Mineral resource

The Balasausqandiq deposit is very large, having seven known ore-bodies identified by at least surface trenching. The first, OB1, has 34m tonnes of resource as set out below, and OBs 2, 3 and 4 have now been drilled and are awaiting assays. Prior to the recent drilling of OBs 2, 3 and 4, the exploration potential of OBs 2, 3, 4 and 5 was assessed as set out below, but too little is known about OBs 6 and 7 for any quantitative assessment to be made.

JORC Based Exploration Target (JORC 2004 Guidelines)

Orebodies 2 to 5

Strike Length (km)

Tonnes [m]

V₂O₅ Grade Range [%]

From

To

From

To

Primary Zone

20.9

73

98

0.65

0.71

Oxide Zone

4.25

5.75

0.85

0.98

Combined

 

77.3

103.8

0.66

0.72

 

JORC Based Exploration Target (JORC 2004 Guidelines) - By-Products applied to Ore Bodies 2 to 5 (Primary Zone Only)

Target

Global Grades based on OB1

Grade Range ± 5 %

From

To

Carbon

13.58 %

12.9

14.26

MoO₃

0.030 %

0.029

0.032

U₃O₈

0.009 %

0.009

0.009

REM

335 ppm

318

352

Total Tonnes (millions)

 

73

98