Bushveld Minerals Limited (LON: BMN), the AIM listed, integrated primary vanadium producer, with ownership of high grade vanadium assets in South Africa, today provided an update in respect of the exploration programme at the Brits Vanadium Project, 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 V2O5 grade for the LS in situ / in whole rock is 0.66%, the weighted average V2O5 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% V2O5 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 Seam |
Intersection Interval (m) |
Thickness (m) |
Magnetite % |
V2O5 % (in situ) |
V205% (in 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 V2O5 grade for the LS in situ /in whole rock is 0.66%
§ The weighted average V2O5 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% V2O5 grade in situ / in whole rock and 1.58% V2O5 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.
