Intermin Resources reported to have received a JORC compliant Indicated Resource for Lilyvale prospect at the Julia Creek project in Queensland, Australia. The new resource outlined comprises a total of 410,670,000 tonnes grading 0.44% V2O5 and 332g/t Molybdic Oxide (MoO3). The Lilyvale resource reported contains 87.7 million tonnes grading 0.55% V2O5 and 384g/t MoO3 (0.038%). The mineralization is contained within a continuous block up to 4 km wide and 10-12m in thickness. Overburden averages 5-6m. The mineralization is soft and appears to be a free dig mining exercise.
During the quarter, metallurgical testwork continues to simplify the process steps and as a consequence reduce the cost of metal recovery and project capital costs. Great progress has been made and final process selection is near at hand. Intermin believe that the deposits and process have potential to provide large quantities of Vanadium and significant quantities of Molybdenum, Nickel and Copper as by products over a longer mine life at very competitive metal prices.
September 6, 2007
Announced JORC compliant resource estimates for the western (St Elmo Arch) sector of the project. Measured, indicated and inferred resources for soft oxide shale mineralisation in the St Elmo - Burwood zone total 2,009 Mt grading 0.39% V2O5 and 0.034% MoO3. Lower grade Coquina mineralization which immediately overlies the soft oxide shale has been estimated to contain a further 1,069 Mt of material grading 0.18% V2O5 and 0.0155% MoO3.
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