Operations Update - Iron Ore Project

RNS Number : 2920A

Bushveld Minerals Limited

19 March 2013

 



19 March 2013

For Immediate Release

Bushveld Minerals Ltd

("Bushveld" or the "Company")

Operations Update - Bushveld Iron Ore Project

Bushveld Minerals Limited (AIM: BMN), a mineral development company focused on iron and tin projects in southern Africa, is pleased to provide an operations update on their iron ore project in Limpopo Province, South Africa.

Approval by the Department of Mineral Resource (DMR) of the Section 102 application to add the farms Schoonoord 786 LR and Bellevue 808 LR to the licence area of 95PR has been approved, adding significant strike extensions to the P-Q Zone orebody. 

Highlights:

·      Addition of the farms Schoonoord 786 LR and Bellevue 808 LR to the licence area of 95PR

·      Addition of Phosphate Rock (resource) to the list of minerals included within the prospecting right (phosphate mineralisation is known to overlie the P-Q Zone)

·      An additional 3.5 km of strike length of P-Q Zone mineralisation identified on Bellevue and Schoonoord, giving a 64% increase in the strike length of mineralisation

·      P-Q Zone identified in the historical BV-1 borehole drilled on the farm Bellevue 808 LR

CEO of Bushveld Minerals, Fortune Mojapelo said: "The inclusion of the farms Schoonoord and Bellevue will potentially extend the iron ore resource beyond our 1 billion tonne target. More importantly, it allows us to extend our resources along strike, thus maintaining the open-cast mining proposition of this deposit. Furthermore, given the stratigraphic resource model which identified a high grade zone grading of about 40% Fe, 14.5% TiO₂ any additional strike enhances the scope for this project of a selective high-grade mining without compromising the scale potential of the project. The inclusion of phosphate in the license means that we can now develop the phosphate potential of the project in earnest, which we believe will significantly enhance the economics of the whole project."

Approval of Section 102 application on Prospecting Rights 95PR

Bushveld Minerals has recently received a letter of approval from the DMR confirming ministerial consent in terms of Section 102 of the Mineral and Petroleum Resources Development Act, 2002 for Pamish Investments 39 (PTY) Ltd to add the farms Schoonoord 786 LR and Bellevue 808 LR as well as the mineral Phosphate Rock and to prospecting right 95PR, which originally included the farms Vliegekraal 783 LR, Vogelstruisfontein 765 LR and Vriesland 781 LR. Pamish Investments 39 is 64% held by Bushveld Minerals Limited though their South African subsidiary Bushveld Resources Limited.

Aeromagnetic and soil geochemical data shows the southward continuity of the P-Q Zone magnetite layers for an additional 3.5 km along strike from the southernmost boreholes drilled on the farm Vliegekraal 783 LR. This strike extension is confirmed by logging and sampling of the historical borehole BV-1 drilled on the farm Bellevue 808 LR. The P-Q Zone intersected in the BV-1 borehole shows similar grades and thicknesses to previous boreholes drilled by the Company into the P-Q Zone.

The phosphate horizon identified in the project area, as reported in previous announcements, is geologically distinct and identifiable from the iron ore mineralisation and could potentially be exploited as a distinct phosphate ore body.

Enquiries: [e-mail]

Bushveld Minerals Fortune Mojapelo	[phone]
Fox Davies Jonathan Evans	[phone]
Tavistock Communications Jos Simson/ Jessica Fontaine	[phone]
Tielle Communications Stéphanie Leclercq	[phone]

This information is provided by RNS

The company news service from the London Stock Exchange

- ENDS -

Notes to the editor

Bushveld Minerals Limited is a mineral development company focused on the Bushveld Iron Ore Project and the Mokopane Tin Project, both located on the northern limb of the Bushveld Complex, South Africa.

The Company was admitted to the Alternative Investment Market of the LSE in March 2012.

 

END

 

 

DRLDDGDXUUBBGXI