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Venus owns (90%) a unique open pit vanadium oxide resource of world-scale at Youanmi in the Midwest region of Western Australia. Youanmi Vanadium deposit is located on the exploration licence 57/986 198.5 km2 and approximately 40km southeast of the mothballed Windimurra Mine, owned by the Salim Group. The Youanmi Vanadium deposit has good access to major infrastructures such as gas pipelines, roads and port facilities.

The resource has the potential to be a significant supplier to the world vanadium market, particularly for emerging renewable Vanadium Redox Flow Batteries VRFB) energy needs. 

 

YVP Fig01

Vanadium Oxide Mineral Resource

A JORC 2012 Vanadium Oxidemeasured, indicated and inferred resource of 134.73 mt grading 0.34% V205, 6.27% TiO2 and 21.33% Fe and containing 458,900 tonnes (approximately 1,011,415,600 lbs) of V205 (Vanadium Pentoxide) (refer ASX release dated 20 March 2019) was calculated by Company Consultant Widenbar and Associates and was based on 139 recent RC holes for 5919m and 49 historical RC and 11 Diamond holes for 3268m (Figures 2&3 and Table 2).

MATERIAL

Cut-Off

% V2O5 

Million 

Tonnes

V2O5%

V2O5

Tonnes

TiO2%

Fe%

OXIDE

0.10

110.6

0.30

333,000

6.15

20.18

FRESH

0.10

220.0

0.28

618,000

5.85

19.03

TOTAL

0.10

330.6

0.29

951,000

5.95

19.41

 

Table 2. JORC 2012 Youanmi Vanadium Oxide Mineral Resource Estimate - March 2019

YVP Fig02
Figure 2. Location of Historical and recent RC Drill holes

YVP Fig03
Figure 3. Plan view showing Measured, Indicated and Inferred Vanadium Oxide Resource

The tenement area falls within Youanmi Intrusive Complex in the Southern Cross province of Archean Yilgarn Craton of WA. The tenement covers a substantial strike length of the Youanmi intrusive gabbroic complex that has intruded the poorly exposed Youanmi greenstone sequences. The Youanmi Intrusion occupies an oval-shaped area about 25 kilometres north-south by 10 kilometres east-west, bounded by marginal greenstone lithologies and granitic rocks.

The Youanmi Intrusion contains several prominent vanadiferous titano-magnetite units forming two strong magnetic horizons near the base of the intrusive stratigraphy. The units comprise many individual titano-magnetite bands up to 1m thick, separated by magnetite gabbro. This stratigraphy is well exposed in the northern and western parts of the tenement, forming prominent resistive strike ridges.

Widenbar and Associates (“WAA”) were commissioned to produce a Mineral Resource Estimate for the Youanmi Vanadium Deposit.

Two high-grade mineralised domains have been interpreted, with low-grade domains lying between and above them. The Resource Estimate has been classified in the Inferred category as defined by the 2012 edition of the JORC Code. WAA has reviewed the drilling, sampling and assaying data used in the estimate and considers it sufficient to support the resource classification applied. Historical drill hole data of 49 RC holes and 11 diamond holes were used for resource modelling.

WAA has reported a JORC 2012 compliant Inferred Mineral Resource estimate of 330.6 Million Tonnes @ 0.29% V2O5, 5.95% Titanium (TiO2) and 19.41% Fe (0.10% V2O5 cut-off, 350m RL base) for 951,000 tonnes of Vanadium Pentoxide resource (Table-1). This mineral resource includes high grade 167.7 Million tonnes @ 0.41% V2O5, 7.52% TiO2 and 24.6% Fe (0.25% V2O5 cut-off) for Vanadium Pentoxide resource of 683,000 tonnes (refer ASX Release: 6 February 2015).(Widenbar and Associates,2019)

VMC initiated a metallurgical research contract with Dr Aleks Nikoloski (Murdoch University) to develop a novel process for iron and titanium vanadium recovery from the Youanmi oxide ore. In its first phase, the research project undertook a process assessment and bench-scale development and is expected to investigate a pyro-metallurgical approach to test the recovery of all three valuable components, iron, vanadium and titanium, in the Youanmi Oxide Ores.

The prime objective of this study is to develop information that will guide the development of a novel process for iron, titanium and vanadium recovery from the Youanmi oxide ore. The process should enable Venus to make an informed decision on the opportunities presented by this large exploitable resource. The $100,000 study is being co-funded by the Commonwealth Government under the Innovation Connections Project grant on a 55% Venus / 45% Commonwealth funding basis. Professor Nikoloski and lead researcher Dr Rorie Gilligan will manage the project with an extensive program of combined pyrometallurgical and hydrometallurgical process options for the Youanmi Oxide ores.

The pyrometallurgical approach differs from the acid leach-only approach and is designed to test the recovery of all three valuable components, iron, vanadium and titanium in the Youanmi Oxide Ores. The Murdoch School of Engineering and Information Technology facilities are ultra-modern, comprehensive and world-class, enabling full metallurgical testing to be carried out on-site. The pyrometallurgical research work is in progress. A provisional patent application for the Youanmi oxide ore process has been lodged and accepted with IP Australia.

n 2019, Venus signed a metallurgical research contract with Professor Aleks Nikoloski and his team at Murdoch University, Perth, to advance the Youanmi Vanadium Oxide project (refer ASX release 

17 June 2019) under a Commonwealth co-funded research grant. The research work was carried 

out over the past three years. 

 

The study was undertaken on ore from four RC drill holes spanning an area around 400 m wide in the Youanmi deposit. The samples were characterized separately and then blended to produce a composite which was used for the majority of the testwork. 

The blended composite grades were 0.66% V2O5 and 44.38% Fe2O3. Different beneficiation options were evaluated to reject reagent consuming gangue components. Grades of 1.07% V2O5 and 65.3% 

Fe2O3 were produced. The best extractions for vanadium (80%) and iron (80%) were obtained using low-temperature acid leach following reductive roast leaches. Low acid consumption was recorded, 151 kg/t and 236 kg/t (7 and 24 hours respectively). Around 72% sulfuric acid was extracted from the leach liquor by a proprietary process. Purified vanadium was produced by separation of the titanium 

using iron as a reductant. 

Further test work is planned to quantify vanadium pentoxide from the leach liquor produced. Results from this research together with the outcomes of the previous research will form the basis for the design and operation of a pilot plant study, proposed to start in 2022. 

Planned ongoing work will include a Techno-economic assessment of the beneficiation-leaching and recovery workflow, a pilot plant study to be conducted at Murdoch Universities’ Kwinana industrial facility, a Critical Mineral grant application and a feasibility study targeting low capital and operating costs.

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include but are not limited to statements concerning Venus Metals Corporation Limited planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may”, "potential," "should," and similar expressions are forward-looking statements. Although Venus Metals Corporation Ltd believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking statements.

Competent Person’s Statement

The information in this report that relates to Mineral Resources and Exploration Targets has been compiled by Mr Lynn Widenbar. Mr Widenbar, who is a Member of the Australasian Institute of Mining and Metallurgy, is a full-time employee of Widenbar and Associates and produced the Mineral Resource Estimate based on data and geological information supplied by Venus Metals. Mr Widenbar has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves. Mr Widenbar consents to the inclusion in this report of the matters based on his information in the form and context that the information appears.

The information in this release that relates to the Youanmi Vanadium Project is based on information compiled by Mr Barry Fehlberg, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Fehlberg is the Exploration Director of Venus Metals Corporation Limited. Mr Fehlberg has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves. Mr Fehlberg consents to the inclusion in the release of the matters based on his information in the form and context that the information appears.