Sydney, Australia -
New Energy Minerals Ltd. ("New Energy Minerals" or the "Company") (ASX:NXE) (FRA:GGY) is pleased to provide an update to the market in relation to the Company's activities for the period ending 30 September 2018.
HIGHLIGHTS
- The feasibility study drilling program on the Caula Vanadium-Graphite Project in Northern Mozambique was completed with 3,025m of diamond drilling and 1,130m of reverse-circulation drilling completed in Q3
- Caula hosts a JORC (Measured) mica-hosted vanadium resource of 22Mt @ 0.37% V2O5 (0.2% cut-off) for 81,600 tonnes of vanadium pentoxide (180 million pounds) with high-grade intersections up to 1.9% V2O5 (see Note 1 below)
- The Caula Graphite Mineral Resource, which is all in the Measured category, was upgraded to 21.9Mt at 13.4% Total Graphitic Carbon ("TGC") (8% cut-off) for a total of 2,933,100 tonnes of contained Graphite (see Note 2 below)
- The Company's Montepuez ruby assets were merged with TSX-V listed
Fura Gems Inc. (CVE:FURA) for A$10 million in shares. Under the agreement the shares will be issued to New Energy Minerals in three tranches over a 20-month period, which will result in New Energy owning approximately 8% of Fura
- The Company announced its intention to change the Company name to '
New Energy Minerals Ltd.', to reflect its focus on vanadium and graphite exploration and mining, critical commodities for the rapidly growing New Energy Market.
Notes:
1 Refer to ASX Announcement dated 20 July 2018
2 Refer to ASX Announcement dated 24 July 2018
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About New Energy Minerals Ltd:
New Energy Minerals Ltd. is an ASX listed company focused on the mining and exploration of Vanadium and Graphite – two commodities critical for the 'New Energy Market'.
The Company is currently fast tracking its world-class Caula Vanadium-Graphite project in Northern Mozambique, located along strike from the Syrah Resources Ltd. (ASX:SYR) Balama Project, with first cash flows targeted for H2 of 2019 from trial mining operations. New Energy Minerals' Caula project hosts a JORC (Measured) vanadium-graphite resource of 22 Mt @ 0.37% V2O5 (0.2% cut-off) and 13.4% TGC (8% cut-off) for 81,600 tonnes of vanadium pentoxide (180 million pounds) and 2.93 Mt of contained graphite.
New Energy minerals has a highly experienced Board of Directors, management, finance, exploration and geological team, with a 15-year track record of investment and successful project development in Mozambique and the Africa region. The Company aims to become a major provider of vanadium and graphite, both key components used in battery production.
Source:
New Energy Minerals Ltd.
Contact:
New Energy Minerals Ltd. Bernard Olivier Managing Director E: bernard@newenergyminerals.com.au M: +61-4-08948-182 T: +27-66-4702-979 Jane Morgan Management Jane Morgan Media & Investor Relations E: jm@janemorganmanagement.com.au T: +61-405-555-618