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- Australian Vanadium (AVL) sees elevated copper, nickel, palladium and platinum over a 200-metre-wide zone at the Coates project in Western Australia
- Earlier this year, the company drilled 11 reverse circulation holes and diamond coring to provide a stratigraphic section to allow for study work
- The drill section returned highly anomalous copper and visual sulphides and study work is now being undertaken
- As announced in May, Australian Vanadium is selling the Coates project to Mining Green Metals to focus on its namesake project at Gabanintha
- AVL shares are up 6.82 per cent to trade at 4.7 cents at 2:03 pm AEST
Australian Vanadium (AVL) has received assays for over 840 metres of reverse circulation (RC) drilling completed at the Coates project in Western Australia.
The company drilled 11 RC pre-collar holes earlier this year, as well as partially-completed diamond coring, to allow for lithological and geochemical studies with a focus on nickel-copper-platinum group element (PGE) potential.
AVL said the drill results show elevated copper, nickel, palladium and platinum over a 200-metre-wide zone within the Coates mafic layered intrusion.
Highlighted results include 10 metres at 0.13 per cent copper, 493 parts per million (ppm) nickel, 39 parts per billion (ppb) palladium and 21 ppb platinum from 64 metres in 22CRC007.
Within this hole were higher grades which include seven metres at 0.14 per cent copper, 544 ppm nickel, 43 ppb palladium and 23 ppb platinum from 67 metres.
Additional results include six metres at 358 ppm nickel, 54 ppb palladium and 41 ppb platinum from 11 metres in 22CRD008.
Within this same hole, visual sulphide observations in the diamond core identified net textured pyrrhotite within pyroxenite units and up to five per cent copper sulphides between gabbro and melanocratic phases.
While drilling ended earlier than planned due to technical issues, the company said it still provides a “significant section” of geochemical samples.
“AVL’s focus is firmly on the development of the Australian vanadium project at Gabanintha and we are pleased to have completed this first important phase of discovery at Coates,” Managing Director Vincent Algar said.
Under an option agreement signed in May, AVL is selling the Coates project to Mining Green Metals (MGM) in exchange for 6.5 million shares, $190,000 in cash, and a 0.75 per cent net smelter royalty.
The option is conditional on MGM completing due diligence and listing on the ASX.
“Upon MGM’s successful listing, AVL shareholders will continue to hold a stake in further discovery in this very exciting region heralded by the identification of Julimar and other projects,” Mr Algar said.
AVL shares were up 6.82 per cent to trade at 4.7 cents at 2:03 pm AEST.
