Bushveld Provides Update on Project in Limpopo, South Africa

Bushveld Minerals Ltd. (LSE:BMN) announced an update on the pre-feasibility study currently underway at its Bushveld vanadium project in the Limpopo province of South Africa. The company commenced a drilling program on November 6, 2014 to upgrade the MML mineral resource to the measured category, to collect sufficient material for on-going metallurgical test work and to assess the extent of the AB zone in order to calculate its maiden mineral resource.

Some highlights from the report include:

Since the commencement of the drilling programme in November 2014, 31 boreholes totalling 1831.61m had been completed on the AB Zone and the Main Magnetite Layer (“MML”), as of 31 January 2015:
a)   AB Zone:
·      9 boreholes (535.79 m) completed and assays received on the AB Zone, confirming strike continuity along a ~1.7 km strike
·      Thickness of the AB Zone varies from 5.88 metres to 14.70 metres
b)   MML:
·      22 boreholes (1295.82 m) completed on the MML;
·      14 in-fill boreholes completed for upgrading the Mineral Resource into the Measured category
·      8 boreholes completed to obtain sufficient core for the metallurgical testing required during the Pre-Feasibility and Feasibility studies
·      Samples submitted for 20 boreholes, with some assays having been received for 13 boreholes;
2)   Appointment of Bushveld owner team and external consultants to lead Pre-Feasibility Study Programme;
3)   Progress with Environmental Impact Assessment and Social and Labour Plan as part of the Mining Right Application;
4)   Pre-Feasibility Study on track for completion during 1H 2015;
5)   Mining Right Application on track for submission in Q1 2015.

CEO of Bushveld Minerals, Fortune Mojapelo, commented:

We have made significant progress towards the completion of the Pre-Feasibility study on the project, most notably the completion of the in-fill and metallurgical drilling on the MML and the preparation of our mining right application which is expected to be submitted shortly. The metallurgical drilling has provided sufficient core for the metallurgical testing that our Pre-Feasibility and Feasibility studies require. We are also delighted to have established a focused Bushveld Vanadium Project Pre-Feasibility study owner team, supported by expert external consultants. The team comprises individuals with extensive expertise in vanadium mining, processing and marketing. Additionally, we are pleased to confirm we are on track to declaring a maiden Mineral Resource on the AB Zone.

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