The Mount Peake deposit is located within outliers of sediments of the Neoproterozoic Georgina Basin, which unconformably overlies units of the Aileron Province, a subdivision of the Palaeoproterozoic Arunta Group.

The mineralisation is hosted within a flat-lying magnetite-bearing gabbro-norite sill, believed to be of Neoproterozoic to Cambrian age that has intruded the older units - drilling has indicated large thicknesses of mineralisation (up to 170m), and exhibits good lateral continuity between drillholes.

The gabbro hosting the mineralisation is part of a 20km long x 10km wide NW trending sill or sill complex, with the mineralisation in the uppermost parts of the sill - the identified JORC- resources are confined to one part of the complex, with other areas yet to be defined, and which provide upside potential.

The mining method will be an open pit with conventional drill and blast and load and haul with excavators and large mining equipment. Ore and waste will be trucked to the concentrator and waste dump respectively.

TNG's 100% owned TIVAN® process has been under development by TNG and its metallurgical consultants in Australia since 2009.

TIVAN® is a new process designed primarily for extracting vanadium, preferably as vanadium pentoxide, from a titano-magnetite ore body, (a geological igneous rock formation that contains significant quantities of iron, titanium and vanadium), and also for separating the titanium and iron preferably as ferric oxide and titanium dioxide. The process is therefore unique in this approach as existing processes cannot extract all three of these elements at industrial-commodity-grade commercial products. The conventional means of extracting vanadium from titano-magnetite ore deposits is through a salt roasting energy-intensive, pyro-metallurgical process, which is suitable for only a narrow range of selected ore compositions and water leach route to recover a water soluble vanadium compound.

The fundamental difference and innovation introduced by the TIVAN® process route is that the vanadium is recovered entirely through a hydrometallurgical route incorporating leaching and solvent extraction. The benefit of this route is that within the same flow-sheet hematite and titanium dioxide are separated and recovered as saleable by-products in addition to vanadium pentoxide. The new process development was initiated after TNG discovered a large titano-magnetite resource in the Northern Territory in 2008, named the Mount Peake Project, and decided to proceed along a more environmentally acceptable and efficient extraction process.

The theoretical flow sheet, and subsequent test work to process the Mount Peake ore to extract the iron, vanadium and titanium is expected to use the following processes:

-Primary and Secondary Crushing
-High Pressure Grinding Rolls (HPGR)
-Magnetic Separation
-Atmospheric Leaching (leaving a titanium dioxide residue)
-Counter Current Washing of Residues
-Solvent Extraction
-Ammonium Metavanadate Precipitation, Calcination and Vanadium Petoxide Flaking
-Acid Regeneration
-Iron Precipitation
-Tailings Disposal
-Ammonia Recovery