SMM8, 28 July: battery metal miner Australian Mining Company announced the acquisition of Jervois Mining's Flemington cobalt nickel Scandium exploration project on August 27.
Australian mining companies will have to pay a final A $3.4 million in order to complete the deal, which is expected to be completed in mid-October.
Benjamin Bell, managing director of the Australian mining company, said, "We are optimistic about a significant increase in mineral stocks in the project, as only 1 per cent of Flemington's future geological resources have been fully assessed."
Based on existing mineral resource estimates, the Flemington project contains 2.5 million tons of cobalt, 0.103 per cent cobalt and 403parts per million of (ppm) SC in the measurement category. At the same time, in the category shown, the asset holds 200000 tons of cobalt, 0.076 per cent cobalt and 4008 ppm SC.
The Australian mining company expects to start drilling in Flemington as soon as its Sconi project in Queensland completes its current 50000-meter resource expansion drilling program.
The company said it looked forward to restarting the rig in the project to further assess the scale of our opportunities with Flemington and potentially develop it into a valuable second source of cobalt, nickel and scandium for Australian mines. Our flagship Sconi project in Queensland is nearing completion of a banking feasibility study.
Once the Australian mining company receives and simulates the results of Flemington's proposed drilling, the company is expected to release the latest mineral resource estimates and begin a pre-feasibility study of the project in early 2019.
(article compiled from external network)