Quarterly Activities Report for the Period Ending 30 September 2018
Sydney, Oct 31, 2018 AEST (ABN Newswire) - New Energy Minerals Limited ("New Energy Minerals" or the "Company") (
ASX:NXE) (GGY:FRA) 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 Limited', 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
To view the full report, please visit:
http://abnnewswire.net/lnk/UO0XJMJS
About New Energy Minerals Ltd
New Energy Minerals Ltd (ASX:NXE) (FRA:GGY) is an ASX listed junior mining company, that recently announced the divestment of the Company's Caula vanadium - graphite project and the Montepuez Ruby project in Mozambique.
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