New Energy Minerals Limited (ASX:NXE FRA:GGY) is pleased to report the results of an independent Scoping Study completed by mining consultant group Bara International on the Company’s 80% owned Caula Vanadium Graphite Project located in Mozambique.
- 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 H2-2019
The full report can be found on the Company’s website: https://newenergyminerals.com.au/investor-dashboard/