Hardey to complete vanadium asset acquisitions
Published 27-AUG-2018 08:51 A.M.
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2 minute read
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Concluding an Extraordinary General Meeting held today, Hardey Resources Limited’s (ASX:HDY) Board has announced that it has received shareholder approval for the acquisition of 100% of the issued capital of Nelly Vanadium Pty Ltd (NVPL) and Vanadium Mining Pty Ltd (VanMin).
NPVL owns the highly prospective Nelly Vanadium Mine (NVM) in San Luis province, Argentina, while VanMin has six high-quality vanadium projects across Queensland and Northern Territory.
The company’s geology team is already in Argentina progressing the application to reactivate the mining licence for Nelly Vanadium Mine and studying the process to monetise the legacy stockpiles to generate near-term cashflow.
In Australia, the focus for the Queensland and Northern Territory projects is to utilise historic data, if possible, to model JORC (2012) compliant inferred vanadium pentoxide resources.
The Exploration Targets reported herein are not JORC compliant Mineral Resources. The potential quantity and grade of the Exploration Targets are conceptual in nature, there has been insufficient exploration to determine a Mineral Resource and there is no certainty that further exploration work will result in the determination of a Mineral Resource.
Confirmation that the acquisitions have been finalised followed an announcement last week in which Hardey presented its geology team’s preliminary due diligence findings on two highly prospective vanadium projects in the Northern Territory, part of a package of six projects the company has acquired from VanMin.
Potential investors should note that HDY is still in early stage exploration mode and therefore any decision with regards to adding this stock to your portfolio should be taken with caution and professional financial advice sought.
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