You are currently viewing Latest figures beef up QEM’s Julia Creek resource.

Latest figures beef up QEM’s Julia Creek resource.

Courtesy iQ Industry Queensland.

QEM has upgraded the resource for its Julia Creek vanadium and oil shale project as it continues to advance a scoping study, due to be released by mid-year.

The company has announced an increase in the size and grade for the vanadium deposit, as well as a significant upgrade in the confidence of the oil resource at the site.

It comes after Measured Group completed an independent geology and resource estimate report.

This detailed a current estimated mineral resource at the Julia Creek project of 2870Mt vanadium-bearing ore at an average V205 content of 0.31 per cent, up from a 2022 estimate of 2850Mt.

The updated estimate encompasses an 28 per cent increase in the indicated vanadium resource, taking it to 461Mt, while there is 2406Mt in the inferred category.

Related: QEM managing director Gavin Loyden will present the Julia Creek vanadium and oil shale project at the Connecting Industry Conference Queensland on June 13. Connect here for more information.

The 2C oil shale estimate has increased 32 per cent to 94 MMBBls and the 3C oil shale estimate stands at 654 MMBBls.

QEM managing director Gavin Loyden said the upgrade clearly demonstrated the size and consistency of the QEM tenements.

“The resource upgrade comes at an optimal time, enabling QEM to integrate the new findings into our new scoping study, which is on track for release in 2Q 2024, signifying a major step forward for the company’s production ambitions,” he said.

“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 which will help Australia with meeting its own energy transition targets.

“We will build on this highly encouraging resource upgrade with QEM’s 2024/5 exploration campaign, with the details for the program currently being finalised.”

Related: QEM seals Julia Creek renewable energy deal

Copper, molybdenum, nickel, zinc and aluminium have been identified as potential by-products that could significantly contribute to the overall value of the project.

High-purity alumina (HPA) in particular has been identified as an opportunity for further investigation.

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