Valence Industries Ltd. (ASX:VXL) announced a 43-percent increase to its JORC 2012 graphite ore reserve.
Valence Industries Ltd. (ASX:VXL) announced a 43-percent increase to its JORC 2012 graphite ore reserve. The increase underpins a 60-percent rise in the current life of mine for Uley Pit 2 at the company’s South Australia-based Uley graphite operations.
Other highlights include:
- Ore Reserve increased by 43% to 2,917,000 tonnes
- Contained tonnes increased to 353,618 tonnes graphite
- Ore Reserve high grade of 12.1% graphitic Carbon
- Mine life increased by 60% to 8 years at up to 64,000 tpa of graphite output
- Pit Shell design for major expansion completed
- Remaining 65% of drilling program and assay results pending analysis
As quoted in the press release:
The increased Ore Reserve was prepared by Coffey Mining, based on an ordinary kriged (OK) Mineral Resource estimate from the initial drilling results, designed to define the nature and extent of mineralisation across a further portion of the Uley GraphiteTM exploration target.
The increased Ore Reserve is based on about one third of results from the current drilling program across the Uley Pit 2 Extension, with the remaining two thirds of drilling and assays still to be received.
The updated Ore Reserve estimate was prepared utilising only the Measured and Indicated portions of the increased Mineral Resource without reference to the inferred portion of the Mineral Resource.