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Bushveld says continuity of phosphate mineralisation confirmed at iron ore project

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Bushveld Minerals (LON:BMN) said the latest results from its Bushveld iron ore project in South Africa confirmed the continuity of phosphate mineralisation.

Assay results on the phosphate-bearing P-Q hanging wall returned phosphate grades of between 2.66% and 4.80% over thicknesses of 18-69m and were consistent with earlier results.

"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,” said chief executive Fortune Mojapelo. “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.”

He added that the P-Q zone is expected to have minimal mining costs. 

The AIM-listed company said in February that its prospecting rights on the project were amended to include phosphate.

A maiden JORC-compliant resource estimate on the phosphate ore is expected in the second quarter.

The company also said it received a further £50,000 in net proceeds from the exercise of warrants that were issued during a recent £1.25mln fundraising.

Quick facts: Bushveld Minerals Ltd

Price: 20.35 GBX

LSE:BMN
Market: LSE
Market Cap: £234.63 m
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