Horizon Minerals says the Richmond-Julia Creek Vanadium joint venture is a "world class prospect" despite the company planning to downscale its investment.
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In their December quarter activities report for the ASX Horizon said joint venture partners Richmond Vanadium Technology have completed the second stage expenditure commitment of $5 million and completed a comprehensive Pre Feasibility Study which delivered a maiden ore reserve for Lilyvale of 459.2Mt grading 0.49% vanadium pentoxide for 2.25Mt of contained V2O5 product.
This comes after a December announcement Horizon Minerals would sell off its interest in the project to Richmond Vanadium Technology keeping a 25pc interest in the demerged project which will become a dedicated vanadium focused IPO.
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The project, 400km east of Mount Isa, is one of several proposed vanadium mines in the region, and currently has up to four drill rigs currently operating as part of the large-scale new discovery and project generation exploration program with an estimate 1.8 billion tonnes of oxide vanadium in the region.
The advanced Lilyvale deposit is located 45km northwest of Richmond near the Flinders Highway and Great Northern Railway line. The deposit is 5m to 15m thick, up to 4km wide, over 50km long and is open along strike. Lilyvale has been the focus for initial development studies and extensive metallurgical test work and flowsheet design given the grade, shallow depth, absence of oil shale and continuity of the deposit which Horizon said "can provide globally significant supply to the steel and emerging energy storage markets for over 100 years".
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Derek Barry
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
