New Energy Minerals Limited: Caula Vanadium-Graphite Project Scoping Study Shows Exceptional Economics
Sydney, Australia - New Energy Minerals Ltd. (ASX:NXE) (FRA:GGY) is pleased to report the results of an independent Scoping Study completed by mining consultant group Bara International ("Bara") on the Company's 80% owned Caula Vanadium Graphite Project located in Mozambique.Highlights
- The Study demonstrates the viability of an open pit vanadium and graphite mining operation with outstanding economics
- Mine life of 26 years based entirely on the JORC Measured Resources for both vanadium and graphite
- 1,877 metres of diamond drilling over 16 drillholes and 99 metres of RC drilling (1 drillhole) were completed by the Company for the Scoping Study
- Approximately 4,000 metres of additional drilling, sampling, assaying and further testwork underway (drilling and sampling completed) to support Reserve definition and pre-feasibility studies
- New Energy Minerals is now focused on delivering pre-feasibility level studies by Q1-2019 as well as the fast-tracked implementation of Phase 1 of the project targeting 1st cashflows in H2-2018
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About New Energy Minerals Ltd:
New Energy Minerals Ltd. is an ASX listed company focused on the mining and exploration of Vanadium and Graphite – two commodities critical for the 'New Energy Market'.
The Company is currently fast tracking its world-class Caula Vanadium-Graphite project in Northern Mozambique, located along strike from the Syrah Resources Ltd. (ASX:SYR) Balama Project, with first cash flows targeted for H2 of 2019 from trial mining operations. New Energy Minerals' Caula project hosts a JORC (Measured) vanadium-graphite resource of 22 Mt @ 0.37% V2O5 (0.2% cut-off) and 13.4% TGC (8% cut-off) for 81,600 tonnes of vanadium pentoxide (180 million pounds) and 2.93 Mt of contained graphite.
New Energy minerals has a highly experienced Board of Directors, management, finance, exploration and geological team, with a 15-year track record of investment and successful project development in Mozambique and the Africa region. The Company aims to become a major provider of vanadium and graphite, both key components used in battery production.
Source:
New Energy Minerals Ltd.
Contact:
New Energy Minerals Ltd. Bernard Olivier Managing Director E: bernard@newenergyminerals.com.au M: +61-4-08948-182 T: +27-66-4702-979 Jane Morgan Management Jane Morgan Media & Investor Relations E: jm@janemorganmanagement.com.au T: +61-405-555-618