TMT.AX
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ASX Announcement
10 November 2021
ACN: 612 531 389
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T: 08 6489 1600
F: 08 6489 1601
Suite 9, 330 Churchill Avenue,
Subiaco WA 6008
www.tmtlimited.com.au
Directors
Michael Fry:
Chairman
Ian Prentice:
Managing Director
Jacqueline Murray:
Director
Sonu Cheema:
Director and Company Secretary
Issued Capital
186,535,071
("TMT")
Fully
Paid
Ordinary Shares
personal
Unquoted
Options
6,313,167
exercisable at $0.25 on or before 15
June 2022
12,350,000 Unquoted Director and
Employee
Options
at
various
For
exercise prices and expiry dates 2,650,000 Performance Rights ASX Code: TMT
FRA Code: TN6
YARRABUBBA MINERAL RESOURCE ESTIMATE UPGRADE
110% INCREASE TO YARRABUBBA INDICATED
MINERAL RESOURCE ESTIMATE
Yarrabubba Mineral Resource Estimate grows by 32% to 36.6Mt at 0.8% V2O5.
Indicated Mineral Resource Estimate of 20.2Mt at 0.9% V2O5 at Yarrabubba, representing a 110% increase on the previous maiden Indicated Mineral Resource Estimate.
Upgrade includes high grade component of 19Mt at 1.1% V2O5, increasing the Murchison Technology Metals Project (MTMP) high grade component to 79.8Mt at 1.1% V2O5.
Global Measured and Indicated Mineral Resource Estimate for the MTMP increased by 27% to 50.2Mt at 0.9% V2O5.
Global Mineral Resource for the MTMP only includes fresh mineralisation classified as Measured and Indicated based on high metallurgical recovery factors.
Global Mineral Resource Estimate for the MTMP increased to 146.2Mt at 0.8% V2O5.
Work underway to update the Yarrabubba Ore Reserve estimate to be integrated into an expanded Global Ore Reserve estimate for the MTMP.
The Board of Technology Metals Australia Limited (ASX: TMT) ("Technology Metals" or the "Company") is pleased to announce an updated Mineral Resource Estimate ("MRE") for the Yarrabubba Project ("Yarrabubba"), delivering a 32% increase on the previous MRE and a 110% increase on the previous maiden Indicated MRE. Yarrabubba, located on granted Mining Lease M51/884, forms part of the Murchison Technology Metals Project ("MTMP").
Yarrabubba was not included in the Gabanintha Vanadium Project ("GVP") definitive feasibility study ("DFS") and provides clear scope to materially enhance the development of the integrated MTMP.
The updated Yarrabubba Indicated MRE represents a 27% increase to the MTMP Global Measured and Indicated MRE, providing a pathway to deliver a material increase to the MTMP Ore Reserve estimate and potential operating life.
Managing Director Ian Prentice commented; "The Yarrabubba
Mineral Resource upgrade is very pleasing, delivering on our objectives with a significant increase to the overall mineral resource and importantly more than doubling the Indicated mineral resource component.
This underlines the opportunity for Yarrabubba to materially extend the life of the proposed low cost MTMP as a large scale, world class vanadium development project, which is expected to be viewed favourably by prospective Project financiers and key stakeholders."
Yarrabubba, located on granted Mining Lease M51/884 to the south south east of GVP, forms part of the MTMP (see Figure 1). Technology Metals has completed a very high quality DFS on the development of the globally significant GVP as a producer of high purity vanadium pentoxide.
This study generated a maiden Ore Reserve estimate that supported an initial 16 year project life, with
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+1.0% V2O5
feed grade for the first 12 years of operation. The DFS did notinclude any ore from
Yarrabubba, which is now subject to an integration study as part of the proposed implementation of the MTMP.
Work has now been completed by CSA Global Pty Ltd ("CSA Global"), an ERM Group company, on updating the Yarrabubba MRE to incorporate the recently announced diamond and RC drilling results from infill and extensional Mineral Resource drilling programs (ASX Announcement 16 September 2021).
The Mineral Resource estimation work has delivered an upgraded Indicated and Inferred MRE for Yarrabubba of 36.6Mt at 0.8 % V2O5, a tonnage increase of 32% from the previously reported MRE of 27.7Mt at 0.9% V2O5. The updated MRE includes 19Mt of high grade Massive magnetite mineralisation at 1.1% V2O5 (see Table 1 below).
useThe Yarrabubba MRE has been informed by three rounds of RC drilling, and two phases of diamond drilling including geotechnical specific drilling (see ASX announcements 14th September 2017; 8th
Fresh ore at Yarrabubba commences from 15 to 20m below surface, with predominantly transitional material and minor oxide above these depths remaining classified as Inferred due to limited metallurgical data from these shallow zones.
