31st Mar 2014 11:58
LONDON (Alliance News) - Bushveld Minerals Ltd Monday said it has substantially upgraded its mineral resource on the P-Q Deposit at its Bushveld Iron Ore Project in South Africa.
The mineral development company with several operations in Southern Africa said its total inferred and indicated mineral resource for the Bushveld iron ore project has increased 29% to 991 million tonnes from 770 million tonnes previously.
The company said it has added an additional 220.8 million tonnes of inferred mineral resource iron ore on the P-Q zone from additional drilling on its farms Schoonoord 786LR and Bellevue 808LR.
Bushveld noted that the overall mineral resource grades have improved slightly to 33.5% iron and 32.7%, 10.7% titanium from 10.4% and 0.2% vanadium from 0.19%.
The company also said that the total mineral resource for its high-grade Ti-magnetite Q2 Layer has increased to 259 million tonnes at an average grade of 41.5% iron, 14.7% titanium and 0.26% vanadium.
"This resource upgrade reinforces our confidence in the scalability of this asset, while maintaining its low cost mining proposition. Bushveld expects to prove up a Mineral Resource in excess of 1 billion tonnes by delineation of further open-pittable tonnages to the south along further strike extensions of this mineralisation," Chief Executive Fortune Mojapelo said in a statement.
Bushveld Minerals shares were down 6.9% to 5.10 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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