Ferro-Alloy Resources update on the ongoing feasibility study at Balasausqandiq

Ferro-Alloy Resources Ltd (LON:FAR), the vanadium producer and developer of the large Balasausqandiq vanadium deposit in Southern Kazakhstan, has announced an update on the ongoing feasibility study into the large Balasausqandiq vanadium project.

Drilling

As previously announced, the drilling programme for Phase 1 of the Feasibility Study has been completed and an updated resource estimate for Phase 1 will be announced during Q1 2023. Similarly, the drilling programme for Phase 2 of the Feasibility Study has been completed as far as possible and the Company is assessing drilling options for a residual area of difficult topography.  

Metallurgy

Metallurgical test-work continues to advance at SGS Lakefield under the supervision of TetraTech.

Extraction of vanadium during acid leaching continues to be above expectations with 94-97% vanadium extraction into solution.  The test-work programme will also complete subsequent phases of vanadium, uranium, molybdenum and potassium alum extraction stages, and solid liquid separation tests.  

Carbon

Additional technical studies are advancing to understand and validate the potential use of the carbon-rich tailings for the production of a carbon black substitute for the making of rubber and as a feed for the production of ferro silicon.

Feasibility Study Engineering

The open pit geotechnical drilling has commenced and will continue into 2023.  The results of the drilling and subsequent mechanical testing programme will be used to confirm the open pit slope design.  In addition, a geophysical survey of the water supply bore field area is underway.  The results of the survey will be used to define the fieldwork programme required to define the water extraction bore field required to support the projects water needs. 

The open pit hydrogeology drilling is currently being contracted per the scope defined by SRK Consulting (Kazakhstan) Limited.  The drilling is expected to commence in early 2023.

Publication Timetable

As previously announced, the Company’s Feasibility Study for Phase 1 of the project (processing 1 million tonnes of ore per year) was expected to be published during the middle of 2023.

Following unscheduled delays during the course of 2022, in the main as a result of capacity issues within the mineral analysis industry, the Company now expects the Feasibility Study for Phase 1 of the project to be published during Q4 of 2023 as opposed to the middle of 2023 as previously reported.    

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