19th Mar 2014 11:27
LONDON (Alliance News) - Bushveld Minerals Ltd Wednesday said that further assay results from drilling in its P-Q Hanging Wall site at the Bushveld Iron Ore Project in the Limpopo Province in South Africa have confirmed the extension of a phosphate-bearing zone on site.
The mineral development company with several operations in Africa said results from the drilling show continuity of mineralisation, with grades ranging between 2.66% and 4.80% phosphate over thickness ranging between 18 metres and 69 metres, consistent with previously reported assays.
The company said resource modelling of the phosphate zone is commencing immediately and a JORC compliant mineral resource estimate on the phosphate ore is expected in the second quarter.
Bushveld was granted extended prospecting rights at the site to include mineral phosphate ore in February, after the company announced positive metallurgical test results showing saleable concentrate grades of 33.25% phosphorous pentoxide on site.
The company is currently planning a resource upgrade for the overall P-Q deposit which will be based on an accelerated drilling programme on strike extensions to the P-Q mineralisation. It expects to complete the drilling within the first quarter of 2014.
The upgrade plan was delayed in February as the company awaited its licence to extend prospecting rights at the site.
"We're still expecting a resource upgrade for our iron-ore and phosphate resources at the P-Q Deposit this quarter," Chief Executive Fortune Mojapelo told Alliance News last week.
Bushveld shares were up 0.3% to 5.19 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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