Mineral Resources
A National Instrument 43-101 (‘NI 43-101’) compliant Mineral Resource Estimate ('MRE') of 8.26Mt was published in May 2021 over three of the known eight anomalies including the Pitombeiras North and South targets and the Goela target:
- Measured & Indicated Resources of 5.10Mt at 0.46% V2O5, 9.04 % TiO2 and 46.06% of Fe2O3, and;
- Inferred Resource Estimate of 3.16Mt at 0.44% V2O5, 9.00% TiO2 and 45.86% of Fe2O3
Table 1. Pitombeiras North and South Targets, 31 May 2021 MRE (0.25% V2O5 cut-off).
|
Resource |
Tonnes |
Average Grade % |
Metal Content t |
||||
|---|---|---|---|---|---|---|---|
|
V2O5 |
TiO2 |
Fe2O3 |
V2O5 |
TiO2 |
Fe2O3 |
||
|
Measured |
1,750,336 |
0.48 |
9.47 |
47.79 |
8,339 |
165,751 |
836,455 |
|
Indicated |
3,349,967 |
0.45 |
8.82 |
45.16 |
15,100 |
295,459 |
1,512,776 |
|
Measured + Indicated |
5,100,303 |
0.46 |
9.04 |
46.06 |
23,439 |
461,210 |
2,349,232 |
|
Inferred |
2,335,794 |
0.41 |
8.26 |
43.18 |
9,647 |
193,007 |
1,008,618 |
Table 2. Goela Target, 2 August 2020 MRE (0.25% V2O5 cut-off).
|
Resource |
Tonnes |
Average Grade % |
Metal Content t |
||||
|---|---|---|---|---|---|---|---|
|
V2O5 |
TiO2 |
Fe2O3 |
V2O5 |
TiO2 |
Fe2O3 |
||
|
Inferred |
705,986 |
0.56 |
11.49 |
55.48 |
3,941 |
81,104 |
391,682 |
Notes to accompany Mineral Resource table for the Pitombeiras Project:
The Mineral Resource is limited to within the tenement boundaries. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There has been insufficient exploration to define the Inferred Resources tabulated above as an Indicated or Measured Mineral Resource. There is no guarantee that any part of the mineral resources discussed herein will be converted into a mineral reserve in the future. 38 diamond drillholes were used in the resource estimate representing a total of 2,875.9m of drilling. The mineral resource estimate follows current CIM definitions and guidelines for mineral resources. Mineral Resources are reported using a cut-off calculated assuming only the blocks within a conceptual open pit shell optimizes by NPV Scheduler that uses the following assumptions: iron ore concentration (62%/65%Fe, +V2O5) price of US$105.75/t, 80% of global mass recovery of Fe to the concentrate, US$2.78/t of mining cost (ROM), processing costs of US$6.00/t, mine dilution of 5%, mine recovery 95%, and final slope angle of 56°to the open pit. Mineral Resources have been reported on a dry tonnage basis. Discrepancies may occur due to rounding. Mineral Resources are reported with an effective date of May 31st, 2021. The Qualified Person for the estimate, as defined by NI43-101, was Mauricio Prado, Msc. Geo. MAIG. THE PRICING USED IN THE MINERAL RESOURCE STUDY WERE AS OF JULY 2021).