AXF executed a binding heads of agreement with gold exploration and mining company Intermin Resources over the 100% owned Richmond Vanadium – Molybdenum project in NW Queensland, and mineral rights owned by Intermin on nearby properties. The project was spun off into Richmond Vanadium Technology Pty Ltd (formerly AXF Vanadium Pty Ltd) of which AXF Resources is a shareholder.
The project tenements cover large areas of the Cretaceous Toolebuc Formation containing oil shale deposits that host extensive vanadium and molybdenum mineralisation. Exploration in the Richmond and Julia Creek areas has been widespread over many years, with a significant proportion of the work focussed on the search for and development of the oil shale that underlies the region.
Richmond Vanadium Technology is focussed on the Vanadium – Molybdenum metal resource. Vanadium and Molybdenum are both used for hardening steel, but the greatest potential for Vanadium is for use in rechargeable batteries for energy storage – very much a growth industry.
An updated Mineral Resource Estimate was compiled to account for tenement boundary changes and to ensure compliance with JORC 2012 Reporting. The global Inferred Mineral Resource for Richmond totals 2,579Mt grading 0.32% V2O5 at a 0.29% cut-off grade, making it one of the largest Vanadium deposits in the world. See announcement by Intermin (ASX:IRC) on 21 March 2018.
Significant beneficiation testwork and drilling has been completed since 2008 and a substantial technical database has been amassed. Richmond Vanadium Technology has reviewed the outcome of Intermin’s earlier work and follow up metallurgical and mineral dressing programs are underway.
AXF Resources retains a shareholding in Richmond Vanadium Technology and looks forward to positive news in future.
Further information on the agreement can be found here