Last checked at 19 Mar 2014 09:53
19 March 2014 |
Bushveld Minerals Ltd
("Bushveld" or the "Company")
Operational and Corporate Update
Bushveld Minerals Limited (AIM: BMN), a mineral development company with a portfolio of vanadium and titanium bearing iron ore and tin assets in Southern Africa, is pleased to provide an operations update on its Bushveld Iron Ore Project Platform assets in Limpopo Province, South Africa.
Highlights - Bushveld P-Q Project
o Additional assay results into the phosphate-bearing P-Q hanging wall completed;
o Extension of phosphate-bearing zone confirmed in a number of boreholes;
o Results confirm robustness and continuity of mineralisation, with grades ranging between 2.66% and 4.80% P2O5, over thicknesses ranging between 18m and 69m, consistent with previously reported assays
o Resource modelling of the phosphate zone, by The MSA Group, to commence immediately;
o JORC compliant Mineral Resource Estimate on the phosphate ore expected in Q2, 2014.
Fortune Mojapelo, CEO of Bushveld Minerals, said:
"I am pleased to provide these updates in respect of the phosphate project, particularly following the recent execution of our amended prospecting right that now includes the mineral phosphate. These latest assay results confirm the continuity of the phosphate zone along the strike of the P-Q Project iron ore resource and reinforce our belief in the geological potential of this zone.
"This resource, by virtue of being in the hanging wall and thus constituting the overburden of the P-Q Zone, is expected to have minimal mining costs. Combined with the recently reported positive metallurgical test work results which realised a >33% P2O5 concentrate with reasonable recoveries, this deposit could significantly enhance the economics of the overall P-Q project.
We look forward to announcing the maiden JORC phosphate resource to be followed by (a) more detailed metallurgical test work designed to optimise recoveries for a saleable phosphate concentrate product and (b) the completion of a Scoping Study for the phosphate deposit."
THE BUSHVELD P-Q PROJECT
Having identified a potential phosphate resource within the apatite-bearing hanging wall of the P-Q Zone, the Company completed additional sampling of a number of the already-drilled boreholes to determine the full width of the phosphate mineralisation in the apatite bearing horizon in the hanging wall of the P-Q Zone. This was done to determine the full width of the phosphate mineralisation in a number of boreholes, where sampling had not extended sufficiently into the apatite-bearing horizon.
Recent assay results confirmed significant widths of phosphate mineralisation, as identified in other boreholes (see Announcement of 24 January 2013). Together with the recently executed Section 102 extension of prospecting right 95PR to include Schoonoord 786LR and Bellevue 808LR, and encouraging phosphate flotation tests, these assay results enable the Company to proceed with the Mineral Resource Estimate for the phosphate resource. Modelling is expected to commence shortly, and a JORC-compliant Mineral Resource Estimate will be completed by project consultants, the MSA Group, who have worked with Bushveld Minerals on its iron ore projects since Bushveld's Admission to AIM. Preliminary economic evaluation of the phosphate resource will be conducted soon after the completion of the mineral resource estimation and will also take into account more detailed metallurgical test work currently underway to optimise recoveries for a phosphate concentrate product.
The table below summarises the recently received assay results:
Borehole ID
| Recently sampled core >2% P2O5 | Complete intersections | |||||
From (m) | To (m) | Avg. Grade (% P2O5) | From (m) | To (m) | Width (m) | Avg. Grade (% P2O5) | |
VK02 | 20.00 | 45.00 | 3.05 | 20.00 | 75.00 | 43.00 (excluding barren section from 55.00 m to 67.00 m) | 2.95 |
VK04 | 89.00 | 110.00 | 2.51 | 89.00 | 138.00 | 49.00 | 2.66 |
VK07 | 21.03 | 33.00 | 4.15 | 21.03 | 50.00 | 28.97 | 3.99 |
VK08 | 11.82 | 28.00 | 3.13 | 11.82 | 56.00 | 44.18 | 3.24 |
VK10 | - | - | - | 75.00 | 100.00 | 25.00 | 2.38 |
VK12 | 3.86 | 21 | 3.31 | 3.86 | 47.00 | 43.14 | 3.69 |
VK13 | - | - | - | 284.12 | 306.50 | 22.38 | 4.01 |
VK15 | - | - | - | 322.00 | 340.00 | 18.00 | 3.47 |
VK16 | 12.66 | 32.80 | 2.87 | 12.66 | 33.30 | 20.64 | 2.88 |
VK17 | 190.00 | 230.00 | 3.15 | 190.00 | 259.00 | 69.00 | 3.46 |
SN01 | 90.00 | 115.00 | 3.03 | 90.00 | 136.50 | 46.50 | 4.80 |
SN02 | 39.00 | 54.50 | 2.49 | 39.00 | 58.62 | 19.62 | 2.87 |
SN03 | 85.00 | 86.15 | 2.31 | 85.00 | 108.00 | 19.17 (excluding 3.83 m granite sill) | 3.88 |
Source: Setpoint Laboratories
REVIEW BY QUALIFIED PERSON
Professor Morris Viljoen (Pr.Sci.Nat) has reviewed and approved the technical information contained within this announcement in his capacity as a qualified person, as required under the AIM Rules. Professor Viljoen is technical advisor and head geologist to the Company, Prof Morris has an MSc and PhD degree in Geology from the University of Witwatersrand and 30 years' experience in the mining industry. He is a fellow of the Society of Economic Geologists (SEG), the Geological Society of South Africa (GSSA), the Southern African Institute of Mining and Metallurgy (SAIMM) and the Royal Society of South Africa (RSSA).
Enquiries: info@bushveldminerals.com
Bushveld Minerals Fortune Mojapelo | +27 (0) 11 268 6555 |
Strand Hanson Andrew Emmott | +44 (0) 20 7409 3494 |
Fox Davies Jonathan Evans | +44 (0) 20 3463 5000 |
RFC Ambrian Jonathan Williams | +44 (0) 20 3440 6800 |
Tavistock Communications Jos Simson/ Nuala Gallagher | +44 (0) 20 7920 3150 |
Tielle Communications Stéphanie Leclercq | +27 (0) 83 307 7587 |
- ENDS -
Notes to the editor
Bushveld Minerals Limited is a mineral development company with a portfolio of vanadium-and titanium bearing iron ore and tin assets in Southern Africa. The Company owns the Bushveld Iron Ore Project and Mokopane Tin Project, both located on the northern limb of the Bushveld Complex, South Africa. In addition, Bushveld has a controlling 54.39% interest in Lemur Resources (ASX: LMR), that owns the Imaloto coal project in Madagascar.
Bushveld was admitted to the AIM Market of the London Stock Exchange in March 2012.