Tando completes acquisition of SPD Vanadium Project
Tando Resources (ASX:TNO) informed the market on Thursday that it had completed the acquisition of the SPD Vanadium Project in South Africa.
Under the acquisition agreements, Tando can acquire up to 73.95% of the SPD Vanadium Project by meeting a series of milestones comprising the establishment of a JORC-compliant Measured Resource, and completion of Scoping, Pre-Feasibility and Definitive Feasibility Studies.
Tando is well advanced with its exploration program having commenced a drilling program comprising 18 holes for 1650 metres at the SPD deposit where there is currently a Resource of 513 million tonnes at a grade of 0.78% V2O5 defined under the SAMREC code.
Both RC and diamond drilling is ongoing at SPD with the focus on converting the existing high grade resource to JORC status by the end of October, as well as testing the potential of the surrounding high-grade vanadium pipes to support a Direct Shipping Ore (DSO) operation.
It was less than a fortnight ago that Tando advised that the first two holes at the project had intersected the mineralised unit based on visual identification of magnetite in diamond core and rock chips.
This was highly significant because the mineralised unit comprises a series of magnetite layers, which is well-established as the host rock for the vanadium mineralisation at SPD.
Overall this is an early stage play and as such any investment decision should be made with caution and professional financial advice should be sought.
Close proximity to historical high-grade mineralisation
Adding to the importance of this development was the fact that the first hole is located 150 metres from an historical drill hole which had returned impressive assays.
Management reaffirmed today that phase 1 of the program is expected to be completed within a fortnight.
To fast-track drilling, another diamond core rig has been mobilised, meaning three rigs are now drilling out the high grade "foreign resource".
In addition, the much anticipated drilling of the high-grade vanadium pipes surrounding the SPD deposit will start in mid-October.
In highlighting Tando was on song with its strategy, managing director Bill Oliver said, “We are delighted with the rapid progress we are making on the ground.
“And with the vanadium price trebling in the past 18 months, we see an opportunity to create substantial value for shareholders."
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.