TIDMBMN
RNS Number : 7803T
Bushveld Minerals Limited
22 March 2019
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
22 March 2019
Bushveld Minerals Limited
("Bushveld Minerals" or the "Company")
Drilling Results at Brits Vanadium Project
Bushveld Minerals Limited (AIM: BMN), the AIM listed, integrated
primary vanadium producer, with ownership of high grade vanadium
assets in South Africa, is pleased to provide an update in respect
of the exploration programme at the Brits Vanadium Project
("Brits"), which lies adjacent to the Company's Vametco open pit
mine and processing facility in the North West Province.
Key Highlights
-- The aim of the current exploration programme is to provide
enough confidence to deliver a Maiden Mineral Resource Estimate
before the end of Q2 2019.
-- Assay results to date reaffirm the potential for an eastward
extension of the current orebody being mined at Vametco.
-- The sample analysis results from the 10 boreholes reported
(BVL009-BVL019, excluding BVL018) indicate consistency in grade
(both in situ and in magnetite concentrate) of the main orebody
i.e. the Lower Seam ("LS") and also thickness of that Layer at
Brits.
-- The weighted average V(2) O(5) grade for the LS in situ / in
whole rock is 0.66%, the weighted average V(2) O(5) grade of the LS
in magnetite concentrate is 1.66%.
-- A geological trend of decreasing grade in vanadium for
magnetite-rich orebodies from west to east in the Bushveld Complex
accounts for the marginally lower grades on Brits in comparison to
the grades at the operating Vametco Mine.
-- 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.
-- Consistency and continuity of the Intermediate Seam ("IS")
expected to be confirmed by the next set of boreholes (BVL018 and
BVL020 to BVL026).
-- The Vametco Mineral Resource Estimate will be published next
week.
Fortune Mojapelo, CEO of Bushveld Minerals Limited,
commented:
"We are pleased with the drilling results received to date from
our exploration work at Brits. Although, the average grade of 1.66%
V(2) O(5) 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.
"We look forward to announcing further results shortly, as well
as the maiden resources estimate by mid-year."
Brits Vanadium Project
Assay results for 10 boreholes from the second phase of
exploration drilling at Brits have been received, and these are
BVL009 to BVL019 (excluding BVL018). Results for Boreholes BVL018
and BVL020 to BVL026 have been delayed by the laboratory and will
be reported during Q2 2019. The Maiden Mineral Resource Estimate
for Brits is expected before the end of Q2 2019. Table 1 summarises
the results for the first 10 boreholes of the second phase of the
exploration drilling programme which was completed in Q3 2018.
Table 1: Phase 2 - Assay results and intersections for Brits
Vanadium Project Drilling
Drillhole Ore Intersection Thickness Magnetite V2O5 % (in V205% (in
Seam Interval (m) (m) % situ) magnetite)
------- ---------------- ---------- ---------- -----------
BVL009 LS 24.41 - 35.42 11.01 33.85 1.00 1.74
------- ---------------- ---------- ---------- -----------
BVL010 LS 9.00 - 20.34 11.34 32.63 0.87 1.92
------- ---------------- ---------- ---------- -----------
* BVL011 IS 23.83 - 38.89 15.06 25.63 0.46 1.58
------- ---------------- ---------- ---------- -----------
LS 46.55 - 100.58 54.03 32.30 0.59 1.52
------- ---------------------------- ---------- ---------- -----------
BVL012 LS 10.00 - 35.87 25.87 31.72 0.66 1.66
------- ---------------- ---------- ---------- -----------
BVL013 LS 31.80 - 60.75 28.95 29.86 0.87 1.69
------- ---------------- ---------- ---------- -----------
** BVL014 LS 00.00 - 1.84 1.84 *73.61 1.72 1.84
------- ---------------- ---------- ---------- -----------
BVL015 LS 17.66 - 62.55 44.89 30.15 0.51 1.63
------- ---------------- ---------- ---------- -----------
BVL016 LS 8.00 - 33.77 25.77 29.74 0.60 1.57
------- ---------------- ---------- ---------- -----------
BVL017 LS 36.70 - 90.07 53.37 32.72 0.69 1.83
------- ---------------- ---------- ---------- -----------
BVL019 LS 22.73 - 49.58 26.85 31.20 0.63 1.57
------- ---------------- ---------- ---------- -----------
* Note: BVL011 is the only borehole from the 10 boreholes that
intersected both the Intermediate Seam and Lower Seam. The rest of
the boreholes were drilled close to the Lower Seam subcrop
position, and so only intersected the LS.
** Note: BVL014 was collared in the Lower Seam Massive Magnetite
bottom portion hence the high Magnetite grade
1. Note: Depths are intersected depths and do not represent true thicknesses
2. Note: BVL001 to BVL008 which were part of Phase 1 of the
Brits Drilling were previously reported in the Bushveld Vanadium Q4
Operational Update.
LS = Lower Seam, IS = Intermediate Seam, US = Upper Seam
The sample analysis results from the 10 boreholes reported above
indicate consistency in grade (both in situ and in magnetite
concentrate) of the main orebody i.e. the Lower Seam and thickness
of that Layer at Brits:
-- The weighted average V(2) O(5) grade for the LS in situ /in
whole rock is 0.66%
-- The weighted average V(2) O(5) grade of the LS in magnetite
concentrate is 1.66%
-- A geological trend of decreasing grade in vanadium for
magnetite-rich orebodies from west to east in the Bushveld Complex
accounts for the marginally lower grades on Brits in comparison to
the grades at the operating Vametco Mine.
