AI assistant
AUSTRALIAN VANADIUM LIMITED — Capital/Financing Update 2009
Jan 20, 2009
64471_rns_2009-01-20_4d407931-c338-4eef-9853-e10c19255a2a.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
ASX Company Announcement
==> picture [113 x 79] intentionally omitted <==
Yellow Rock Resources Limited ACN: 116 221 740
35 Great Eastern Highway Rivervale WA 6103 Telephone: (08) 9361 5400 Facsimile: (08) 9361 5900 Email: [email protected]
21 January 2009
GABANINTHA VANADIUM PROJECT
Yellow Rock Resources Ltd (ASX Code: YRR) has acquired the remaining 20% interest in exploration licence E51/431 from Shell Village and Resorts Limited which was previously called Defiance Mining NL.
Exploration licence E51/431 forms part of the Gabanintha Vanadium Project which is situated 43 kilometres south of Meekatharra in Western Australia.
The acquisition is significant in that Yellow Rock Resources Ltd in its own right now holds all of this tenement together with exploration licence E51/843 and prospecting licence P51/2226 which form the Gabanintha Vanadium Project.
The previous mineral resource estimate reported by the company on 5 August 2008 for the Gabanintha Vanadium Project suggested an indicated resource of about 90 million tonnes at 0.81% V2O5 together with other minerals.
As illustrated in the attached diagram, exploration licence E51/431 contains part of the vanadium strike line at the Gabanintha Vanadium Project, and the acquisition will enable Yellow Rock Resources Ltd to proceed with any future works and drilling programmes or other project development plans and commercialisation agreements of its own volition.
Moreover the interest in exploration licence E51/431 was acquired prior to the completion of the evaluation and review of the results of the latest drilling programme.
This evaluation included the location of a new hanging wall zone as part of the large vanadium resource at Gabanintha.
The chairman of Yellow Rock Resources Ltd, Peter Remta said:
“The acquisition of this additional interest will assist with the development of the project without any outside interference. It is of great importance for the company to have exploration licence E51/431 secured before the imminent completion of the geological estimate increasing the mineral resource estimate for the Gabanintha Vanadium Project and its review.”
The consideration for the acquisition was a payment of $50,000.
Page 1 of 1
==> picture [271 x 343] intentionally omitted <==