21st Feb 2014 09:41
LONDON (Alliance News) - Bushveld Minerals Ltd Friday said it has been granted extended prospecting rights at the Bushveld Iron Ore Project in the Limpopo Province in South Africa, a move that will progress a resource upgrade.
The mineral development company with several operations in Africa said the prospecting rights have been amended to include mineral phosphate ore, and the prospecting area has now been extended to include the farms Schoonoord 786LR and Bellevue 808LR, adjacent to the site
The licence was originally granted in January 2013, and the South African Department of Mineral Resources has now granted the extension and amendment.
Bushveld said the new rights extend the strike of the P-Q deposit and means that the company can progress its resource upgrade planned for the deposit.
The upgrade plan, which was delayed earlier this month to await the licence, 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 company added that the inclusion of phosphate in its amended rights means Bushveld can advance its phosphate project, It had recently announced positive metallurgical test results showing saleable concentrate grades of 33.25% phosphorous pentoxide.
Bushveld shares were up 23.7% to 5.41 pence Friday morning, one of the biggest gains on the London market.
By Tom McIvor; [email protected]; @TomMcIvor1
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