TIDMBMN
RNS Number : 9579C
Bushveld Minerals Limited
21 June 2019
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
21 June 2019
Bushveld Minerals Limited
("Bushveld Minerals" or the "Company")
Brits Vanadium Maiden Mineral Resource
Bushveld Minerals Limited (AIM: BMN), the AIM listed, integrated
primary vanadium producer, with ownership of high grade vanadium
assets, is pleased to provide a maiden Mineral Resource estimate
for the Brits Vanadium Project (the "Brits Project"). The Brits
Project is located on Portion 3 of the farm Uitvalgrond 431 JQ,
near the town of Brits in the North West Province of South Africa
and is directly along strike from the Bushveld Vametco Alloys Mine
(Bushveld-Vametco). The maiden Mineral Resource incorporates data
from the 2018 drilling campaign comprising 26 drill holes over a
total of 2,967m of diamond drilling.
The Mineral Resource is reported in accordance with the 2012
edition of the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves (The JORC Code) and is
classified into the Indicated and Inferred Categories in Table 1
below.
Key Highlights
-- The aggregate Inferred and Indicated Mineral Resource
distributed across the three seams (the Lower, Intermediate, and
Upper Seams) is reported as 66.8Mt at an average grade of 1.58 per
cent V(2) O(5) in magnetite, at a cut-off grade of 20 per cent
magnetite in whole rock for 175,400 tonnes of contained
vanadium.
-- The Indicated Mineral Resource tonnages account for 67 per
cent of the total combined Mineral Resource and stand at 44.9Mt
with an average grade of 1.59 per cent V(2) O(5) in magnetite for
115,600 tonnes of contained vanadium across the three seams.
-- The Lower Seam represents a major portion of the total
combined Mineral Resource tonnages at the cut-off grade of 20 per
cent, with55.5 Mt at an average grade of 1.58 per cent V(2) O(5) in
magnetite for 137,000 tonnes of contained vanadium. This represents
approximately 83 per cent of the total combined tonnage of the
maiden Mineral Resource.
-- Within the combined Mineral Resource, the Intermediate Seam
has the highest grade of the three seams at 1.76 per cent V(2) O(5)
in magnetite though the tonnages are low at the current cut-off
grade of 20 per cent magnetite in whole rock.
-- A geological trend of decreasing grade in vanadium for
magnetite-rich layers from west to east in the Bushveld Complex
accounts for the lower grades on the Brits Project in comparison to
the grades at the operating Vametco Mine.
-- The Mineral Resource is reported up to a depth of 150m below
surface and based on the drilling on the western and central blocks
of the farm Uitvalgrond Portion 3 which extends over a strike
length of approximately 1.65km to the most eastern fault where the
last line of drilling was completed. As such there is potential to
increase the resource on the remaining eastern unexplored portion
of the farm on a strike length of 1km.
Fortune Mojapelo, CEO of Bushveld Minerals Limited,
commented:
"We are pleased to be able to report solid results confirming
that we have a high-quality asset at the Brits Project, where its
average grade of 1.58% V(2) O(5) in magnetite is among the highest
in the world.
"This represents an important step in the development of Brits -
as we recently detailed our path to producing over 8,400 mtV per
annum and Brits provides the optionality for additional ore feed
for the Vametco plant and, if required, concentrate feed for the
Vanchem plant."
Table 1
Brits Vanadium Mineral Resource at a cut-off grade of 20% magnetite, 18 June 2019 - Gross
Basis
Class Seam Name Tonnes V(2) O(5) Magnetite V(2) O(5) Tonnes V(2) Tonnes V in
grade of grade of grade in O(5) in magnetite
whole rock whole rock magnetite magnetite
--------------
(Millions) % % % (Thousands) (Thousands)
-------------- ----------- ------------ ------------ ------------- ------------- ---------------
Indicated Upper 2.0 0.66 43.64 1.51 13.4 7.5
Intermediate 1.9 0.47 21.52 1.75 7.0 3.9
Lower 41.0 0.56 28.54 1.59 185.9 104.2
----------------------------- ----------- ------------ ------------ ------------- ------------- ---------------
Total 44.9 0.56 28.94 1.59 206.3 115.6
----------------------------- ----------- ------------ ------------ ------------- ------------- ---------------
Inferred Upper 7.1 0.65 43.89 1.50 46.7 26.2
Intermediate 0.4 0.44 21.13 1.85 1.4 0.8
Lower 14.5 0.50 26.09 1.55 58.8 32.9
----------------------------- ----------- ------------ ------------ ------------- ------------- ---------------
Total 22.0 0.55 31.78 1.54 106.9 59.9
----------------------------- ----------- ------------ ------------ ------------- ------------- ---------------
Indicated and
Inferred Upper 9.2 0.65 43.84 1.50 60.1 33.7
Intermediate 2.2 0.46 21.46 1.76 8.4 4.7
Lower 55.5 0.54 27.90 1.58 244.6 137.0
----------------------------- ----------- ------------ ------------ ------------- ------------- ---------------
Total 66.8 0.56 29.87 1.58 313.2 175.4
----------------------------- ----------- ------------ ------------ ------------- ------------- ---------------
Notes:
1. All tabulated data has been rounded and as a result minor computational errors may occur.
2. Mineral Resources which are not Ore Reserves have no demonstrated economic viability.
3. Magnetite grade is determined as the proportion of magnetite
concentrate recovered using Davis Tube methodology.
