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Bushveld Minerals Limited

Bushveld Minerals pushing on towards maiden vanadium resource at Brits

Production from the Vametco mine has driven a huge uplift in Bushveld shares over the past couple of years

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Three vanadium oxidation stages

Exploration results at the Brits vanadium project, which lies adjacent to the Vametco mine currently being operated by Bushveld Minerals Limited (LON:BMN), have indicated that an eastward expansion of mineralisation is likely.

The aim of the current exploration programme is to provide Bushveld with enough confidence to deliver a maiden mineral resource for Brits before the end of the second quarter of this year.

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The sample analysis is derived from 10 boreholes that show that mineralisation at Brits is consistent with the main Vametco orebody in terms of grade and magnetite concentrate.

The weighted average vanadium pentoxide (V2O5) grade for rock is 0.66%, while the weighted average V2O5 grade in magnetite concentrate is 1.66%.

The positive results and high grades demonstrate the deposit's ability to be a future source of raw material for the Vametco plant and future brownfield processing plants.

"We are pleased with the drilling results received to date from our exploration work at Brits,” said Bushveld chief executive Fortune Mojapelo.

“Although, the average grade of 1.66% V2O5 in magnetite concentrate is slightly lower than Vametco, they are still among the highest in the world. The results confirm the continuation of the orebody being mined at Vametco and provide the potential for additional feed tonnages for the Vametco plant and future brownfield processing plants.

 

 

Quick facts: Bushveld Minerals Limited

Price: £0.22

Market: LSE
Market Cap: £243.4 m
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