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QEM announces outstanding oil yields achieved in extraction test work

QEM Limited (ASX: QEM) (“QEM” or “Company”) is pleased to announce highly successful results from recent independent test work at its 100%-owned Julia Creek vanadium and oil shale project in North Queensland. The Project currently hosts a JORC resource of 2,760Mt with an average V2O5 content of 0.30% and a 3C Contingent Oil Resource of 783 MMbbls with an average oil yield of 53 litres per tonne (refer to ASX announcement dated 14 October 2019*).

The test work was designed to investigate the potential to increase oil yields from the oil shale portions of the Julia Creek deposit through the addition of a solvent during extraction processing. The test work indicates that substantially higher oil yields are possible at Julia Creek, compared to extraction processing without solvent, such as direct retorting.

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