Drilling at Tando’s vanadium project intersects mineralised unit in all holes
Tando Resources (ASX:TNO) today provided an update on its Phase One drilling program at the SPD Vanadium Project in South Africa, highlighting that all 16 holes drilled intersected mineralised unit comprising magnetite layers known to host vanadium.
Magnetite, or magnetite-bearing gabbro, was identified via visual identification in diamond core and RC chips. This is compelling find as the mineralised unit comprises a series of magnetite layers.
Magnetite is well established as the host rock for the vanadium mineralisation at SPD, as shown by TNO’s first assay results from the drill program earlier this month.
Each of these holes are located close to historical holes which returned high-grade vanadium whole rock assays and generated outstanding vanadium grades in magnetic concentrate.
This Phase One drilling program targeted the well-established SPD deposit, where there is currently a resource of 513 million tonnes at a grade of 0.78% V2O5 defined under the SAMREC code.
Assays are pending from all holes except VRC001. Once assays are received, they will be used to calculate a maiden Mineral Resource for SPD compliant with the JORC Code. This is expected to be published later this quarter.
In addition to the Phase 1 drill programme, two diamond core holes were drilled to provide samples for metallurgical testwork which will take place in South Africa and Australia.
One diamond drill rig is now preparing to test the surrounding high-grade vanadium pipes at SPD to support a Direct Shipping Ore (DSO) operation. Drilling will test Clusters 1 and 2, with Clusters 3 and 4 to be tested later this month. Cluster 5 will be drilled using a heliborne rig next month.
Tando is fully-funded to complete the entire Phase 1 and Phase 2 drilling program as well as the metallurgical and mining studies which will follow completion of the drilling programme. The anticipated cost to complete the drill program and the Resource is A$1.4 million.
TNO Managing Director Bill Oliver said the drilling program had so far met or exceeded the company’s expectations.
“The visuals from these holes are highly encouraging, particularly given their strong correlation with historic drilling results. An example of this is the high grade results from VRC001. We are now looking forward to receiving the remaining assays and calculating our maiden JORC Resource.
“And while this is happening, we will be drilling at the nearby vanadium pipes to test their potential to host a low-cost DSO operation.”
This information is general financial product advice only and you should consider seeking professional advice before making any investment decision. All indications of performance returns are historical and cannot be relied upon as an indicator for future performance.
When the experts at Next Investors have a stock pick, it may pay to listen.
The Next Investors have been investing in ASX small cap stocks for years, with their best small cap picks yielding returns of 1,200%, 1,120%, 900% and 678%.
They have just revealed their hand-picked, FY2021 stock portfolio of high conviction long-term investments.
Click the link below to see what they are currently investing in.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.