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Bushveld Minerals reveals resource upgrade for Vametco mine

The company sees a significantly longer production life at the mine as a result of the upgrades.

mining at Vametco
Reserves and also indicated resources more than doubled

Bushveld Minerals Limited (LON:BMN) has revealed an updated resource estimate for the Vametco vanadium mine, in South Africa, following successful drilling operations.

The company highlighted that ore reserves have more than doubled at the mine, to 279,100 tonnes of vanadium pentoxide in magnetite, notwithstanding some 5,700 tonnes of production since the last accounting period.

READ: Bushveld Minerals signs off the first quarter on a high

Indicated resources have similarly increased by 187%, to 965,900 tonnes of vanadium pentoxide in magnetite, while indicated and inferred resources amounted to 1.2mln tonnes of vanadium pentoxide in magnetite.

Total tonnage is upgraded to 48.43mln tonnes, from 26.12mln tonnes, thanks to the recent programme of resource definition drilling in the mine’s intermediate and upper seams, and, at the same time magnetite content grades increased to 28.5% from 26.8%.

"Following a significant amount of exploration work, including drilling to greater depths, as well as a reinterpretation of the geological model to include the cut-off grade of the magnetite, we have been able to report a significant increase in ore reserves and grade from the 2017 estimate,” said Fortune Mojapelo, Bushveld chief executive.

"The conversion of additional indicated mineral resources to probable ore reserves, plus the larger pit shell, means we have added significant increased production life at Vametco.

“In fact, even at the future expanded rates of production we have previously laid out, this mine will operate for decades into the future."

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Price: 22 GBX

LSE:BMN
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Market Cap: £2.48 m
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