Australian Vanadium (ASX:AVL) - Managing Director, Vincent Algar
Managing Director, Vincent Algar
Source: Australian Vanadium
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  • Australian Vanadium (AVL) has retracted an announcement it issued on May 1, 2020 regarding its Coates project, situated northeast of Perth
  • The company said that some commentary and statements within the announcement do not comply with 2012 JORC Code reporting guidelines
  • In a revised version of the announcement, one key point stating that nickel and copper sulphides have been identified in the Coates deposit was removed
  • However, the company did note that the potential for base metal and platinum group element (PGE) mineralisation was identified by Garrick Agnew in 1971
  • The company has already received permission to complete up to 15 diamond drill holes to evaluate the vanadium resource at the project
  • However, given base metal and PGE discoveries nearby, the company will also target these in drilling
  • Australian Vanadium is trading flat for one cent per share

Australian Vanadium (AVL) has retracted an announcement it issued on May 1, 2020 regarding its Coates Project northeast of Perth.

The company said that the announcement “Palladium-Nickel-Copper Potential at Coates Project” contained some commentary and statements that do not comply with 2012 JORC Code reporting guidelines.

Australian Vanadium has advised investors not to rely on the announcement issued on May 1, 2020, when making investment decisions concerning its shares.

In a revised version of the announcement issued on May 6, 2020 along with the retraction, one key point in the initial release had been removed: “Nickel and copper sulphides have been identified in the Coates deposit, making the Coates Project a strong target for base metals and PGE.”

However, the company noted that the “potential for base metal and platinum group element (PGE) mineralisation was identified by Garrick Agnew at the Coates Deposit in 1971.”

In the revised announcement, the company reaffirmed that it is evaluating the use of electromagnetic geophysical surveys at Coates to delineate any sulphide-rich horizons.

Australian Vanadium has already received permission from the Western Australian Department of Mines, Industry Regulation and Safety to complete up to 15 diamond drill holes to evaluate the vanadium resource at the project.

Given base metal and platinum group element (PGE) discoveries elsewhere in the Jimperding Metamorphic Belt, Australian Vanadium will also target base metals and PGE in the planned drilling. It is also reviewing data from historical drilling at Coates.

Australian Vanadium is trading flat for one cent per share at 1:42 pm AEST.

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