Stonehenge Metals confirms vanadium mineralisation in first drill hole

THE DRILL SERGEANT: Stonehenge Metals (ASX: SHE) has released assay results from the first hole of a 12 hole diamond drilling program currently underway at the company’s Daejon project in South Korea.

Stonehenge said the results have already confirmed a much greater mineralised zone than it has previously encountered with significant vanadium grades.

The first drill hole CHUDD0001, achieved a total depth of 341.5 metres.

 

Source: Company announcement

 

According to Stonehenge the mineralised zone contains strongly anomalous uranium mineralisation for both uranium and vanadium and extends from 263m to 338m, a total of 75m.

The previous estimate of width from a vertical hole was 56m.

“With the chemical assay results now available, we are reporting vanadium grades that are significant in their own right and should lead to a maiden vanadium resource estimate,” Stonehenge Metals managing director Richard Henning said in the company’s announcement to the Australian Securities Exchange.

“This is just the first hole in a 12 hole drilling program, and I am pleased that we have had such solid results over a much larger than anticipated mineralised interval.

“The uranium and/or vanadium credits that will apply to our final processing costs continue to be encouraging, and the wider mineralised zone could well impact on the bulk tonnage as we progress.”

Stonehenge has subsequently completed a second hole CHUDD0002 to a total depth of 407m and a mineralised zone extending to an estimated 95m.

Assays are pending, however, the company indicated mineralisation remains open down dip and along strike with additional drilling expected to increase the known dimensions of this zone.