November 2018; 30th April 2020 and 16th September 2021), with the deposit drilled out to better than 100m by 50m spacing. A total of 27 diamond drill holes have been completed as part of the Mineral Resource, metallurgical and geotechnical drilling phases (see Figure 1).
Importantly the new drilling data collected in the 2020/21 campaigns has allowed an upgraded Mineral Resource category for much of the Massive Magnetite Zone, Footwall lens and the two Hangingwall lenses immediately up dip of the Massive Magnetite Zone. The Indicated category proportion of the Mineral Resource is now estimated to be 20.2Mt at 0.9% V2O5, a significant 110% increase from the previous 9.6Mt at 1.0% V2O5.
In addition, the close drill spacing and high level of geological control gained from the high proportion of diamond drilling has increased the grade and geological continuity and classification of additional hangingwall units, defining additional disseminated mineralisation.
Table 1: Yarrabubba MRE with classification by mineralisation type and category
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Classification
Material
Mt
V₂O₅ %
Fe %
Al₂O₃ %
SiO₂ %
TiO₂ %
LOI %
P %
S %
Indicated
Massive
12.0
1.1
48.2
5.4
7.4
12.5
1.8
0.010
0.3
Indicated
Disseminated
8.1
0.6
28.5
12.0
25.2
7.3
2.4
0.018
0.2
Indicated
Massive plus
disseminated
20.2
0.9
40.3
8.1
14.5
10.4
2.0
0.013
0.3
Inferred
Massive
7.0
1.1
47.4
5.7
8.3
12.3
2.1
0.010
0.3
Inferred
Disseminated
9.4
0.5
26.6
13.3
27.1
6.9
2.4
0.014
0.3
For
Massive plus
Inferred
disseminated
16.5
0.8
35.5
10.0
19.1
9.2
2.3
0.013
0.3
Indicated
Massive plus
36.6
0.8
38.1
9.0
16.6
9.8
2.1
0.013
0.3
plus Inferred
disseminated
Notes: The Mineral Resource was estimated within constraining wireframe solids using a nominal 0.9% V₂O₅ lower cut-
off grade for the massive magnetite zone and using a nominal 0.4% V₂O₅ lower cut-off grade for the banded and
disseminated magnetite mineralisation zones. The Mineral Resource is quoted from all classified blocks within these
wireframe solids above a lower cut-off grade of 0.4% V₂O₅. Differences may occur due to rounding.
onlyuse personalA large proportion of the fresh magnetite material within the Massive Magnetite Zone, Footwall lens and the two Hangingwall lenses immediately up dip of the Massive Magnetite Zone is now categorised as
Indicated.
This fresh ore has been recently tested by Davis Tube Recovery ("DTR") method at 75 micron as part of the metallurgical testwork for the previously scoped Yarrabubba Iron-Vanadium concentrate project. At 75 micron all four fresh mineralisation lenses with Indicated Mineral Resources show high vanadium grades in the magnetic concentrates.
ForThese DTR results are being assessed at a coarser grind, suitable to the planned MTMP vanadium processing circuit, with a secondary aim to optimise the Ilmenite by-product recovery from the Yarrabubba ore.
Previous testwork at 250 micron confirmed excellent vanadium recovery at 92% and 80% for fresh Massive and fresh Disseminated mineralisation types respectively (ASX announcement 30th April 2020).
The mass recovery to a magnetic concentrate for fresh mineralisation types provides a high level of support for the Mineral Resource classification, with exceptional average vanadium in concentrate grades of 1.48% V2O5 for the fresh Massive magnetite and 1.64% V2O5 for Disseminated ores.
Sighter magnetic separation and roast-leach testing had been previously conducted on magnetic concentrates originating from RC holes GBRC050, GBRC067 and GBRC068 from Yarrabubba. The material was formed into four composites: massive fresh, massive transitional, disseminated/banded
fresh and disseminated/banded transitional. Samples were milled to a variety of sizes to assess the grind liberation characteristics with samples milled to P80 250 µm and taken forward to roast-leach assessment.
These roast-leach assessments utilised the same method that had previously been established and utilised throughout the Gabanintha PFS and DFS (Announcements April 4th 2018 and May 31st 2018). The extractions produced from these tests were comparable to similar tests on magnetic concentrates originating from Gabanintha (circa 80% vanadium recovery), however optimal salt dosages have not yet been applied and in depth assessment with concentrates generated from diamond drilling is underway.
