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AIM-listed vanadium producer Bushveld Minerals is increasingly confident of the quality of its Brits vanadium project in South Africa after latest drilling results.
The data shows aggregate Inferred and Indicated Mineral Resource distributed across the three seams and combine for a reported 66.8Mt at an average grade of 1.58% V2O5 in magnetite at a cut-off grade of 20% magnetite in whole rock for 175,400 tonnes of contained vanadium.
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).
Mineral Resource incorporates data from the 2018 drilling campaign comprising 26 drill holes over a total of 2,967m of diamond drilling.
'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% V2O5 in magnetite is among the highest in the world', said Fortune Mojapelo, chief executive of Bushveld Minerals.
'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.'
At 8:37am: (LON:BMN) Bushveld Minerals share price was +0.75p at 25.75p