4. Due to the magnetite grade being a recovered grade,
differences will occur between whole rock V(2) O(5) grades back
calculated from concentrate, versus those derived from whole rock
assays.
5. The Mineral Resource is reported as 100% of the Mineral Resource for the project
6. Bushveld Minerals is the operator of Brits Vanadium Project
Table 2
Brits Vanadium Mineral Resource at a cut-off grade of 20% magnetite, 18 June 2019 - Attributable
Basis
Class Seam Name Tonnes V(2) O(5) Magnetite V(2) O(5) Tonnes V(2) Tonnes V in
grade of grade of grade in O(5) in magnetite
whole rock whole rock magnetite magnetite
--------------
(Millions) % % % (Thousands) (Thousands)
-------------- ----------- ------------ ------------ ------------- ------------- ---------------
Indicated Upper 1.5 0.66 43.64 1.51 9.9 5.6
Intermediate 1.4 0.47 21.52 1.75 5.2 2.9
Lower 30.3 0.56 28.54 1.59 137.6 77.1
----------------------------- ----------- ------------ ------------ ------------- ------------- ---------------
Total 33.2 0.56 28.94 1.59 152.7 85.5
----------------------------- ----------- ------------ ------------ ------------- ------------- ---------------
Inferred Upper 5.3 0.65 43.89 1.50 34.6 19.4
Intermediate 0.3 0.44 21.13 1.85 1.0 0.6
Lower 10.7 0.50 26.09 1.55 43.5 24.4
----------------------------- ----------- ------------ ------------ ------------- ------------- ---------------
Total 16.2 0.55 31.78 1.54 79.1 44.3
----------------------------- ----------- ------------ ------------ ------------- ------------- ---------------
Indicated and
Inferred Upper 6.8 0.65 43.84 1.50 44.5 24.9
Intermediate 1.6 0.46 21.46 1.76 6.2 3.5
Lower 41.0 0.54 27.90 1.58 181.0 101.4
----------------------------- ----------- ------------ ------------ ------------- ------------- ---------------
Total 49.4 0.56 29.87 1.58 231.8 129.8
----------------------------- ----------- ------------ ------------ ------------- ------------- ---------------
Notes:
1. All tabulated data has been rounded and as a result minor computational errors may occur.
2. Mineral Resources which are not Ore Reserves have no demonstrated economic viability.
3. Magnetite grade is determined as the proportion of magnetite
concentrate recovered using Davis Tube methodology.
4. Due to the magnetite grade being a recovered grade,
differences will occur between whole rock V(2) O(5) grades back
calculated from concentrate, versus those derived from whole rock
assays.
5. The Mineral Resource is reported on a net attributable (being
74% of the Mineral Resource for the project)
6. Bushveld Minerals is the operator of Brits Vanadium Project
Enquiries: info@bushveldminerals.com
Bushveld Minerals +27 (0) 11 268 6555
Fortune Mojapelo, Chief Executive
Officer
Chika Edeh, Head of Investor
Relations
SP Angel Corporate Finance
LLP Nominated Adviser & Broker +44 (0) 20 3470 0470
Ewan Leggat / Richard Morrison
Jonathan Williams / Richard
Parlons
Alternative Resource Capital Joint Broker
Rob Collins +44 (0) 207 186 9001
Alex Wood +44 (0) 207 186 9004
BMO Capital Markets Limited Joint Broker +44 (0) 20 7236 1010
Jeffrey Couch / Tom Rider
Michael Rechsteiner / Neil
Elliot
Tavistock Financial PR
Charles Vivian / Gareth Tredway +44 (0) 207 920 3150
Brunswick Financial PR (South Africa)
Miyelani Shikwambana +27 (0) 11 502 7300
ABOUT BUSHVELD MINERALS LIMITED
Bushveld Minerals is a low cost, integrated, primary vanadium
producer, with ownership of high grade vanadium assets.
The Company's flagship vanadium platform includes a 74 per cent
controlling interest in Bushveld Vametco Alloys (Pty) Ltd, a
primary vanadium mining and processing company; the Mokopane
Vanadium Project and the Brits Vanadium Project.
