LONDON (Alliance News) - Bushveld Minerals Ltd Thursday said it had taken a majority stake in Lemur Resources, confirmed a further stretch of mineralisation at its iron ore project, and latest tests at its Mokopane tin project had led to a further resource upgrade at the site.
The South African iron and tin miner said drilling on strike extensions at its iron ore project had confirmed a 2.3 kilometre extension of the mineralisation and a resource upgrade was imminent and on track to meet a one billion tonne JORC-compliant target.
Latest tests at its Mokopane tin project, meanwhile, had confirmed a JORC-compliant 12,452 tonnes with an average tin content of 0.11%. It said the resource upgrade represents a threefold increase in the overall tin inventory to 18,447 tonnes, from 5,995 tonnes. Bushveld is hoping to complete a scoping study by the end of October.
The company has also now taken a 52.67% stake in Lemur Resources, and expects the stake to increase as it gets more acceptances for its takeover offer, which runs until September 26.
"We now looking forward to leveraging Lemur's balance sheet of AUD17 million and to develop an earnings profile for our Group by targeting cash-flow or near cash-flow producing assets," Bushveld Chief Executive Fortune Mojapelo said in a statement.
Bushveld Minerals shares last traded at 8.75 pence.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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Bushveld Minerals (BMN)