Operations Update - Bushveld Iron Ore Project
|
17 January 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 its iron ore project in the Limpopo Province, South Africa.
Highlights:
· Drilling assay results following the 2012 update confirm the consistency of the Main Magnetite Layer ("MML") mineralisation and grades with previously reported results, along strike and down to depth
Commenting on the results, Fortune Mojapelo, the CEO of Bushveld Minerals, said "These results once again confirm the remarkable continuity of geological features and grades of the titaniferous magnetite layers of the Upper Zone of the Bushveld Complex in the region."
Results of Main Magnetite Layer drilling
In addition to the 1,525 metres diamonddrilling programme focused on the P-Q Zone, the results of which were announced in the "Bushveld Iron Ore Resource Update: P-Q Zone Resource Update" dated 5 December 2012 where a 107 million tonnes resource increase was reported, a further 926 metres of drilling has now been completed on the vanadium-rich Main Magnetite Layer ("MML"). The objective of this drilling was both to extend the MML resource along strike and to increase the confidence level of the resource to at least the indicated category by reducing the drillhole spacing from 1200metres to 600metres along strike. Assay results have been received for the majority of these boreholes, reflecting mineralisation consistent with the previously reported MML resource in respect of both grade and thickness along strike as well as at depth. The average intersections for all MML boreholes for which assays have been received are reported below:
|
Borehole ID |
Reason for drilling |
BH Depth (m) |
Top of MML intersection (m) |
Base of MML intersection (m) |
Intersection width (m) |
Avg Fe2O3 (%) |
Avg V2O5 (%) |
Avg TiO2 (%) |
Avg P2O5 (%) |
Avg SiO2 (%) |
Avg Al2O3 % |
Avg S (%) |
|
VK20 |
Extension |
81.9 |
64.67 |
72.5 |
7.83 |
55.63 |
1.25 |
7.54 |
0.00 |
17.61 |
11.16 |
0.26 |
|
VK22 |
Infill |
99.95 |
84 |
93.13 |
9.13 |
54.95 |
1.05 |
7.38 |
0.00 |
18.22 |
11.57 |
0.25 |
|
VL8 |
Infill |
88.21 |
58.63 |
68.2 |
9.57 |
58.62 |
1.36 |
8.03 |
0.00 |
15.57 |
10.20 |
0.00 |
|
VL11 |
Infill |
51.85 |
31 |
39.53 |
8.53 |
56.83 |
1.31 |
8.08 |
0.00 |
16.25 |
10.75 |
0.25 |
|
VL12 |
Extension |
99.94 |
83.61 |
91.91 |
8.30 |
56.93 |
1.30 |
8.03 |
0.00 |
16.16 |
10.70 |
0.24 |
|
VL13 |
Extension |
40.33 |
22 |
30.64 |
8.64 |
55.79 |
1.28 |
7.98 |
0.00 |
16.03 |
10.39 |
0.11 |
|
VK 23 |
Infill |
150.82 |
130.52 |
140.18 |
9.66 |
55.58 |
1.20 |
7.61 |
0.00 |
17.51 |
10.97 |
0.00 |
The average iron, vanadium and titanium grades as well as average thickness compare very favourably with the results reported on earlier from the three original boreholes shown in the table below:
|
Borehole ID |
Avg Fe2O3 (%) |
Avg V2O5 (%) |
Avg TiO2 (%) |
Average Intersection Width (m) |
|
Original 3 boreholes |
53.0 - 55.4 |
1.25 - 1.28 |
9.3 - 10.0 |
7.91 - 8.82 |
|
Latest 7 boreholes |
55.6 - 58.6 |
1.05 - 1.36 |
7.4 - 8.1 |
7.83 - 9.66 |
These results will be incorporated into the MML resource model with the announcement of the resulting resource upgrade expected later in the first quarter of 2013.
Weathered Zone
A total of 31 boreholes have recently been drilled in the weathered zone of the P-Q Zone (announced on November 2nd 2012), and assay results are expected in the coming weeks. These results will be incorporated in an updated mineral resource statement also to be released later in the first quarter of 2013.
Prospecting right 438 Legal Action
Prospecting Right 438: Legal Proceedings
Bushveld Resources Limited ("Bushveld Resources"), a wholly owned subsidiary of Bushveld Minerals Limited, has been cited as the third respondent in court proceedings recently instituted by Afro Multi Minerals (Proprietary) Limited ("Afro Minerals ("Afro Multi Minerals"), the holder of Prospecting Right 438 ("PR 438) that covers the farm, Malokong 784 LR, which forms part of the Bushveld Resources licence areas.
The relief sought is inter alia for an order in restructuring directorships and shares in Amaraka Investments no. 85 (Pty) Ltd, the second respondent and a company jointly held by Bushveld and Afro Multi Minerals, as well as setting aside all agreements in which Amaraka issued, transferred or sold 55% of its equity shares to Bushveld Resources.
The Company's attorneys have advised that the court proceedings instituted by Afro Multi Minerals are devoid of merit and have issued a Notice of Intention to Oppose the proceedings on behalf of inter alia the Company and Amaraka.
The Directors of the Company maintain the view expressed in the admission document of the Company that PR 438, which remains to be renewed and transferred to the Group through Amaraka, in terms of Section 11 of the MPRDA, is not considered material in the exploration and development strategy of the Group. The Company' advises that its exploration programme and objectives including reaching a 1billion tonne resource will not be affected by these proceedings.
Management will update the market in due course.
Enquiries: info@bushveldminerals.com
|
Bushveld Minerals Fortune Mojapelo |
+27 (0) 11 268 6555 |
|
Fox Davies Jonathan Evans |
+44 (0) 20 3463 5000 |
|
Tavistock Communications Jos Simson/ Jessica Fontaine |
+44 (0) 20 7920 3150 |
|
Tielle Communications StéphanieLeclercq |
+27 (0) 83 307 7587 |
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.
This information is provided by RNS
Latest directors dealings
- 11 minutes ago Vanquis Banking Group 20
- 2 hours ago Frasers Group
- 2 hours ago Cavendish Financial
- 2 hours ago Diaceutics
- 2 hours ago AB Dynamics