Australian Mines Limited (ASX: AUZ) has announced a significant increase of the JORC 2012 mineral resource estimate (MRE) at Flemington.
Andrew Nesbitt, CEO, commented “The 2025 resource update not only confirms Flemington as a high-quality critical mineral resource but also as one of the best defined and highest-grade scandium resources within the area. This coupled with the near surface- lateritic nature of the resource should provide AUZ a competitive advantage.”
The 2025 high-grade scandium mineral resource estimate (300ppm scandium cut-off) increased from 3.7Mt to 6.3Mt, for similar scandium grades of 458ppm and 446ppm respectively.
The resource modelling indicates the potential for significant additional mineralization at lower cut-offs. At a 100ppm cut-off for scandium the total mineralized inventory stands at 28mt @ 217ppm scandium (inclusive of laterite and saprolite) whereas in October 2017 the total mineralized inventory reported was 4.5mt with an average grade of 415ppm scandium.
98% of the 2025 MRE is classified as measured and indicated, and 90% of the 2025 MRE is located within 50m of surface.
In addition to the contained scandium, the 2025 MRE has a nickel grade of 1350ppm and a cobalt grade of 601ppm (inclusive of measured, indicated, and inferred resources).
Given this significant increase in the 2025 MRE, and the 2025 MRE’s sensitivity to cut-off, AUZ intends to re-consider the mining and metallurgical factors to optimize potential production scenarios.
To find out more, please visit www.australianmines.com.au
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