VHM Limited has announced that it confirmed a new Inferred Mineral Resource at the Cannie Critical Mineral Project in Victoria, adding over 40% to the company’s rare earth mineral resource inventory.
According to the company, it identified more than 176,000 tonnes of Total Rare Earth Oxide (TREO) in the Cannie Project, increasing its total inventory of TREO from 413,000 tonnes to 589,000 tonnes.
A total of 38 drill holes were used for the Cannie Inferred Mineral Resource estimate, with analytical results pending for the remaining 104 holes intersecting the project.
Downhole geophysics and geological logging from all 137 drill holes in Exploration Licence (EL) 6664 and five drill holes from EL 6419 were sufficient to provide spatial continuity.
The grades of rare earth minerals, zircon, rutile and leucoxene within the Cannie Mineral Resource are higher than most of those reported in the company’s Goschen Project Mineral Resource.
Cannie is located approximately 13.5 km to the south of the company’s flagship Goschen Project.
VHM said it is continuing to advance further resource work and with additional drill hole assays expected to provide a further project resource update in the second half of the year.
It added that the resource at Cannie, in line with detailed engineering design work advanced for Goschen and exploration work at Nowie, confirms a major new critical mineral province that stretches over 55 km in length along the western flank of the Lake Boga granite in Northern Victoria.
According to VHM Managing Director Graham Howard, the company is on track to deliver a critical minerals deposit that can potentially support different project hubs that feed criticals minerals into supply chains to enable the decarbonisation of global economies.
“The grade profile and significant tonnage associated with the Cannie Critical Mineral Resource enables the company to commence engineering evaluations for a second project south of the flagship Goschen Project,” he added.
