Vanadium Resources Limited announced an update to the Mineral Resource and Ore Reserve Estimates for the Steelpoortdrift Project ("the SPD Project") located on the farm Steelpoort 365KT near Steelpoort in the Limpopo Province, South Africa. Vanadium Resources has completed the updated Mineral Resource and Ore Reserve estimate for the Steelpoortdrift ("SPD") Project following the completion of a Definitive Feasibility
Study ("DFS") that resulted in a re-interpretation of the geology, an enhanced block model, Life of Mine ("LoM") plan and revised Mineral Resource and Ore Reserve statements. The Mineral Resources now amount to 680Mt (2.7% increase) averaging 0.70% vanadium pentoxide ("V2O5") at a cut-off grade of 0.45% V2O5. The Measured Mineral Resources increased by 58% to 145Mt averaging 0.72% V2O5. The Ore Reserves total 76.86Mt at an average grade of 0.72% V2O5 with 30.23Mt of Proved Ore Reserves at an average grade of 0.70% V2O5 and 46.62Mt of Probable Ore Reserves at an average grade of 0.72% V2O5. Geological Model identified potential target areas for future infill drilling down dip from current Resource to further expand deposit. VanRes is the beneficial holder of the Steelpoortdrift Project and associated Mining Right. The balance of 26.05% is held by Broad Based Black Economic Empowerment partners namely, Steelpoortdrift Development Trust (representing the local community), Obeec (Pty) Limited and Math-Pin Trust. The SPD Project involves plans to exploit near surface vanadiferous-titano-magnetite mineralisation layers which are hosted within the Eastern Limb of the world-famous Bushveld Complex ("BC") to produce vanadium. The BC is a saucer-shaped, layered igneous intrusion emplaced as multiple injections or pulses of sulphide rich magma. Vanadium mineralisation occurs within four vanadium-bearing titano-magnetite-rich layers which are located at the base of the Upper Zone of the Rustenburg Layered Suite. It covers two separate areas approximately 23km apart by road namely, the mine and concentrator site, and the Salt Roast Leach ("SRL") and administration site. These sites are approximately 274km northeast of the capital of Pretoria.