Manuka Resources Ltd (Manuka or the Company) is pleased to announce the receipt of approvals from the New Zealand Government regulatory authority that have significantly expanded its mining permit MMP55581, while additional approvals have improved the tenure of the Company's permit holdings in the Southern Taranaki Bright (STB) and thus significantly increased the potential scope of the Taranaki VTM (vanadiferous titanomagnetite) iron sands project.
On 11 July, Manuka's 100% owned subsidiary, Trans-Tasman Resources Limited (TTR), had its extension of area application for granted mining permit MMP55581 approved by New Zealand Petroleum and Minerals (NZPaM). The MMP55581 permit, expanded by 375%, now covers 243km2 (formerly 66km2 ) of the STB. 967Mt of the previously reported Maiden VTM Resource is now within the increased MMP55581 permitted area which is in the Kupe South and Tasman South Blocks and therefore yielding over 200% increase in reported VTM resource to 1.88Bt VTM2 in MMP55581. Also on 11 July 2024, NZPaM granted TTR a four-year extension to the term of the 635km2 mineral exploration permit, MEP54068, in the STB.
MEP54068 covers an additional reported resource of 1.28Bt VTM3 . At an assumed BFS production rate for the first 20 years of 5mtpa VTM concentrate the Project is expected to be positioned as a low-cost producer before consideration of vanadium or titanium metal credits4 . At the 5mtpa concentrate rate the annual production would also contain 25ktpa of vanadium pentoxide (V2O5) making it one of the largest aspiring vanadium producers on the ASX. Specific operating cost assumptions will be confirmed in the BFS The increase in the JORC resource now covered by the granted mining permits is very positive. It provides the Company with additional flexibility when optimizing its mine plan, plus scope for increased production rates and extended tenure (subject to approvals).
Alan Eggers, Manuka Executive Director and Chairman of the Taranaki VTM Project, commented: 'We are delighted to have received these licence approvals from NZPaM. In short, the potential scope of our tier one world class VTM Project has increased. In particular, the doubling of the portion of our reported VTM resource covered by the granted mining permit provides us with greater mining flexibility, an extended life of mine and potential to scale up annual concentrate production. The larger resource available may also yield economies of scale, further improving the financial returns of the Project and more attractive offtake agreements for the concentrates - aspects that will be optimized as the BFS progresses.'
Contact:
Dennis Karp
Executive Chairman
Manuka Resources Limited
Tel: 02- 7253 2020
Ben Henri
Tel: 0473 246 040
About Manuka
Manuka Resources Limited (ASX: MKR) is an Australian mining and exploration company with key gold and silver assets located in the Cobar Basin, central west New South Wales and offshore vanadium bearing iron sands in the South Taranaki Bight of New Zealand. These projects include
The Mt Boppy Gold Mine (Cobar Basin, NSW)
The Mt Boppy gold mine is located 43 km east of Cobar, in the Central West region of New South Wales. The current Mt Boppy Mineral Resource6 is estimated at 4.3Mt at 1.19 g/t Au and comprises a mix of oxidised and transitional/fresh in-ground mineralisation, mineralised rock dumps and mineralised tailings. The Company has to date processed its stockpiles and gold mineralised waste product through its Wonawinta plant. Manuka are currently pursuing a strategy of establishing of a fit-for-purpose, on-site crush-screen-mill-float facility to enhance the economics of the Mt. Boppy Mine and the value of nearmine prospects. The Mt Boppy site includes a 48-person mine camp and is fully permitted for the proposed processing plant and on-site production
Important Information
This report includes forward-looking statements and comments about future events, including the Company's expectations about the performance of its businesses. Forward-looking words such as 'expect', 'should', 'could', 'may', 'predict', 'plan', 'will', 'believe', 'forecast', 'estimate', 'target' or other similar expressions are intended to identify forward-looking statements. Such statements involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company and which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Forward-looking statements are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. Given these uncertainties, recipients are cautioned to not place undue reliance on any forward-looking statement. Subject to any continuing obligations under applicable law, the Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements in this report to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any such statement is based. No Limited Party or any other person makes any representation, or gives any assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in the report will occur
(C) 2024 Electronic News Publishing, source ENP Newswire