Allaru Queensland Vanadium Julia Creek
NewPeak has entered into a binding term sheet to acquire the Allaru Vanadium Project in the Julia Creek vanadium province, northwest Queensland (refer ASX Release 5 December 2024).
The Allaru Vanadium Project is strategically positioned in the prolific vanadium-rich Julia Creek mineral belt, neighboring major deposits like QEM’s Julia Creek Project and Velox Energy’s Cambridge Resource. Spanning 1,498km² across six granted exploration permits and one pending application, the project is centered on the Allaru North deposit. This shallow, oxidized resource features vanadium grades ranging from 0.19% to 0.68% V₂O₅, with an average of 0.45% V₂O₅, and hosts an impressive inferred JORC Resource of 710 million tonnes at 0.46% V₂O₅. Positioned for growth, the Allaru Project is a cornerstone of NewPeak’s vanadium strategy.
This uniquely valuable asset features dual mineralization domains: Shallow, weathered vanadium with additional potential for molybdenum and rare earth elements (REE), and deeper fresh vanadium mineralization with promising opportunities for transport fuel co-products.
Extensive Exploration History
A total of 116 drill holes have been completed at Allaru to date. These efforts have produced 411 core samples, which provide a robust dataset confirming consistent vanadium mineralization throughout the area. The mineralization is hosted within the Toolebuc Formation, a well-documented geological unit renowned for its ability to yield high-grade vanadium deposits, further validating the project's potential. Importantly, the mineralization at Allaru occurs at shallow depths, often beginning at just 12 meters below the surface. This shallow profile offers a dual advantage: it simplifies extraction processes and minimizes operational costs, making the project highly accessible and economically attractive. The combination of extensive exploration, consistent results, and favorable geology positions Allaru as a standout opportunity
Future Value Development
The next phase of exploration at the Allaru Project is designed to significantly advance its development potential and unlock further value. A primary objective is to upgrade the existing Inferred JORC Resource, discovering additional shallow, oxidised Toolebuc resources, and metallurgical testing to define optimum processing technologies leading to a scoping study and feasibility study. These efforts will drive the Allaru Project's growth, aligning with the growing global demand for vanadium in renewable energy storage and industrial uses.
Transaction Details
The project was secured through NewPeak’s acquisition of 100% of the shares in AusVan Battery Metals Pty Ltd, the company holding the Allaru Vanadium Project. The binding term sheet was executed in early December 2024 with transaction completion planned for February 2025.
Why Allaru Matters
This acquisition is not just about resource ownership—it’s about taking a leadership role in addressing the world's critical mineral needs. Allaru complements NewPeak’s growing portfolio, which includes uranium-vanadium assets in the Northern Territory. Together, these projects place NewPeak at the forefront of meeting the increasing global demand for materials essential to future technologies.
NewPeak is poised to play a pivotal role in driving progress through responsible and innovative resource development.
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Location of Allaru Vanadium Project, northwest Queensland
For more information, please contact us at info@newpeak.com.au