3rd Jun 2014 09:27
LONDON (Alliance News) - Bushveld Minerals Ltd Tuesday said it has received positive results from its first JORC-compliant Mineral Resource for the phosphate mineralisation at its P-Q Zone deposit in Limpopo province, South Africa.
The mineral development company with several operations in Southern Africa said the first Inferred Mineral Resource achieved is 442 million tonnes at an average grade of 3.6% phosphate pentoxide, using a 3% cut-off grade.
The company said the mineralisation is defined along a strike region of 8.5 kilometres in length and has been delineated down to a maximum depth of 400 metres for its northern farms region and down to 300 metres for its southern farms region.
The phosphate mineral resource adds to the company's current 938.5 million P-Q titaniferrous-magnetite Mineral Resource which was announced at the end of March. The company plans to mine iron ore at the site along with other mineral resources including the phosphorous region.
As such, Bushveld Minerals believes that costs for mining the phosphate resource will be minimal, and it is currently carrying out a phosphate scoping study for the site which is expected for completion during the third quarter 2014
Bushveld Minerals shares were up 6.6% to 4.26 pence on Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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