Gold, silver and Copper explorer, King River Resources Limited (ASX: KRR) has provided its latest update on metallurgical results from the company’s wholly owned Speewah Vanadium Project (SPV) in the East Kimberley of Western Australia. As per the announcement, the results of the metallurgical results are continuing to support the new development plan for the SVP to produce Vanadium, titanium and iron products. Following this news, the share price of the company increased by 5.714 percent as on 18 January 2019.
The company has been conducting sulphuric acid bottle roll and diagnostic vat leach tests on magnetite-ilmenite concentrate, and coarse magnetite gabbro lumps, from the high-grade zone of the Central Vanadium deposit. These tests are being conducted to support a new development plan for the SVP to produce Vanadium, titanium and iron products, along with other potential high-value commodities.
The Bottle Roll Test was conducted on 500g samples of three coarse crushed magnetite gabbro lump sizes (10mm, 5.6mm, and 3.35mm) and a 2mm magnetite-ilmenite concentrate. The mine magnetite gabbro lumps of 10mm, 5.6mm, and 3.35mm, have reported 77%, 84% and 84% Vanadium (V) extractions (dissolved), respectively. Further, the Bottle roll sulphuric acid leach on 2mm magnetite-ilmenite concentrate reported 81% Vanadium extraction. The heated vat leach tests on 3.35mm lump gabbro reported 92 percent Vanadium and 61 percent Titanium extractions after ten days.
The testwork was designed to assess whether the Speewah magnetite gabbro is best suited for vat or heap leaching. The bottle roll tests are going to help in determining whether coarse crushed run-of-mine (ROM) lump material or beneficiated coarse magnetite-ilmenite concentrate will be required for the vat and column leach testwork. The Bottle roll tests have provided an early indication of what may be possible and allow for modifying of the leach parameters to identify relationships between particle sizes, acid strength, temperatures and leach times.
These results demonstrate the potential for scalability and possible capital and operating cost savings while increasing and diversifying product outputs and revenue opportunities.
The company’s Board is most encouraged by the bottle roll and vat leach test results to date and will now accelerate the vat and column leach test work so that the vat leach plant design and costings can be finalized as soon as possible.
As per the announcement, the company will complete a Prefeasibility Study into the preliminary economics of the SVP suitable for release to the market as per the reporting requirements for production targets and forward-looking statements
During 2019, the company is planning to present shareholders with the most prudent commercial strategy for the development of Speewah Vanadium deposits and to move towards the production of Vanadium, Titanium and Iron products at the lowest possible unit cost.
In the last six months, the share price of KRR’s shares decreased by 65% as on 17 January 2019. KRR’s shares traded at $0.037 with a market capitalization of circa $43.35 million as on 18 January 2019 (AEST 2:36 PM).
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