The only intersection of the IS in borehole BVL011 which
provides evidence of the availability of this layer on this
property which is adjacent to the operating Bushveld Vametco Alloys
mine. Its consistency and continuity will be confirmed by the next
set of boreholes (BVL018 and BVL020 to BVL026).
The grade in the IS (based on BVL011) is 0.46% V(2) O(5) grade
in situ / in whole rock and 1.58% V(2) O(5) in magnetite
concentrate. The consistency in grade of the IS will be confirmed
with the next set of assay results for boreholes BVL018 and BVL020
to BVL026. The Maiden Mineral Resource Estimate for Brits is
expected in Q2 2019.
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.
Enquiries: info@bushveldminerals.com
+27 (0) 11 268
Bushveld Minerals 6555
Fortune Mojapelo, Chief Executive
Officer
Chika Edeh, Head of Investor
Relations
SP Angel Corporate Finance Nominated Adviser +44 (0) 20 3470
LLP & Broker 0470
Ewan Leggat / Richard Morrison
Jonathan Williams / Richard
Parlons
Alternative Resource Capital Joint Broker
+44 (0) 207 186
Rob Collins 9001
+44 (0) 207 186
Alex Wood 9004
+44 (0) 20 7236
BMO Capital Markets Limited Joint Broker 1010
Jeffrey Couch / Tom Rider
Michael Rechsteiner / Neil
Elliot
Tavistock Financial PR
+44 (0) 207 920
Charles Vivian / Gareth Tredway 3150
Brunswick Financial PR (South
Africa)
+27 (0) 11 502
Miyelani Shikwambana 7300
ABOUT BUSHVELD MINERALS LIMITED
Bushveld Minerals is a low cost, integrated, primary vanadium
producer, with ownership of high grade vanadium assets.
The Company's flagship vanadium platform includes a 74 per cent
controlling interest in Bushveld Vametco Alloys (Pty) Ltd, a
primary vanadium mining and processing company; the Mokopane
Vanadium Project and the Brits Vanadium Project.
Bushveld's vision is to become a significant, low cost,
integrated primary vanadium producer through owning high grade
assets. This incorporates development and promotion of the role of
vanadium in the growing global energy storage market through
Bushveld Energy, the Company's energy storage project developer and
component manufacturer. Whilst the demand for vanadium remains
largely anchored in the steel industry, Bushveld Minerals believes
there is strong potential for an imminent and significant global
vanadium demand surge from the fast-growing energy storage market,
particularly through the use and adoption of Vanadium Redox Flow
Batteries.
While the Company's focus is on vanadium operations and the
development and promotion of VRFBs, it has additional investments
in coal, power and tin.
The coal platform comprises the wholly-owned Imaloto Coal
Project, which is being developed as one of Madagascar's leading
independent power producers. The Company's tin interests are held
through its shareholding in AIM listed AfriTin Mining Limited.
The Company's approach to project development recognises that,
whilst attractive project economics are imperative, they are
insufficient to secure capital to bring them to account. A clear
path to production within a visible timeframe, low capital
expenditure requirements and scalability are important factors in
ensuring a positive return on investment. This philosophy is core
to the Company's strategy in developing projects.
Detailed information on the Company and progress to date can be
accessed on the website www.bushveldminerals.com.
About Vametco
Vametco is located near Brits on the Western Limb of the
Bushveld Complex. The integrated operation comprises a vanadium ore
mine and a processing plant that produces Nitrovan(TM) , a
trademark product sold in major steel markets across the world. The
mine lies adjacent to the Brits Vanadium Project, which will in
future serve as an alternative source of near surface run of mine
(ROM) ore feed to the Vametco plant.
The Vametco mining operation uses open pit bench mining methods
to mine a well-defined orebody. The deposit is continuous with
limited faulting and dips in a northerly direction at approximately
19 degrees.
ROM ore is fed into a primary, secondary and tertiary crushing
circuit, followed by milling and magnetic separation to produce
magnetite concentrates. The magnetite concentrates are fed into the
extraction process which includes the kiln for roasting followed by
leaching and precipitation. Thereafter the precipitated vanadium as
ammonium metavanadate is converted to modified vanadium oxide (MVO)
in rotary calciners. MVO is fed into the mixplant and finally into
the shaft furnaces to produce Nitrovan(TM) .
Competent Person's Statement
In accordance with the "AIM Rules - Note for Mining and Oil and
Gas Companies", the information contained within the announcement
has been reviewed and approved by Dr Luke Longridge, consulting
geologist. Dr Longridge has a PhD in Geology (2012) and over 6
years' experience working on vanadiferous magnetite deposits in the
Bushveld Complex. He is a member of the Geological Society of South
Africa and is a registered Professional Natural Scientist (Pr
Sci.Nat.) in South Africa. Dr Longridge has sufficient experience
relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined under the JORC Code
(2012). Dr Longridge consents to the inclusion in this announcement
of the matters based on his information in the form and context in
which it appears.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DRLLLFEEVFIFFIA
(END) Dow Jones Newswires
March 22, 2019 11:58 ET (15:58 GMT)
Bushveld Minerals (LSE:BMN)
Historical Stock Chart
From Apr 2024 to May 2024
Bushveld Minerals (LSE:BMN)
Historical Stock Chart
From May 2023 to May 2024