Intermin Resources has unveiled what it describes as a “world-class” JORC 2012 mineral resource at its Richmond vanadium project, 250km east of Mt Isa in Queensland.
Results include an inferred mineral resource of 2579 million tonnes (Mt) of mineral ore at 0.32 per cent vanadium oxide with a cutoff grade of 0.29 per cent, making the site one of the largest vanadium deposits in the world, according to Intermin.
In addition to vanadium, Richmond also contains nickel, copper and molybdenum.
The project has seen more than 220,000m of drilling, concentrating on metallurgical testing and extraction; additional test work is currently ongoing to confirm historical results from the site, and is expected to be completed by the second quarter of 2018.
Interim owns five mineral exploration permits in the region and last September committed to a joint venture (JV) with AXF Resources where the latter could earn 25 per cent of the project area by spending over $1 million in a one-year period, along with various other conditions.
Jon Price, interim managing director of Intermin, commented that the Richmond project’s vanadium resources were globally significant and amenable to low-cost, shallow open-cut mining.
“With vanadium prices reaching 10-year highs on the back of tightening supply and surging demand in the grid-scale battery market, Richmond has the potential to become a major supplier of vanadium to the energy storage and steel markets,” he said.
“The company looks forward to supporting AXF as the JV completes infill drilling and metallurgical test work to assess the most economic and efficient pathway to commercial production.”