Announcement Date: 2022-04-04
Announcement Type: Deposit Estimation
Announcement Code: JORC
Company name: Bushveld Minerals Ltd.
Project name: Vametco Mine
Location: South Africa
Commodities: Vanadium
Highlight: Updated Resource and Reserve Estimates
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Bushveld Minerals Limited (AIM: BMN), the AIM-listed, integrated primary vanadium producer which owns high-grade vanadium assets in South Africa, is pleased to provide an updated Mineral Resources and Ore Reserves for the Vametco vanadium mine near Brits on the Western Limb of the Bushveld Complex. The resources and reserve estimation was carried out byMSA Group Inc in accordance with the terminology and definitions given in the JORC Code (2012). The combined Inferred and Indicated Mineral Resource comprises three Seams – The Lower, Intermediate and Upper Seams – and is reported at 182.7 Mt at an average grade of 1.98 per cent V2O5 (in magnetite) as at31 December 2021, with an average magnetite content of 35.0 per cent (in whole rock) for 703.9 thousand tonnes of contained vanadium (709.8 thousand tonnes as at 31 December 2020). The Lower Seam is the main ore seam and the thickest, ranging from 13.8 to 52.0 metres in thickness, comprising a Probable Reserve of 38.4 Mt at an average grade of 2.05 per cent V2O5 (in magnetite), with an average magnetite content of 29.2 per cent (in whole rock) for 128,900 tonnes of vanadium.
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