inferred Mineral Resource will be improved by the in-fill drilling and advance the understanding of the geological controls on mineralisation, which will result in an updated geological model.

Resource extension drilling will target areas, which are peripheral to the current resource with emphasis on the area around and below the pit shell to the upper boundary of the resource. Holes will range from 50 metres to a maximum of 460 metres.

The company recently has entered in a Joint Venture Agreement with Generous Metals Company Limited, a Hong-Kong based metals trading company, to crush, concentrate, refine and sell vanadium products from Golden Deeps’ Abenab Vanadium Project in Namibia.

The Joint Venture will produce high-grade vanadium concentrate in Namibia, which will be shipped to China for refining into vanadium products and sale of end vanadium products. The company will provide existing material from stockpile and tailings at its Abenab Project and oversee operations in Namibia as its contribution to the JV. Generous Metals Company will pay all costs of crushing, concentrating and refining the stockpile and tailings into vanadium products and oversee operations in China and marketing of vanadium products. The profits from the Joint Venture will be shared equally by Golden Deeps and GMC.

Commenting on the JVA, the Chairman of the company, Michael Minosora said that the JVA is a significant achievement for the company as it provides a solid foundation to accelerate the development of the Abenab Project. The company is expecting to work with GMC in successfully achieving the objectives of the JVA, which is to deliver stage-one production of vanadium concentrate at Abenab and produce vanadium products in the near term. Additionally, to the expected financial benefits from the JV, the company will benefit from the experience and knowledge gained in the lead up to and operation of the JV.

On the price-performance front, the stock of Golden Deeps Limited is trading at $0.037, with a market capitalisation of ~$6.17 million (on 12th April 2019, AEST 02:45 PM). The stock has generated a negative YTD return of 2.70%, with negative returns of 10.0% and 20.0% over the past six months and three-month period, respectively. Its 52-week high price stands at $0.075, with an average trading volume of 235,545.


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