The work is part of the scoping study for the project and is evaluating two possible processing methods - a smelting route and what's called a "salt roast process".
Both are proven methods used by major steel and vanadium producers.
So far, only the smelting test work has been completed, but that showed that a premium-grade vanadium slag could be obtained - at around 25% vanadium pentoxide after pig iron production and vanadium is extracted from the deposit.
Around 370kg of pig iron and 35kg of high-grade vanadium slag can be obtained from every tonne of concentrate processed, Bushveld revealed.
Pre-reduction of the ore can significantly reduce the electrical energy required for smelting, it added.
Bushveld chief executive Fortune Mojapelo said: "The scoping study currently underway will assist us in determining which route is optimal.
"We are pleased that modelling on the smelting route has yielded the positive results reported today, and we look forward to providing results on the salt roast processing route and completing the scoping study on this world class deposit."