Exploration company Six Sigma Metals (ASX: SI6) has recovered significant high-grade vanadium mineralisation during a due diligence surface sampling program at the Chuatsa vanadium-titanium project in far north Zimbabwe.
The company emerged from a trading halt this morning to announce the assay results of the July program, with six out of eight outcropping rock samples returning vanadium oxide results over 0.68%.
In addition, 55% of collected soil samples delivered vanadium oxide results in excess of 0.3%, Six Sigma reported.
The samples were collected over a 2.5km stretch of layered intrusive rocks with assays also delivering elevated copper, cobalt, titanium oxide and iron oxide results.
Highlights included a rock sample returning 1.14% vanadium oxide, 0.02% copper, 10.9% titanium oxide, 74.1% iron oxide and 202 parts per million of cobalt. One of the best soil samples delivered 1.1% vanadium oxide, 0.14% copper, 10.2% titanium oxide, 72.6% iron oxide and 259ppm cobalt.
Confirming historical activity
According to exploration manager Steve Groves, the “extremely encouraging” results have confirmed (and often exceeded) the results of historical exploration by London-listed Anglo American undertaken in the 1960s.
“We have also discovered that elevated levels of cobalt exist across the project which potentially adds significant value to this large, multi-commodity body,” said Mr Groves.
“The fact that most of our samples were soils but still returned high levels of vanadium, copper, cobalt, titanium and iron shows that we are only scratching the surface of what could be a large, high value ore body within good proximity to infrastructure at a time when Zimbabwe is looking for quality resource projects to kick start its economy and provide opportunities for the local population,” Mr Groves added.
The Chuatsa project is comprised of 12sq km of special prospecting licence areas located about 140km northeast of Zimbabwe’s capital, Harare.
The mineralisation at Chuatsa includes titanium as ilmenite, vanadium as vanadiferous magnetite and copper as chalcopyrite and bornite.
The area was explored by Anglo American in the early 1960s with historical trenching and borehole samples producing results of up to 7.8% titanium oxide, 0.38% copper and 0.8% vanadium oxide.
Six Sigma’s due diligence sampling program was designed to confirm the location and tenor of the mineralised body documented by Anglo American and comprised the collection of 62 soil samples and eight rock samples in areas of in situ outcrop.
Due diligence assessment
Six Sigma is acquiring up to 80% stakes in Chuatsa, along with the Shamva lithium project also in Zimbabwe, from Mirrorplex under a three-stage agreement.
Last week, the company confirmed the intersection of “exceptional” grades of mineralisation during a drilling and rock sampling campaign at Shamva’s high-priority Bonnyvale prospect.
The company today confirmed an elected two-week extension of its due diligence assessment now that the final set of assay results from the due diligence exploration program had been received.
According to Six Sigma, this extended time will be used to complete a full interpretation of the geological merits of Shamva and Chuatsa and to properly consider all aspects of the proposed acquisition.