Australian Vanadium Ltd (ASX:AVL), formally known as Yellow Rock Resources, is focussed on vanadium at its flagship Gabanintha project in Western Australia.
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Australian Vanadium Ltd moves into lithium-tantalum in South Africa
Australian Vanadium Ltd (ASX:AVL) has exercised its option to acquire a controlling 50.03% interest in the Blesberg lithium-tantalum project located in South Africa.
The decision follows the successful completion of a due diligence process including a review of the results of a new sampling program of the pegmatite zone within the Blesberg mine open pit.
Samples recorded grades of up to 6.42% lithium oxide.
The company intends to commence an exploration program including drilling on the Blesberg project as soon as possible.
Settlement of the acquisition is due to be completed in December 2016.
Planned work program
The exploration program to be undertaken over the coming months will consist of:
- 3-D modelling and drill-hole design and planning;
- Reverse circulation and/or diamond drilling and sample analysis;
- Mapping and sampling of additional pegmatite zones across the Prospecting Right area;
- Evaluation of all potential economic minerals present at Blesberg, including feldspar, tantalum, beryl, caesium and lithium potential;
- Determination of an accurate exploration target at Blesberg (including the main Noumas I pegmatite and adjacent pegmatite bodies), and
- Volumetric and analytical assessment of the current dump and ramp material at Blesberg.
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