Flinders River Vanadium Project

The Opportunity

The Flinders River Vanadium Project is located within a highly prospective region renowned for sedimentary-hosted vanadium mineralisation, with several globally significant vanadium resources reported by Intermin Resources Limited (ASX: IRC) and Multicom Resources (Figure 2).

The resources reported by Intermin and Multicom are considered to be some of the world’s largest and occur within 30km of Chalice’s application permits.

Importantly, the vanadium resources reported share a similar radiometric response with exploration targets seen on the Chalice permits – which is interpreted to be mapping the presence of shale rich Toolebuc formation (Figure 1).

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Figure 1. Uranium Radiometric Imagery over tenement areas.

LOCATION

The Flinders River Vanadium Project is located in central Queensland, approximately 250km east of Mt Isa and 380km west of Townsville. The project is strategically located within close proximity to the Flinders Highway and Great Northern Railway that connects to the port of Townsville.

Figure 2. Flinders River Vanadium Project location map.

GEOLOGY AND MINERALISATION

Known vanadium mineralisation within the Toolebuc formation typically occurs near surface within oxidised coarse limestone-rich clay and underlying fine-grained carbonate shales where enrichment of vanadium, along within other metals (molybdenum, nickel and copper), has occurred through sedimentary processes.

The advantage of these shale-hosted vanadium deposits include:

  • Simple, shallow mining – potential free dig, open cut mining at very low strip ratios;
  • Low processing cost– potential low-cost removal of the coarse fraction via gravity separation methods and potentially flotation to produce a high grade intermediate feedstock; and
  • Proximity to infrastructure– proximal access to road and rail infrastructure is highly advantageous.

The Company expects the applications to be granted in Q3 2018, after which it will immediately commence field reconnaissance work.

ACQUISITION TERMS

The Flinders River Vanadium Project is 100% owned.