62% increase to 2,760Mt with average V2O5 content of 0.30%
- Significant Resource Upgrade has resulted in a 62% increase in size of the Julia Creek Vanadium JORC Resource
- Following the Resource Upgrade, the Project now holds a 2,760Mt Vanadium JORC Resource with an average V2O5 content of 0.30%
- The Julia Creek Vanadium Resource now consists of 220Mt in the Indicated category and 2,540Mt in the Inferred category
- The Project also contains 783MMBBls of Oil in the 3C category
- QEM’s 100% owned Julia Creek Project is now one of the largest vanadium deposits in the world
QEM Limited (“QEM”, the “Company”) (ASX:QEM) is very pleased to announce a significant Resource Upgrade at the Company’s flagship Julia Creek vanadium / oil shale project (“Project”), covering 249.6km², in the Julia Creek area of North Western Queensland, Australia. Following the Resource Upgrade, the Project now holds a 2,760Mt Vanadium JORC resource, with an average V2O5 content of 0.30%, making it one of the largest vanadium deposits in the world.
The Resource Upgrade has incorporated historic data from drill holes in the newly granted tenement EPM 27057 (ASX Release – 7 May 2019), in addition to the data from the recent 26km 2D seismic survey data completed in May 2019 (ASX Release – 7 May 2019), and seven recently cored holes by QEM (two holes in 2018 and five holes in 2019).
QEM Executive Director, David Fitch, commented: “This resource upgrade is a huge development for the Company, making the Julia Creek vanadium resource one of the largest vanadium deposits in the world. With such a significant resource, we are continuing our metallurgical test work to identify and develop the most efficient and cost effective way to extract saleable products from the project, in the form of vanadium pentoxide, transport fuels and potentially hydrogen.”
“QEM is highly committed to providing Innovative Energy Solutions, and we look forward to further advancing the flagship Julia Creek vanadium / oil shale project over the coming months.”