Hardey has projects in the right vanadium neighbourhoods
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Special report: The two Northern Territory vanadium projects that Hardey Resources is about to acquire are very similar to a neighbour’s high quality development.
Hardey (ASX:HDY) is buying Vanadium Mining and has been doing due diligence on two of its assets, the Wollagalong and Chisholm sites in the Territory. They are contiguous to TNG’s (ASX:TNG) high-quality Mt Peake project which has a JORC compliant total resource of 160Mt at 0.28 per cent vanadium pentoxide.
JORC compliance refers to the mining industry’s official code for reporting exploration results, mineral resources and ore reserves, managed by the Australasian Joint Ore Reserves Committee.
Hardey says its team has verified that Mt Peake’s underlying mineralisation of vanadiferous titano-magnetite is similar to anomalies in Wollagalong and Chisholm.
“Undoubtedly, the two Northern Territory projects are in the right neighbourhood, given the proximity to TNG’s high-calibre Mt Peake VTM operation,” said Hardey chairman Terence Clee.
“Notably, the aeromagnetic and soil sampling evidence is quite compelling that both projects are highly prospective for vanadium mineralisation.”
He said due diligence to date on Vanadium Mining’s six assets across Queensland and the Northern Territory was heading in the right direction.
One of the two Territory vanadium projects sits on the Anningie Formation, which underpins the VTM economic mineralisation at Mt Peake.
Hardey says it’ll be easy to start a comprehensive high-level exploration program of drilling, sampling and assaying because the mineralisation next door is relatively shallow.
The Wollagalong project is 6km north of Mt Peake while the Chisholm prospect is 13km east, with the projects forming the north and east boundary.
The largest vanadium resources in the Northern Territory are associated with mafic-hosted vanadium magnetite deposits in the Arunta Region’s Aileron Geological Province.
These deposits, which Hardey is targeting in the Wollagalong and Chisholm projects, have only recently been identified in the Mr Peake area.
This means that due to the Wollagalong and Chisholm projects’ proximity to Mt Peake there is significant exploration upside, although, the probability is higher for the Wollagalong project.
The aero-magnetic imagery has identified two phases of potential mineralisation with east-west and north-south trending structures visible and intersecting within the project areas.
This special report is brought to you by Hardey Resources.
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