Oil up and HPA in at QEM’s Julia Creek project

Critical mineral and energy junior miner QEM is banking on a greater contribution of oil to its Julia Creek project as aluminium is introduced into the value chain. It’s citing greater confidence in the oil resource at the company’s flagship project, as well as an increase in the size and grade of the associated vanadium deposit. The company has told the ASX an independent geology and resource estimate report undertaken by Measured Group detailed a current estimated mineral resource at the Julia Creek project of 2,850 million tonnes (Mt) vanadium bearing ore at an average V205 content of 0.31 per cent. Drilling at the Julla Creek project. The previous mineral resource estimate, which was released to the ASX in October 2019, consisted of 2760Mt vanadium bearing ore at an average V205 content of 0.30 per cent. Related: QEM forges ahead with Julia Creek project Crucially, the updated mineral resource encompasses an indicated vanadium JORC Resource of 360Mt and 2,490Mt in the inferred category. The previous mineral resource estimate had an indicated vanadium JORC Resource 220Mt and 2540Mt in the inferred category. Utilising a 90 per cent recovery factor, a 3C oil shale resource estimate of 626 million barrels (MMbbls) was reached. Additionally, a maiden 2C oil shale estimate of 71 MMBBls was identified, which is a resource class of greater confidence compared to a 3C estimate. Taking another look at Aluminium Furthermore, 24,304 parts-per million of aluminium was identified in the resource estimate, which the company believes warrants further investigation. QEM is set to commence vanadium and oil shale testing at its bench scale pilot plant this month and will now incorporate assessment of high-purity aluminium (HPA) extraction within its planned testing schedule. The resource upgrade at Julia Creek signified a major development for the company’s production ambitions, said QEM managing director Gavin Loyden. “We’ve substantially bolstered the confidence level in both our vanadium and oil shale Resource bases, propelling us towards realising our ambition of developing Australia’s critical minerals resources and delivering innovative energy solutions,” Mr Loyden said. “The Resource upgrade comes at an optimal time, as we are on the verge of commencing our bench scale pilot plant testing, following successful recent delivery of the pilot plant. “This testing will enable us to efficiently assess the potential additional upside of HPA mineralisation at Julia Creek, with HPA recently designated as a critical mineral by the Australian Federal Government in March 2022. “We will build on this highly encouraging resource upgrade with QEM’s 2022 exploration campaign, with the details for the program currently being finalised.”

Oil up and HPA in at QEM’s Julia Creek project

Industry Queensland

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