Tando hits more high-grade vanadium as it gets ready for new drilling in South Africa
6th July 2018
Resources Rising Stars
Popular vanadium stock Tando Resources is reporting more high-grade results from the latest sample tests at its South African SPD project (reports Stockhead).
The new results include seven high-grade samples of more than 2 per cent — building on similar results reported in May.
Tando was one of the ASX’s best performing small cap stocks in the year to June 30.
The stock, adjusted for a recent 4.6-to-1 split, has quadrupled since listing in November.
The stock opened up 3 per cent at 16.5c today on the latest news — compared to an issue price of 4.3c (adjusted for the split).
The new samples come from magnetite “pipes” that are similar to the magnetite pipe once mined by Xstrata at the Kennedy’s Vale mine.
The Kennedy’s Vale mine lies along strike to the north from SPD, which is located in an established vanadium production hub in the Bushveld Complex.
“The latest results are considered important because they provide more firm evidence of the potential for these pipes to underpin a low-cost, high-grade DSO operation with a short development timetable,” Tando told investors on Thursday.
DSO — or direct shipping ore — refers to minerals that require only simple crushing before they are exported, which keeps costs low.
Tando is in the advanced stages of preparing an extensive drilling program to bring what it says is a “historic” resource into JORC Code compliance.
JORC compliance refers to the mining industry’s code for reporting exploration results, mineral resources and ore reserves, managed by the Australasian Joint Ore Reserves Committee.
“In light of these latest results, we will accelerate our assessment of the potential to establish a DSO operation at SPD,” said Tando Managing Director Bill Oliver.
“The existing vanadium deposit is, by itself, highly attractive by global standards due to its grade and size. But these high-grade pipes could boost the viability even further.”
Image via Tando Resources
© 2018 Resources Rising Stars All Rights Reserved