12th Feb 2014 11:52
LONDON (Alliance News) - Bushveld Minerals Ltd Wednesday provided an update to its operations at the Bushveld Vanadium Project and Bushveld P-Q Project, but it noted a delay in releasing its resource upgrade.
The mineral development company with several operations in Africa said it has completed three boreholes at the AB Zone of the Bushveld Vanadium Project, and found a roughly 20 metre intersection in borehole AB4 at the site.
The company, which is attempting to target a first resource estimate for the site, said the main magnetite layer at the site showed results with concentrate grades of over 90% vanadium oxide.
Bushveld said that follow-up magnetic separation tests have confirmed previous concentrate grades found at the P-Q Project and additional sampling of the phosphate zone of the site has now been completed.
The company said initial flotation testing from the phosphate zone at P-Q showed saleable concentrate grades of 33.25% phosphorus pentoxide.
However, the company said there has been a delay in releasing its resource upgrade at P-Q as it awaits the execution of an already granted licence to extend the prospecting area.
Bushveld said that due to administrative delays by the regulators it is yet to release its resource upgrade.
"We remain confident that the geological basis for the resource upgrade remains intact and that the amended right, which has been granted, will be executed in the near future. We will proceed with the resource upgrade, as intended, thereafter," Chief Executive Officer Fortune Mojapelo said in a statement.
Bushveld shares were down 8.4% to 4.38 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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