Australian Vanadium Updates Resource Estimate for Gabanintha

Date: Jul 10, 2018

Australian Vanadium Limited announced that an updated Mineral Resource for its Gabanintha Vanadium Project near Meekatharra in Western Australia. The revised estimate has been conducted following a re-interpretation of the weathering profiles to include a transitional zone in addition to the oxide and fresh zones.

The updated Measured, Indicated and Inferred Mineral Resource is 175.5 million tonnes at 0.77% V2O5 which includes a Measured and Indicated Mineral Resource of 34.1Mt at 0.77% V2O5. Table 1 includes a detailed updated Mineral Resource table and Appendix 1 includes a table of the Mineral Resource broken down by the oxidation category.

The revised Mineral Resource estimate includes a geologically distinct massive vanadium bearing magnetite high-grade zone that is the focus of economic studies. The Measured, Indicated and Inferred Mineral Resource estimate for the high-grade zone (HG10 in Table 1) is 93.6Mt at 1.00% V2O5 which includes 10Mt at 1.11% V2O5 in the Measured Resource category, 4.9Mt at 1.09% V2O5 in the Indicated Resource category and 78.6Mt at 0.98% V2O5 in the Inferred Mineral Resource category.

The Mineral Resource of the high-grade zone has increased by 0.8Mt (0.9%) and the overall Mineral Resource has decreased by 5Mt (2.3%) of mainly low-grade material. These changes are due to a revised distribution of the regression-calculated density values resulting from a more detailed oxidation interpretation. The density relationships across all of the Gabanintha mineralisation are strongly correlated to the rock type and in the case of magnetite bearing rocks, the iron content.

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