Bushveld Minerals Pleased With Exploration Drilling At Brits Project

LONDON (Alliance News) - Bushveld Minerals Ltd said Friday it is pleased with the drilling ...

Alliance News 22 March, 2019 | 4:57PM
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LONDON (Alliance News) - Bushveld Minerals Ltd said Friday it is pleased with the drilling results at its Brits vanadium project in the North West province in South Africa.

The vanadium producer said the current exploration project is to deliver a mineral resource estimate before the end of the second quarter.

The drilling at the project, which is adjacent to Bushveld's Vametco open pit, reaffirms, said Bushveld, the potential for the Vametco pit to be extended.

The sample results from 10 boreholes "indicate consistency in grade" with the main orebody, Lower Seam, said Bushveld.

"We are pleased with the drilling results received to date from our exploration work at Brits. Although, the average grade of 1.66% vanadium pentoxide in magnetite concentrate is slightly lower than Vametco, they are still among the highest in the world," said Chief Executive Fortune Mojapelo.

Mojapelo continued: "The results confirm the continuation of the orebody being mined at Vametco and provide the potential for additional feed tonnages for the Vametco plant and future brownfield processing plants."

Shares in Bushveld closed up 5.1% Friday at 36.00 pence each.

By Paul McGowan; paulmcgowan@alliancenews.com

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Bushveld Minerals Ltd 24.00 GBX -1.03 -
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