NiPlats
(ASX:NIP) quadruples vanadium deposit.
Mining and exploration company NiPlats Australia Ltd (ASX:NIP), which focuses on exploring the tenements in the East Kimberley region of Western Australia, has announced a quadrupling of its vanadium deposit in the area. Executive Director Richard Wolanski reveals the value and grading of the deposit and his plans to turn it into a world-class mining operation. He also offers a valuable insight into the rare earth metal that is vanadium, explains the size and characteristics of the resource, and outlines the purpose of the upcoming pre-feasibility study for the project.
Niplats ASX release follows.
NiPlats Australia Limited (ASX:NIP) is a mining and exploration company whose prime focus is the definition and development of its vanadium, platinum and fluorite discoveries in the East Kimberly region of Western Australia (Figure 3). Newly discovered copper and gold prospectively is a major focus in 2010 in addition to completing studies on the vanadium and fluorite projects.The tenements contain a very large vanadium deposit with combined Measured, Indicated and Inferred Resources totalling 3,159 Mt at 0.30% (at 0.23% V2O5 cut-off grade) in three deposits (Figure 4).This includes the Central deposit with Measured, Indicated and Inferred Resources totalling 854 Mt at 0.32% (at 0.23% V2O5 cut-off grade), comprising a Measured Resource of 201 Mt at 0.33% V2O5, Indicated Resource of 175 Mt at 0.32% V2O5 and an Inferred Resource of 478 Mt at 0.31% V2O5 which includes a high grade zone of 434 Mt at 0.37% (at 0.23% V2O5 cut-off grade), comprising a Measured Resource of 115 Mt at 0.37% V2O5 , Indicated Resource of 85 Mt at 0.38% V2O5 and an Inferred Resource of 234 Mt at 0.37% V2O5.In addition, maiden vanadium Mineral Resources have been estimated at the Red Hill and Buckman Prospects. The Buckman deposit contains an Inferred Resource of 1,170 Mt at 0.30% V2O5 (at 0.23% V2O5 cut-off grade), and the Red Hill deposit contains an Inferred Resource of 1,135 Mt at 0.30% V2O5 (at 0.23% V2O5 cut-off grade).The tenements also contain a high-grade, high-quality fluorite deposit with Indicated and Inferred Resources totalling 6.7 Mt at 24.6% (at 10% CaF2 cut-off grade), comprising an Indicated Resource of 4.1 Mt at 25.3% CaF2 and an Inferred Resource of 2.6 Mt at 23.6% CaF2.NiPlats Australia Limited has a 100% interest in three granted Mining Leases (M80/267, M80/268 and M80/269) and two granted exploration licences (E80/2863 and E80/3657) covering 473 km2 located about 110 km southwest of Kununurra. The tenements cover the Speewah Dome where Proterozoic-age Hart Dolerite intrudes older sediments of the Speewah and Kimberley Groups, which has been disrupted by fault and fault splays of the Greenvale Fault Zone that hosts both fluorite and copper mineralisation in the Speewah area.
