Bushveld Minerals Raises Resource Estimate at Vanadium Project

Bushveld Minerals Ltd. (LSE:BMN) provided an operations update for its Main Magnetite Layer (MML) vanadium project, located in South Africa. It includes the results of a recent mineral resource estimate on mineralization in MML’s hanging wall.

Highlights include:

• Additional 68.7 Mt of Inferred Mineral Resources at a cut-off of 25% Fe (iron), with an average grade of 28.8% Fe and 0.75% V₂O₅ (vanadium pentoxide)
• Total Mineral Resources of 120.5 Mt at a cut off of 25% Fe for the combined Inferred and Indicated Mineral Resource, representing an increase of 130% in the reported tonnage on the Vanadium Project (at an average grade of 35.7% Fe and 1.06% V2O5)
• Pending metallurgical testwork, potential remains to define additional Mineral Resources (on layers UG-A, UMG1, UMGPARTING, MAG1HWGAB, MAG2HWGAB and MMLHW)

Fortune Mojapelo, CEO of Bushveld, commented:

This update comprises the layers within the hanging wall package of the MML, which was assumed in the recent vanadium project scoping study to be mined as waste and stockpiled to access the MML itself. Based on Fe and V2O5 grades, certain layers in the hanging wall can be included in the Bushveld Vanadium Project’s total Mineral Resource inventory and will improve the overall tonnage of the project.

The MML Hanging Wall Mineral Resource has been estimated to a vertical depth of 120 m and is open at depth, which presents further scope for tonnage increases in the future, in line with our belief in the scalability of the project. Furthermore, this Mineral Resource update excludes several layers with average grades of ~0.3% V2O5 within the hanging wall package. If metallurgical test work demonstrates economic recoveries, these layers could also significantly increase the overall tonnage.

Click here to read the full Bushveld Minerals Ltd. (LSE:BMN) press release.