More confidence in Mt Peake resource - TNG
PERTH (miningweekly.com) – Vanadium developer TNG has updated its Joint Ore Reserves Committee-compliant resource at the Mt Peake project, in the Northern Territory.
The company said on Monday that some 74% of the total 160-million tons of resource were now classified as measured, with 86% falling in either the measured or indicated category.
This was compared with the previous calculation of 110-million tons in the indicated category and some 48-million tons in the inferred category.
TNG MD Paul Burton said in a statement that the revised resource estimate dramatically increased the confidence level in the Mt Peake orebody, ahead of the definitive feasibility study (DFS).
“This is a major boost for the Mt Peake project development, moving 74% of the total resource to the measured category and 86% into measured and indicated. Based on this result, we can continue to move forward with the definitive feasibility study with strong confidence in our Mt Peake resource model and our projected economics.”
Burton noted that, in addition, the metallurgical testwork currently under way would provide a further key input for the Mt Peake DFS, which would start later this year.
“Each of these developments helps to de-risk the project as we move it towards production,” he added.
In addition to upgrading the resource estimate, the 2012 drilling was also focused on collecting material for metallurgical testwork. This work was well under way, with both the resource update and the metallurgical testwork contributing to the DFS.
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