Bushveld's vision is to become a significant, low cost,
integrated primary vanadium producer through owning high grade
assets. This incorporates development and promotion of the role of
vanadium in the growing global energy storage market through
Bushveld Energy, the Company's energy storage project developer and
component manufacturer. Whilst the demand for vanadium remains
largely anchored in the steel industry, Bushveld Minerals believes
there is strong potential for an imminent and significant global
vanadium demand surge from the fast-growing energy storage market,
particularly through the use and adoption of Vanadium Redox Flow
Batteries.
While the Company's focus is on vanadium operations and the
development and promotion of VRFBs, it has additional investments
in coal, power and tin.
The Company's approach to project development recognises that,
whilst attractive project economics are imperative, they are
insufficient to secure capital to bring them to account. A clear
path to production within a visible timeframe, low capital
expenditure requirements and scalability are important factors in
ensuring a positive return on investment. This philosophy is core
to the Company's strategy in developing projects.
Detailed information on the Company and progress to date can be
accessed on the website www.bushveldminerals.com.
Competent Person's Statement
In accordance with the "AIM Rules - Note for Mining and Oil and
Gas Companies", the information contained within the announcement
has been reviewed and approved by Professor Richard Viljoen.
Professor Richard Viljoen has more than 30 years' experience in the
mining industry, including 15 years as chief consulting geologist
for Gold Fields of South Africa. Notable past experience includes
the development of significant mines including Northam Platinum and
the Leeudoorn and Tarkwa gold mines, identifying and developing a
significant platinum deposit in the Bushveld Complex for Akanani
Resources as well as acting as consultant for exploration and
mining companies in Canada, Mexico, Venezuela, India and China in
the fields of base metals, gold and platinum. Professor Richard
Viljoen has extensive experience relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person
as defined under the JORC Code (2012). Professor Richard Viljoen
consents to the inclusion in this announcement of the matters based
on his information in the form and context in which it appears.
Glossary of Technical Terms
Cut-off grade The lowest grade, or quality,
of mineralised material that
qualifies as economically mineable
and available in a given deposit.
May be defined on the basis
of economic evaluation, or
on physical or chemical attributes
that define an acceptable product
specification.
Indicated Mineral Resources Indicated Mineral Resource
or Indicated Resources or Indicated Resource is that
part of a Mineral Resource
for which quantity, grade or
quality, densities, shape and
physical characteristics, can
be estimated with a level of
confidence sufficient to allow
the appropriate application
of technical and economic parameters,
to support mine planning and
evaluation of the economic
viability of the deposit. The
estimate is based on detailed
and reliable exploration and
testing information gathered
through appropriate techniques
from locations such as outcrops,
trenches, pits, workings and
drill holes that are spaced
closely enough for geological
and grade continuity to be
reasonably assumed
----------------------------------------------------
Inferred Mineral Resources An Inferred Mineral Resource
or Inferred Resources or Inferred Resource is that
part of a Mineral Resource
for which quantity and grade
(or quality) are estimated
on the basis of limited geological
evidence and sampling. Geological
evidence is sufficient to imply
but not verify geological and
grade (or quality) continuity.
It is based on exploration,
sampling and testing information
gathered through appropriate
techniques from locations such
as outcrops, trenches, pits,
workings and drill holes.
----------------------------------------------------
Magnetite Naturally occurring form of
iron ore with the formula Fe(3)
O(4) .
----------------------------------------------------
Mt Millions of tonnes
----------------------------------------------------
mt or mtV Metric tonne or Metric tonne
of Vanadium
----------------------------------------------------
Ore or Mineral Reserve Ore or Mineral Reserves are
sub-divided into two categories.
The "Proved" category - the
highest level of Reserves or
the level with the most confidence
and the "Probable" category
- the lower level of confidence
of the Reserves.
Mineral Reserves are distinguished
from Mineral Resources as all
the technical and economic
parameters have been applied
and the estimated grade and
tonnage of the Mineral Reserves
should closely approximate
the actual results of mining.
The guidelines state: "Mineral
Reserves are inclusive of the
diluting material that will
be mined in conjunction with
the Mineral Reserve and delivered
to the treatment plant or equivalent
facility. "The guidelines also
state that:
"The term 'Mineral Reserve'
need not necessarily signify
that extraction facilities
are in place or operative or
that all government approvals
have been received. It does
signify that there are reasonable
expectations of such approvals."
----------------------------------------------------
Seam A bed or a distinct layer of
vein of rock in other layers
of rock
----------------------------------------------------
Vanadium (V) Vanadium is a chemical element
with the symbol V and atomic
number 23.
----------------------------------------------------
Vanadium Oxide (V(2) O(5) ) Vanadium(V) oxide is the inorganic
compound with the formula V(2)
O(5) .
----------------------------------------------------
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END
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