Manuka Resources (ASX:MKR) said the pre-feasibility study for the Taranaki vanadiferous titanomagnetite project offshore the North Island of New Zealand projected an initial 20-year production target of 4.9 million tonnes per annum of concentrate containing around 57% grade of iron, 0.5% grade of vanadium oxide and 8.4% grade of titanium oxide, underpinned by 75% Indicated Resources and 25% Inferred Resources, according to a Wednesday Australian bourse filing.
The project is owned by the mining firm's unit, Trans-Tasman Resources. It was included in schedule two of the recently passed New Zealand Fast Track Approvals Act, for projects to be directly referred to an
expert panel.
The firm plans to submit its approval application and commence the New Zealand Fast Track approvals process. It also plans to advance a bankable feasibility study.
Its shares rose 4% on market close on Wednesday.
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