TNG Limited (ASX: TNG) has achieved continuous pilot plant operations at its flagship Mount Peake Iron-Vanadium-Titanium Project in the Northern Territory.
Importantly, the successful completion of the solvent extraction pilot test run has confirmed the preferred process flow sheet option for the Mount Peake Project, providing confidence in the potential to fully commercialise the TIVAN™ process.
This phase of the proprietary TIVAN™ solvent extraction process test work is being run continuously at the ALS-AMMTEC laboratory in Perth using modified solvent extraction equipment, under supervision by TNG's metallurgical consultants, METS.
The pilot plant operation was able to achieve a continuous run of 67 hours, out of the planned 72-hour run time. During most of this time, the plant was operating under stable conditions.
METS has reported that it was able to achieve and maintain the operating conditions identified and determined from prior bench scale test work, undertaken since November 2011.
Paul Burton, managing director of TNG, said METS had advised that the outcomes seen to date from the pilot plant testwork program had met all expectations.
"Data collation and verification of all test assaying is now continuing, in parallel with testwork to produce a final vanadium product from the stripped solution," he said.
The TIVAN™ process will continue to be compared against a number of other processing options to confirm the appropriateness of the process and demonstrate its advantages in terms of extraction and recovery.
Also, final testwork to produce a Fe3O4 product and regenerate hydrochloric acid, using proven technology, will be undertaken as part of the next stage of a future Feasibility Study on the Mount Peake Project.
"Subject to verification of the results and receipt of final assays, this should enable us to reach definitive conclusions on the commercial potential of the TIVAN™ Process that will underpin a development decision of the Mount Peake Project," Burton said.
Tivan Trade Marked
In March TNG made a company defining achievement, receiving the Australian Trade Mark Registration Certificate for TIVAN.
The Trade Mark registration protects the use of the name TIVAN for a period of 10 years and may be renewed for successive periods of 10 years thereafter.
Mount Peake continues to evolve and currently hosts a JORC Indicated and Inferred Resource of 160 million tonnes at 0.3% vanadium, 5% titanium and 23% iron. The Indicated component is 110 million tonnes at 0.29% vanadium, 5.3% titanium and 23% iron.
The potential of TNG has not been lost on UK broker Old Park Lane Capital, which earlier in March reiterated a target price on the company of $0.45, which is five times the current valuation.