Intermin Resources Ltd. on March 20 announced an updated resource estimate for the Richmond vanadium joint venture in Queensland, Australia.

Richmond now hosts inferred resources of 2.58 billion tonnes at 0.32% vanadium pentoxide using a cutoff of 0.29% vanadium pentoxide. According to the company, the project's scale places it as one of the largest undeveloped vanadium resources in the world.

The resource remains open in all directions and is amenable to open cut mining, with initial development to focus on the Lilyvale prospect.

Intermin also plans to conduct infill drilling to upgrade the resource to the measured category as part of a scoping study, while additional metallurgical testing is underway to confirm historic results.

In September 2017, Intermin completed a formal joint venture with AXF Resources Pty. Ltd. over Richmond. Under the terms, AXF can earn up to a 75% interest in the property by completing certain funding milestones within a four-year period.