Manuka Resources’ (ASX:MKR) wholly owned New Zealand subsidiary Trans-Tasman Resources (TTR) has calculated the Mineral Resource Estimates (MRE) for its Taranaki VTM iron sand project located in New Zealand.
Three contiguous resource deposits, the Cook, Kupe, and Tasman VTM deposits that makeup the Taranaki VTM project, are separately reported. The mineral resource and Davis Tube Recovery (DTR) concentrate estimates reported, based on all available assay data as of 1 January 2015, include iron oxide and iron (Fe2O3 & Fe), titanium dioxide (TiO2) and vanadium pentoxide (V2O5) mineral resource estimates.
The Taranaki VTM iron sand project has a total reported combined Indicated and Inferred mineral resource of 3.157 billion tonnes @ 10.17% Fe2O3, 1.03% TiO2 and 0.05% V2O5 at a 7.5% Fe2O3 cut-off grade. The reported MRE for the contiguous Cook, Kupe and Tasman deposit Blocks has an Indicated and Inferred mineral resource of 1.275Bt @ 10.44% Fe2O3, 1.05% TiO2 and 0.05% V2O5 inside the 12Nm limit (within EP54068) and 1.881Bt @ 9.99% Fe2O3, 1.01% TiO2 and 0.05% V2O5 for the initial mining area outside the 12Nm limit (within MP55581).
The MRE for the Kupe North and South Blocks reports a combined Indicated and Inferred recoverable mineral resource of 688.5Mt @ 10.80% Fe2O3, 1.12% TiO2 and 0.05% V2O5 generating 46.1Mt concentrate at a grade of 56.82% Fe, 8.38% TiO2 and 0.51% V2O5 at a 3.5% DTR cut-off grade.
Additional Taranaki VTM MREs for the Tasman North and South Blocks have been reported using a 7.5% Fe2O3 (head) cut-off grade. At this cut-off grade the Tasman North and South Blocks have a combined Indicated and Inferred mineral resource of 1.279Bt @ 8.91% Fe2O3, 0.88% TiO2 and 0.05% V2O5 at a 7.5% Fe2O3 cut-off grade.
This MRE JORC Code 2012 replaces the historic 2015 (revision 2018) JORC MRE for the South Taranaki Iron Sand Project previously released in 2022. The MREs have been reported separately for each of the North Blocks inside the 12 nautical mile (Nm) limit within Mineral Exploration Permit EP54068 [Resource Management Act (RMA) approval area] and the South Blocks outside the 12Nm limit within Mineral Mining Permit MP55581 [Exclusive Economic Zone (EEZ) approval area].
Manuka Executive Director and Chairman of the Taranaki VTM Project Alan Eggers says Manuka’s acquisition of 100% of Trans-Tasman Resources, owner of the Taranaki VTM iron sand project, was completed in November 2022 and we continue to unlock latent value of the asset, yielding some impressive initial results.
The Taranaki VTM’s vast low cost titanomagnetite iron sands potential is well understood. Despite an awareness of its vanadium potential, the vanadium resource had not previously been estimated.
“The recent completion of this work highlights a very large resource in terms of contained vanadium making it a potentially material V2O5 producer of world scale”
“The recent completion of this work highlights a very large resource in terms of contained vanadium making it a potentially material V2O5 producer of world scale. This new work on the 2 critical minerals, recoverable vanadium and titanium, confirms the potential to further enhance the project’s robust iron ore economics with the prospect of its estimated US$20 to $24 tonne iron ore concentrate production cost to be materially offset by substantial vanadium and titanium metal by-product credits.
The completed PFS and initial BFS work have demonstrated a low-cost iron ore concentrate production operation with CO2 emissions generated per tonne of shipped concentrate less than half of other global iron ore concentrates. With concerns around security of vanadium supply from key producing nations China, Russia, Brazil and South Africa, underpinning rising prices, we expect the vanadium potential of Taranaki VTM, along with its green steel low carbon emissions profile, to be of huge interest to end users – hence vanadium’s critical mineral status in Australia, USA and the EU.”
Write to Adam Orlando at Mining.com.au
Images: Manuka Resources Ltd
