Golden Deeps Limited announced that it has launched a major, integrated, resource upgrade, mine development and processing study into the development of the Company's near surface, high-grade, vanadium with copper, lead, zinc and silver deposits in the Otavi Mountain Land of northern Namibia. This two-stage, Scoping then Pre-Feasibility Study (PFS) Study, will examine the viability of mining high-grade vanadium (+/- copper, lead, zinc, silver) ore from the Abenab underground resource and a maiden Nosib open-pit resource to produce high-grade gravity concentrate on site. It is envisaged that the concentrate will be down-stream processed off-site to produce high-value
vanadium products such as vanadium electrolyte for vanadium redox flow batteries (VRFBs) as well as copper, lead, zinc and silver by-products. Bara Consulting of Johannesburg, South Africa (Bara), have been appointed to initially carry out Stage 1 of the Study (the Scoping Study). This will integrate resource estimation work being carried out by Shango Solutions, also of Johannesburg, South Africa (Shango), with available metallurgical testwork and initial mining studies (Abenab underground and Nosib open pit) to provide preliminary mining, infrastructure and processing conceptual design and (capital and operating) cost inputs for Stage 2 of the Study, the PFS. The scope of the PFS will be subject to the outcomes generated by the Stage 1 Scoping Study. The PFS will generate a fully integrated mining plan with schedules and cost information, that will be incorporated with infrastructure and processing designs, and capital and operating cost information, to produce the PFS cashflow model. The PFS will establish the value and viability of developing this high-grade vanadium +/- copper, lead, zinc, silver operation and immediately support a definitive feasibility study (DFS) in parallel with mining lease applications to be made over the Company's Exclusive Prospecting Licences (EPLs) in the Otavi Mountain Land of Namibia. This very important, two-stage, project development Study for the Company's Otavi Mountain Land Battery Metals Projects will include the outcomes of the following key programs: Abenab gravity concentration testwork1: o This testwork is being carried out on an aggregated drill-core bulk sample from the Abenab resource that assayed 0.9% V2O5, 2.1% Pb and 0.72% Zn. This work is well advanced and designed to generate a 10 to 15 times upgraded gravity concentrate for further downstream hydrometallurgical testwork and provide key processing cost inputs to the Study. Hydrometallurgical testwork and downstream processing studies 1: The initial results from the processing studies produced high-vanadium extractions of up to 95.4%1 into solution and demonstrated that direct ion-exchange can produce high-value vanadium products, with lead, zinc and copper by-products. A second stage of this program will be carried out on the new Abenab gravity concentrate sample referred to above. Updated mining study2 on an upgraded Abenab mineral resource model: To include an update of Bara's 2021 mining study2, incorporating an updated resource model by Shango (including 2019 diamond drilling program3) with processing cost information from the gravity and hydrometallurgical testwork. Following further drilling and resource modelling, if necessary, detailed mine planning and scheduling would then be carried out for the PFS. Maiden JORC 2012 Mineral Resource estimate for the Nosib: Shango are carrying out a maiden resource estimate for the Nosib high-grade, vanadium-copper-lead-silver deposit, incorporating the results of the recent, very successful drilling program that included diamond drilling intersections such as: 53.52m @ 1.15% Cu, 0.62% V2O5, 3.49% Pb, 4.57 g/t Ag from surface in NSBDD0084. Metallurgical testwork on the Nosib mineralisation: The metallurgical testwork will be carried out on a bulk-sample of drill-core from recent drilling and material from a bulk sample recently excavated from surface. This new testwork will include gravity concentration and downstream hydrometallurgical tests based on a processing flowsheet to be developed for the Abenab resource 1. Nosib open pit optimisation study for the maiden Mineral Resource: Bara to conduct optimisation of Nosib for the maiden Mineral Resource estimate. To be followed by detailed open-pit design and mine scheduling for the PFS. Infrastructure design and costings: To include waste dumps, haul roads, tailings disposal and offices/accommodation, initially at conceptual level for the Scoping Study, then upgraded to PFS level during Stage 2 of the Study. Integrated mining and processing cash-flow model: Preliminary cash-flow model for Scoping Study (Stage 1), to be upgraded following completion of all Study inputs to PFS level during Stage 2 of the Study.