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HDY to Complete Queensland and NT Vanadium Acquisitions
PUBLISHED: 27-08-2018
Hardey Resources Ltd’s (ASX:HDY) shareholders have approved the acquisition of Nelly Vanadium Pty Ltd (NVPL) and Vanadium Mining Pty Ltd (VanMin) at an EGM held late last week. The acquisition is due to formally close within the next few days.
This is a potentially game changing development for the group given that NPVL owns the highly prospective Nelly Vanadium Mine (NVM) in San Luis province, Argentina, while VanMin has six high-quality vanadium projects across Queensland and Northern Territory.
Moving forward, the geology team in Argentina plan to progress an application to reactivate the mining licence for NVM and is studying the process to monetise the legacy stockpiles.
In Australia, the next phase of the exploration program for the Queensland and Northern Territory projects is to determine if there is sufficient historic data to potentially model a JORC (2012) compliant inferred vanadium pentoxide resources.
It was only on Wednesday that Hardey reaffirmed its confidence regarding the geological modelling of the Queensland assets, having uncovered further historic evidence that there are actually 383 aircore drill holes targeting the Toolebuc Formation compared with previous indications of circa 170.
HDY has fast tracked its vanadium ambitions both here in Australia and overseas as Next Small Cap has reported in recent times, but the latest news illustrates why the company is exploring in the right neighbourhood, particularly in the Northern Territory with its proximity and similarity to the $112 million capped TNG’s high calibre Mt Peake VTM operation.
It should be noted that HDY still has a lot of work to do to prove up these projects, so investors should seek professional financial advice if considering this stocks for their portfolio.
The impending completion of these vanadium acquisitions could provide HDY with the boost it needs to improve its market cap.
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Hardey Resources
ASX:HDY