logo-loader

Bushveld Minerals announces revised mineral resource and reserve estimates for Vametco

Published: 15:55 16 Nov 2017 GMT

Bushveld
The revised estimates at Vametco are the first step in ongoing improvements, says Bushveld

Bushveld Minerals Limited (LON:BMN) said it has "greater confidence" about operating efficiencies at the South African Vametco vanadium mine after a review led to revised mineral resource and ore reserve estimates.

Since buying a 26% stake in Vametco in April, the company’s geologists have been working with the mine’s management to identify improvement opportunities with a focus on higher grades and vanadium throughputs into the processing plant.

A review of previous mineral resource estimates and reserve declarations was carried out and found that a number of historic drillholes had erroneous assay data, including vanadium values inconsistent with those reported during mining operations at Vametco mine.

The erroneous drillholes have been discarded from the database used for modelling and a revised mineral resource has been estimated.

Total reported mineral resources for all three magnetite seams have increased slightly from 138.62mln tones (Mt) to 142.4Mt.

Bushveld said the revised estimates are the first step in ongoing improvements in geological control at the Vametco mine.

 “The interrogation of the Mineral Resources and Mineral Reserves at the Vametco Mine has shown that the revised average vanadium grades for the reserves are more in line with realised vanadium grades of the concentrate fed into the kiln,” said chief executive Fortune Mojapelo.

“This gives us even greater confidence about the operating efficiencies of the Vametco ore preparation/concentrating plant as we look to complete the second phase of the capacity expansion project. We anticipate further work to continue improving geological knowledge at the mine and to increase operating efficiency and overall profitability at the operation."

Bushveld Minerals Limited announces noteworthy news

Fortune Mojapelo, CEO of Bushveld Minerals Limited (AIM:BMN, OTC:BSHVF) (Bushveld Minerals Limited (AIM:BMN, OTC:BSHVF)) (Bushveld Minerals Limited (AIM:BMN, OTC:BSHVF)), discussed the restructuring of their convertible loan note with Proactive London. The restructuring involves converting...

on 12/5/23