BEIJING (Asian Metal) 17 Jun 20 – On June 16, Australian-based Horizon Minerals Limited announced an updated mineral resource estimate (“MRE”) for the Richmond-Julia Creek vanadium project located in Central North Queensland.

In March 2017, the Company entered a strategic development Joint Venture (“JV”) with Richmond Vanadium Technology Pty Ltd. (“RVT”). The JV covered Horizon Minerals’ 100% interest in the Richmond vanadium project. RVT completed the initial earn in period (A$1 million to earn 25% interest) in March 2018 and has commenced the second stage expenditure commitment of A$5 million over 3 years inclusive of a Feasibility Study to earn a further 50% interest in the project.

Updated global Mineral Resource estimate for Richmond-Julia Creek stands at 1.8Bt grading 0.36% V205 for 6.7Mt V205 at a 0.30% V205 lower grade cut-off.

Pre-Feasibility Study centered on commercial evaluation and ore reserve generation from the updated mineral resource will be completed in June for review and expected release in the September Quarter 2020.