AVL has successfully completed its second resource infill drilling programme in two months at The Australian Vanadium Project.

The objective of the series of drill programmes is to significantly increase the potential mine life or scale of the Project to beyond the current 17 years as defined in the PFS1 and to enable better informed decisions on the optimal scale and mine life of the Project.

Targeted project investors and offtake partners have indicated that they value a de-risked, large resource base and long mine life.

KEY POINTS

• Resource infill drilling programme completed targeting Mineral Resource upgrades.
• 30 Reverse Circulation (RC) drillholes for 2,336 metres, successfully targeting the highgrade vanadium magnetite horizon.
• Drilling targeted current Inferred Resources south of existing PFS Mineral Reserves for conversion to Indicated Resources category.
• A Mineral Resource update is nearing completion, incorporating drill results from earlier 2018 and 2019 drill programmes.
• Advancing strategy of increasing mine life through adding more Indicated Resources.

Managing Director, Vincent Algar commented, “The quality of the recent drill programmes reflects the AVL team’s increasing knowledge and understanding of the ore body. Being able to define more areas where there is shallow and highly magnetic mineralisation nearer surface, will create options for our mining optimisation studies. The drilling programme was dynamic, with holes prioritised based on the width, dip and magnetic response on a hole by hole basis. This resulted in two separate new areas of over 400m of strike length, both with good magnetic responses, which have the potential to become part of our future mining inventory.”

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