AGR chases second vanadium project

THE possibility of a second vanadium project being established in Western Australia is being pursued by Australian Gold Resources Limited (AGR).

The Joseph Gutnick subsidiary reports that RC drilling at Youanmi has intersected broad zones of oxide vanadium pentoxide mineralisation.

The results include (YOUC8) 20 metres grading at 0.40 per cent vanadium pentoxide from a depth of 36m, (YOUC10) 64m at 0.43 per cent vanadium pentoxide from surface and (YOUC14) 53 metres at 0.50 per cent vanadium pentoxide from surface.

The mineralisation intersected in YOUCI4 is within the company’s wholly-owned tenements some fifteen kilometres along strikes of previously reported mineralisation and holes YOUC8 and 10.

AGR CEO Joseph Gutnick said final results of metallurgical testwork on vanadium bearing samples from Youanmi indicate high recoveries from oxide material, with significant upgrading of vanadium pentoxide in the magnetite concentrate.

The Youanmi vanadium project is located 120 kilometres east-south-east of Mt Magnet and covers the Youanmi intrusive complex which is prospective for vanadium, copper, zinc and nickel sulphides.

The complex is considered stratigraphically equivalent to the adjacent Windimurra complex which hosts the vanadium pentoxide reserve being developed by Precious Metals Australia Ltd and Glencore lnternational Ag.

RC drilling of this tenement intersected broad zones of oxide vanadium pentoxide mineralisation with a maximum result of 53m at O.5 per cent vanadium pentoxide.

Six vertical holes spaced 320 metres apart were drilled to test the oxide zone in a north-south traverse covering interpreted flat dipping stratigraphy, about 15km along strike of the drill traverse within the Gindalbie Gold joint venture area drilled in 1998.

“The results are encouraging as the flat dipping vanadium bearing stratigraphy is open 2.5km in both directions,” Mr Gutnick said.

Further RC drilling, geophysical surveying and metallurgical testwork is proposed for the coming quarter.

Additionally, RC drilling has commenced on recently granted tenements within the company’s wholly-owned Mt Thirsty project to test nickel-cobalt bearing laterites.

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