The upgraded Yarrabubba MRE has been included in a revised 'Global MRE' for the Murchison Technology Metals Project (Inferred, Indicated and Measured), which now totals 146.2Mt at 0.8% V2O5,
including an outstanding high grade component of 79.8 at 1.1% V2O5.
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The Global Indicated and Measured MRE has now increased 27% to 50.2Mt at 0.9% V2O5 (from 39.6Mt
at 0.9% V2O5) (see Table 2 and Figure 2)
Table 2: Global Resource for the Murchison Technology Metals Project by ore type and Classification
Material Type
Classification
Mt
V₂O₅%
Fe%
Al₂O₃% SiO₂%
TiO₂%
LOI%
P%
S%
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Measured (North)
1.2
1.0
44.7
6.2
10.4
11.4
0.0
0.009
0.2
Indicated (North)
18.5
1.1
49.1
5.2
5.8
12.9
-0.1
0.007
0.2
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Indicated (South)
12.0
1.1
48.2
5.4
7.4
12.5
1.8
0.010
0.3
Massive
Total Indicated
30.6
1.1
48.8
5.3
6.4
12.7
0.6
0.008
0.2
Magnetite
Inferred (North)
41.0
1.1
47.7
5.6
7.1
12.6
0.3
0.008
0.2
Inferred (South)
7.0
1.1
47.4
5.7
8.3
12.3
2.1
0.010
0.3
Total Inferred
48.1
1.1
47.7
5.6
7.3
12.6
0.5
0.008
0.2
Massive Global
79.8
1.1
48.1
5.5
7.0
12.6
0.6
0.008
0.2
Indicated (North)
10.3
0.6
28.6
13.1
25.5
7.5
3.0
0.030
0.2
Indicated (South)
8.1
0.6
28.5
12.0
25.2
7.3
2.4
0.018
0.2
Disseminated
Total Indicated
18.4
0.6
28.6
12.6
25.4
7.4
2.7
0.025
0.2
/ Banded
Inferred (North)
38.5
0.5
27.1
12.7
27.4
6.9
3.3
0.027
0.2
Magnetite
Inferred (South)
9.4
0.5
26.6
13.3
27.1
6.9
2.4
0.014
0.3
Total Inferred
47.9
0.5
27.0
12.8
27.4
6.9
3.1
0.025
0.2
Diss / Band Global
66.3
0.5
27.4
12.8
26.8
7.0
3.0
0.025
0.2
Combined
Global Combined
146.2
0.8
38.7
8.8
16.0
10.1
1.7
0.016
0.2
ForIncorporation of the updated MRE with geotechnical data collected from diamond drilling, open pit mine modelling and scheduling is expected to enable a significant portion of the Indicated component of the Yarrabubba MRE to be converted to an Ore Reserve estimate, delivering an expanded Global Ore Reserve estimate for the MTMP.
This work, which has commenced, is expected to demonstrate the opportunity for the Yarrabubba MRE to provide a material increase to the operating life of the integrated MTMP, with an aim to extend project life beyond 25 years. Importantly any material increase in output from the higher Yarrabubba V2O5 grades to concentrate may enhance the economics of the Project and is expected to be viewed favourably by prospective project financiers and key stakeholders.
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Figure 2: Global Mineral Resource for Murchison Technology Metals Project
Mineral Resource Estimate Technical Summary:
For
Geology and Geological Interpretation
The deposit is located in the north Murchison granite-greenstone terrain of the Archean Yilgarn Craton, and is hosted within mafic, ultramafic, extrusive and volcaniclastic rocks of the Gabanintha formation. The mineralisation is hosted in a differentiated gabbro closely associated with a series of massive to disseminated V-Ti-Fe bands ranging in size from a few metres up 15m true thickness with structurally thickened intersections containing results to 67m @ 0.81% V2O5 (GBDD046 - See ASX announcement 16 September 2021). The mineralised units are offset and disrupted by later dolerites, faults and quartz porphyries. Mineralisation has been modelled based on surface mapping, magnetic modelling, and drilling data and strike extents are limited by the tenement boundary in the south and north (see Figures 2 and 3). Mineralisation was modelled outside the tenement boundary in the west but constrained within boundary for reporting of the mineral resource.
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Disclaimer
Technology Metals Australia Ltd. published this content on 09 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2021 22:53:12 UTC.