- Technology Metals Australia (TMT) has upgraded its ore reserves estimate at its Gabanintha Vanadium Project (GVP) by 32 per cent
- GVP's proven and probable ore reserve estimate now sits at 39 million tonnes at 0.9 per cent vanadium oxide
- The upgrade has also extended the life of mine for GVP from 16 years to 22-and-a-half years
- The life of mine extension is based on a production rate of 13,000 tonnes per annum vanadium oxide
- Technology Metals upgraded GVP's ore reserves after receiving the recently upgraded Southern Tenement Mineral Resource estimate
- Shares in TMT are trading up 2 per cent at 25.5 cents per share
Technology Metals Australia (TMT) has upgraded its ore reserves estimate at its Gabanintha Vanadium Project (GVP) near Meekatharra, increasing it by 32 per cent.
The project's proven and probable ore reserve estimate now sits at 39 million tonnes at 0.9 per cent vanadium oxide — a 32 per cent increase on the definitive feasibility study ore reserve of 29.6 million tonnes at 0.88 per cent vanadium oxide.
Significantly, the upgraded ore reserve also supports an operating schedule which extends the GVP life of mine to 22-and-a-half years, compared to an initial life of mine of 16 years.
That life of mine extension is also based on a production rate of 13,000 tonnes per annum of the vanadium oxide product.
The upgrade, and life of mine extension, comes after Technology Metals received an upgrade for Southern Tenement's Mineral Resource estimate of 9.4 million tonnes at 0.97 per cent vanadium oxide.
Speaking on the results, Technology Metals Australia Managing Director Ian Prentice said he was pleased with the increases.
"The maiden Southern Tenement Ore Reserve has delivered on providing a material extension to the GVP mine life, with higher grades and vanadium recovery into magnetic concentrate expected to enhance the flexibility for the development of... this project," he said.
"The 22.5 year initial project life is expected to be viewed favourably by prospective Project financiers, strategic partners and key stakeholders," he added.
Shares in TMT are currently trading up 2 per cent at 25.5 cents each at 2:25 pm AEST.