Critical Minerals Group (ASX:CMG) has delivered a 96% increase to the mineral resource at its Lindfield Project in north-west Queensland following a drilling program completed in September last year.
The resource now measures 713 million tonnes @ 0.32% vanadium pentoxide, 3.4% aluminium oxide, and 130 grams per tonne molybdenum.
Some 491 million tonnes @ 0.32% vanadium pentoxide — roughly 68% of the overall resource — sits in the indicated category, while 518 million tonnes — 72% — is located within 20m of the surface.
Prior to the upgrade, the resource estimate stood at 363 million tonnes @ 0.43% vanadium pentoxide.
Despite the increase, Critical Minerals says there is a decrease in the vanadium grade in comparison to the previous estimate of 0.43% vanadium pentoxide across the indicated and inferred mineral resource. This is due to the inclusion of material at the Toolebuc Formation horizon (TLBA) which delivered a boost in volume, but a reduction in grade.
The TLBA is the main host of vanadium mineralisation in an area, and is a flat-lying, laterally extensive sedimentary unit.
Managing Director Scott Winter says the upgraded resource is a direct result of the drilling program in 2023.
“The metallurgical testwork highlighted the superior performance of the TLBA mineralisation in upgrading its concentration through the flotation,” he adds.
“The testwork and modelling also highlighted the buildup of molybdenum in the circuit to economic levels. With these inclusions, the overall planning, development and economics will be worked on further in the next phase of the Feasibility Studies.”
Winter notes the improvements to be added include lower waste removal volumes, lower strip ratio, increased mineralised material, increased mine life potential, and the potential for an additional revenue source through producing molybdenum.
“With the reduction in overall waste this also brings an environmental benefit to the project with less waste dump requirements, less overall disturbance impact, and potentially lower rehabilitation costs,” Winter says.
Further, the upgraded resource strengthens the project’s position for the Feasibility Studies currently underway.
Critical Minerals will now aim to maximise the conversion of the mineral resource to an ore reserve.
Write to Aaliyah Rogan at Mining.com.au
Images: Critical Minerals Group
