QEM (ASX:QEM) has increased the size and grade of its Julia Creek Vanadium deposit in Queensland, by 28% to 461 million tonnes.
Privately held Measured Group conducted an independent geology and resource estimate which detailed a current estimated mineral resource at Julia Creek of 2,870Mt vanadium bearing ore at an average V205 content of 0.31%.
QEM, which has a market capitalisation of $22.70 million, says that it is possible for additional by-products, other than vanadium and crude oil, could be produced as part of the vanadium processing which could have a ‘positive’ impact on revenue assumption.
These additional by-products include base metals, copper, molybdenum, nickel, zinc, aluminium, and cement, as well as high-purity alumina which has been identified as an opportunity for further investigation.
Managing Director Gavin Loyden says this resource upgrade comes at an ‘optimal’ time, enabling the company to integrate new findings into its Scoping Study that is scheduled to be released in Q2 2024.
“We’ve substantially bolstered the confidence level in both our vanadium and oil shale resource bases, propelling us towards realising our ambition of developing Australia’s critical minerals resources and delivering innovative energy solutions which will help Australia with meeting its own energy transition targets.”
QEM is an explorer and developer focused on its flagship Julia Creek Project that covers a 250km-square area in northwest Queensland, Australia.
As of 31 December 2023, the company had $281,000 cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: QEM Limited
