Australian Mines Expands Scandium Mineral Resource Estimate at New South Wales Project, Shares Surge 50%

MT Newswires Live01-08 11:04

Australian Mines (ASX:AUZ) said its scandium mineral resource estimate for the Flemington project in New South Wales expanded to 6.3 million tonnes of material at 446 parts per million from the previous 3.7 million tonnes at 458ppm, with a cut-off of 300ppm, according to a Wednesday Australian bourse filing.

Around 90% of the resource is located within 50 meters from the surface. The firm plans to reconsider mining and metallurgical factors to optimize potential production scenarios, the filing added.

The estimate also has a nickel grade of 1,350 parts per million and a cobalt grade of 601 parts per million.

The mining firm's shares surged 50% in recent trading on Wednesday.

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