An updated resource estimate for Golden Deeps Ltd.'s Abenab vanadium deposit in northern Namibia showed a significant increase in vanadium compared to the 2012 resource model.

Total inferred resources were estimated at 1.12 million tonnes grading 1.28% vanadium pentoxide, 3.05% lead and 1.25% zinc at a cutoff of 0.5% vanadium pentoxide, according to an Oct. 11 release.

The prior inferred resource was 860,000 tonnes grading 1.25% vanadium pentoxide.

"The updated mineral resource represents a significant increase on the previous mineral resource reported in 2012 and [the company] considers there is excellent potential to increase the resource further with extension drilling along strike," Executive Chairman Michael Minosora said.

Metallurgical test work in 2012 achieved concentrate grade of up to 21% vanadium pentoxide, 15% zinc and 53% lead by simple gravity separation.