By Oscar Nkala:
Australian miner Tando Resources says it plans to raise up to A$2 million to fund a fast-track drilling campaign at its newly acquired SPD Vanadium mine project in the Bushveld Complex of South Africa.
In a statement to shareholders, the company said the drilling campaign will be the last before the mine, which holds significant, high-grade underground vanadium ores, enters the production stage.
“A mining application has been lodged for the project and Tando’s strategy is to fast-track SPD into production. Drilling will begin as soon as possible to convert the foreign SAMREC resource to a JORC estimate.
“To fund the campaign and more detailed metallurgical test work, Tando has planned a A$2 million capital raising. Once the placement has been completed, Tando will have around A$5.3 million to fund its aggressive exploration campaign for SPD,” the company said.
Previous project operators established that the SPD Vanadium concession holds an underground resource estimated at 513.3 million tonnes, with a vanadium content of up to 0.78%. Preliminary metallurgical tests on ore samples returned average concentrate grades at 2% vanadium and 13% titanium.
Following its acquisition of 74% of the SPD Vanadium project last month, Tando has hosted a delegation of personnel and brokers for an inspection of the project site, surrounding geological and local transport and infrastructural systems essential for mine operations.