Australian Vanadium accelerates Gabanintha with extra funding
Date: Jan 14, 2019
Australian Vanadium has ended 2018 strong with a cash injection of $6.2 million, allowing it to proceed further into the Gabanintha vanadium project’s definitive feasibility study (DFS).
The company’s option conversion led Australian Vanadium to a cash position of $9.68 million, on top of over 62 million underwritten options at a value of over $1.2 million before costs.
Gabanintha, located in the Murchison Province in Western Australia, has a proposed annual production rate of around 22.5 millipounds over a 17-year mine life.
Its pre-feasibility study (PFS) last year showed an annual estimated production of around 900,000 tonnes of 1.40 per cent V2O5 magnetite concentrate at an average yield of 60 per cent.
Gabanintha’s pilot metallurgical study is now under way. The project is also on track for a diamond drilling sample collection program, scheduled for mid-January this year.
