Currie Rose Files Full Technical Report for the Updated Mineral Resource Estimate at Its North Queensland Vanadium Project
Toronto, December 16, 2022 - Currie Rose Resources Inc. (TSXV: CUI) ("Currie Rose" or the "Company") today announces that it has filed the technical report titled "Technical Report and Maiden Mineral Resource Estimate, North Queensland Vanadium Project, Queensland, Australia" on SEDAR for the previously announced updated Mineral Resource Estimate for its Cambridge Vanadium Deposit that forms part of the North Queensland Vanadium Project ("NQVP") situated within the "Vanadium Hub" approximately 450 km west of the port of Townsville, Queensland, Australia.
Highlights:
- Indicated Resource of 61.33Mt @ 0.34% V2O5. The initial 2018 MRE contained no indicated mineral resources.
- Inferred Resource increased by 61Mt to 144.87Mt @ 0.33% V2O5, representing a 72% increase from the initial 2018 resource.
- Updated resource estimate was based on 65 drill holes, using 30 drill holes not included in the initial 2018 resource.
- Estimated Molybdenum (MOO3) grade of 239.7ppm, up 51.8ppm ~28% increase.
Mineral Resource Estimate for the NQVP at 0.25 % Vanadium Cut-Off Grade
| Cut-Off V2O5 (%) | Classification | Ore Tonnes (Mt) | V2O5 (t) | V2O5 (%) | MoO3 (t) | MoO3 (ppm) |
| 0.25 | Indicated | 61.33 | 210,300 | 0.34 | 14,600 | 234.6 |
| Inferred | 144.87 | 483,400 | 0.33 | 35,500 | 241.9 |
Notes:
- Indicated and Inferred Mineral Resources are not Mineral Reserves. Mineral resources which 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, however, it is reasonably expected that the majority of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. There is no guarantee that any part of the mineral resources discussed herein will be converted into a mineral reserve in the future. The estimate of mineral resources may be materially affected by environmental, permitting, legal, marketing or other relevant issues. The mineral resources have been classified according to the Canadian Institute of Mining (CIM) Definition Standards for Mineral Resources and Mineral Reserves (May 2014) and CIM Estimation of Mineral Resources & Mineral Reserves Best Practices Guidelines (2019).
- The Mineral Resource Estimate is constrained in an LG pit optimization utilizing V2O5 at $USD 7.5/lb, Mining at $AUD 2.86/tonne, Processing and G&A at $AUD 7.86/tonne, pit slopes at 35o.
- Differences may occur in totals due to rounding.
- Tonnage estimates are based on a bulk density of 1.8 g/cm3.
- Mr. Mike Dufresne, P.Geol., P.Geo. and Mr. Steven Nicholls, M.AIG of APEX Geoscience Ltd. ("APEX"), who are deemed a qualified person as defined by NI 43-101 is responsible for the completion of the updated mineral resource estimation.
Qualified Persons and 43-101 Disclosure
The updated Cambridge MRE was reviewed and approved for release by Michael Dufresne, M.Sc., P.Geol., P.Geo., President and Principal of APEX in accordance with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
During 2022, APEX was retained by Currie Rose to complete an updated NI 43-101 report and update the mineral resource estimate for the Cambridge Deposit. The authors of the report, Mr. Michael Dufresne and Mr. Steven Nicholls of APEX, both independent qualified persons as defined by the Canadian Securities Administration (CSA) National Instrument 43-101. Mr. Nicholls conducted the most recent property visit in November 2021 and compiled the mineralized domains for the mineral resource estimation of the Cambridge Deposit.
About Currie Rose Resources Inc.
Currie Rose is a publicly traded battery metals explorer and developer focused on identifying high-value assets in mining-friendly jurisdictions. The Company's immediate focus is the advanced North Queensland Vanadium Project in Queensland, Australia. Please visit our website at www.currierose.com.
For additional information, please contact:
Mike Griffiths, CEO
Office: 905-688-9115 ext. 104
Email: info@currierose.com
Iryna Zheliasko, Investor Relations
Office: 905-688-9115 ext. 322
Email: communications@currierose.com
Forward-Looking Statements
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements that are based on the Company's expectations, estimates and projections regarding its business and the economic environment in which it operates. Statements about the closing of the transaction, expected terms of the transaction, the number of securities of Currie Rose that may be issued in connection with the transaction, and the parties' ability to satisfy closing conditions and receive necessary approvals are all forward-looking information. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/148417