Quarterly Activities Report for the Period Ending 30 September 2018
- 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.
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
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.
New Energy Minerals Ltd
Fura Gems Inc.