Technology Metals Australia (TMT) has been granted two mining leases by the Department of Mines, Industry Regulation and Safety (DMIRS) for an initial 21 years.
Being granted the M51/883 Northern Block and M51/884 Southern Tenement leases deliver all the tenure needed for TMT to develop the Gabanintha Vanadium Project (GVP) in Western Australia.
The newly granted mining leases cover all of the defined global mineral resource estimate of Gabanintha with a total inferred, indicated and measured resource of 137.2 million tonnes at 0.9 per cent vanadium oxide.
However, reserve estimation work at the Southern Tenement has led to a 32 per cent increase.
The global indicated and measured resource estimate for the Southern Tenement has increased to 39.6 million tonnes at 0.9 per cent vanadium oxide. This includes the maiden indicated mineral resource estimate of 9.6 million tonnes at one per cent vanadium oxide.
The GVP is wholly-owned by TMT’s subsidiary, The Kop Ventures, and consists of two granted mining leases, two granted general purpose leases, two granted miscellaneous licences, the northern exploration licence and a prospecting licence application.
“Grant of the GVP Mining Leases is a key milestone as we continue to de-risk the development of the lowest cost quartile, large scale, long life world-class Gabanintha Vanadium Project, complimenting the rapid progress we are making on the environmental approvals pathway,” Managing Director Ian Prentice said.
As part of the preparation to submit the Environmental Review Document (ERD), TMT has been rapidly advancing environmental work.
Work completed as part of the definitive feasibility study identified a good quality water source northwest of the processing facility covered by the miscellaneous licence.
In August, TMT began a drilling program to establish further production water and monitoring bores. This drilling is on track to be completed early this month.