JORC Resource
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JORC Resource
An updated JORC resource estimate was completed on 12 October 2011. The estimate has been completed by Snowden Mining Industry Consultants Pty Ltd (Snowden) and is reported in accordance with the JORC Code (2004), using a V2O5 cut-off of 0.1%. Table 1 provides the breakdown of the Mineral Resource by oxidation state:
|
Category |
Oxidation State |
Volume |
Tonnes |
V2O5% |
TIO2% |
Fe% |
AL2O3% |
SIO2% |
|
Indicated |
Oxide |
880,000 |
2,100,000 |
0.28 |
5.7 |
21 |
8.4 |
36 |
|
Transitional |
3,600,000 |
12,000,000 |
0.32 |
6.2 |
23 |
7.8 |
33 |
|
|
Fresh |
29,000,000 |
98,000,000 |
0.28 |
5.2 |
23 |
8.2 |
34 |
|
|
|
Sub-total |
33,000,000 |
110,000,000 |
0.29 |
5.3 |
23 |
8.1 |
34 |
|
Inferred |
Oxide |
310,000 |
730,000 |
0.25 |
4.9 |
18 |
9.6 |
39 |
|
Transitional |
1,500,000 |
5,100,000 |
0.28 |
5.2 |
20 |
9.2 |
36 |
|
|
Fresh |
13,000,0 |
43,000,000 |
0.23 |
4.4 |
21 |
8.7 |
35 |
|
|
|
Sub-total |
14,000,000 |
48,000,000 |
0.24 |
4.5 |
21 |
8.8 |
35 |
|
Total |
48,000,000 |
160,000,000 |
0.27 |
5.0 |
22 |
8.3 |
34 |
Table 1: 2011 Mount Peake Deposit Mineral Resource, Compiled by Snowden Mining Industry Consultants2
Snowden also notes that the deposit is horizontally zoned with a higher grade zone running through the length of the deposit which includes the highest grades seen to date of 0.7% V205, 38% Fe and 12% TiO2 as shown in Table 2:
|
Zone |
Results |
V2O5% |
TiO2% |
Fe% |
Al2O3% |
SiO2% |
|
Zone 1 |
Maximum |
0.289 |
6.91 |
23.00 |
14.4 |
5.5 |
|
Zone 2 |
Maximum |
0.707 |
12.11 |
38.00 |
16.3 |
54.7 |
|
Zone 3 |
Maximum |
0.373 |
6.41 |
30.10 |
26.1 |
50.4 |
Table 2: Mount Peake Deposit Summary Maximum Results by Zone.Compiled by Snowden Mining Industry Consultants
In addition the drilling has revealed that the deposit remains open to the east, with a number of new targets identified in this area. This is a very positive development, as TNG previously believed that the resource was closed off in this direction.
The latest results provide strong support for the previously published Exploration Target1 of 500-700Mt with a grade range of 0.2-0.4% V2O5 for the Mount Peake Project.
To view the announcement on the updated resource, please click here.
1The potential quantity and grade is conceptual in nature, and there has been insufficient exploration to define a Mineral Resource, and it is uncertain if further exploration will result in the determination of a Mineral Resource.2 Note all numbers in this table are reported to two significant figures which may result in apparent discrepancies in the table.