Australian Vanadium higher as mining lease milestone takes flagship project closer to development

Australian Vanadium Ltd (ASX:AVL) has been granted a Mining Lease for its flagship vanadium project for an initial 21 years, marking a key milestone in the path towards development.

Mining Lease M 51/878 has been granted by the Western Australian Government Department of Mines, Industry Regulation and Safety for the Australian Vanadium Project in WA's Mid-West.

The project consists of 11 tenements over 760 square kilometres and the lease covers around 70% of declared mineral resources over a single continuous area with the balance of the inferred mineral resource on the adjoining mining lease application MLA 51/890.

Shares in the company are more than 18% higher to 1.3 cents.

Milestone provides“certainty to investors”

Managing director Vincent Algar said: “The grant of the mining lease is an important milestone for AVL and provides certainty to investors and potential project financiers in Australia and globally.”

Granting of the mining lease combined with the strength of technical studies creates a solid foundation for completion of the projects approvals to begin mining operations.