Vanadium Resources Updates Mineral Resource, Ore Reserve Of Steelpoortdrift Project; Shares Rally 11%

(MT Newswires) — Vanadium Resources (ASX:VR8) updated the regulatory compliant mineral resource and ore reserve estimates for the Steelpoortdrift vanadium project in South Africa, the miner said on Tuesday.

The project’s resource stands at 680 million tonnes of material for 0.7% vanadium pentoxide and 22.74% iron oxide for 4.74 million tonnes of contained vanadium pentoxide and 154.8 tonnes of contained iron oxide.

The project’s ore reserve stands at 76.86 million tonnes of material at 0.72% vanadium pentoxide for 550,000 tonnes of contained vanadium pentoxide.

Company shares rallied 11% in recent trade.

Price (AUD): $0.11, Change: $+0.01, Percent Change: +10.53%