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Tando Resources reports the discovery of high grade results at the SPD vanadium project, in the Bushveld Complex of South Africa.
Tando Resources (ASX:TNO) releases results from surface samples taken during a recent visit to the SPD vanadium project; a large, high grade vanadium deposit located in the Bushveld Complex of South Africa. Tando reports signing a heads of agreement to acquire 74 percent of the SPD vanadium project as announced by the company in late March. Due diligence relating to the HoA is in the closing stages and is expected to be finalized in the next coming weeks.
As quoted in the press release:
Samples were taken from outcropping magnetite “pipes” at the SPD Vanadium Project and returned assays of 2.08 percent V2O5 (N1101) and 2.02 percent V2O5 (N1102). The pipes outcrop as semi-circular to elliptical bodies between 100 and 400m long and approximately 100m across with the pipe sampled as N1101 measuring 200m by 150m and the pipe sampled as N1102 measuring 350m x 150m .
It should be emphasized that these are whole rock (or in situ) results, not concentrate grades, and compare favourably to the average in situ grade of the SPD vanadium project which is estimated to be 0.78 percent V2O5 based on historical drilling results. These pipes, also described as iron-rich pegmatites, are almost wholly comprised of magnetite similar to the vanadiferous titanomagnetite layers previously drilled at the SPD vanadium project (denoted as UML and LML) and are understood to have been formed by similar processes but at different times during the evolution of the Bushveld Intrusive Complex.
Click here to read the full announcement