Brits Vanadium Project

The Brits Vanadium Project comprises prospecting rights on several farms adjacent to Vametco. The project includes a mining right under application for vanadium.

The project hosts high-grade vanadium mineralisation in several magnetite layers. The mineralisation is outcropping and a continuation of the Vametco deposit strike with similar or higher vanadium grades. The project offers a potential extension of Vametco’s life of mine and presents cheaper near-surface ore for the Vametco plant post acquisition.

In March 2018, the Company commenced phase one of an exploration programme which showed positive drilling results. The second phase which commenced in June 2018, indicated vanadium in magnetite of 1.54 – 2.09% V2O5.

Licenses

The Brits Project comprises new order prospecting rights and a mining right application on the western limb of the Bushveld Complex (together “The Brits Properties”).  Collectively, the mineral rights are for vanadium, iron ore and rutile.

The table below shows the Company’s interest in the different mineral rights

Farms Mineral Rights Interest
Portion 3 of Uitvalgrond 431 JQ Prospecting right for vanadium (application to include iron ore and rutile granted but not yet executed) 65%
Portion 2 of Uitvalgrond 431 JQ; Syferfontein 430 JQ Mining right application 100%
Remainder of Doornpoort 295JR Prospecting right for vanadium, iron ore and rutile 74%

The Company is in the process of securing regulatory approval in terms of section 11 of the Mineral and Petroleum Resources Development Act (MPRDA) for change of control pursuant to Bushveld’s acquisition of the project from Sable Metals & Mining Limited, a South African based resources company. Following the regulatory approvals, Bushveld Minerals will commence with activities to delineate the shallow resource.

Location

The properties are located on the western limb of the Bushveld Complex along the strike of the Upper Zone magnetite layers that contain the primary vanadium mineralisation of interest.

Geology & Mineralisation

The Project is green-field and its value proposition lies in the following:

  • In March 2018, the Company commenced phase one of an exploration programme which showed positive drilling results. The second phase which commenced in June 2018, indicated vanadium in magnetite of 1.54 – 2.09% V2O5.
  • Vanadium mineralisation is outcropping and along a strike of several kilometres with similar, and in instances better grades to the Vametco deposit;
  • The Brits Vanadium Project provides quality magnetite ore grades and thicknesses similar to the adjacent operating Bushveld Vametco Alloys mine .

Results of Exploration Programme

The Company continues with the second phase of the exploration programme at the Brits Project, with the aim of delineating a maiden Mineral Resource Estimate. Following completion of the initial phase drilling (drillholes BVL001 to BVL008) during Q1 CY18, the second phase drilling commenced in June 2018 with an additional eight diamond drillholes completed thus far and total metres drilled of 1,274.86 metres as at 10 July 2018. The Lower Seam (the primary orebody mined at the adjacent Vametco Mine) has been intersected in all drillholes in the second phase, and the Intermediate Seam has been intersected in BVL011.

The sample analysis results in the new intercepts in boreholes BVL001, BVL004 and BVL006 demonstrate the consistent nature in grade and thickness of the Lower Seam (LS), Intermediate Seam (IS) and Upper Seam (US) Layers at the Brits Vanadium Project, which is the eastern strike extension of the orebody currently being mined at Bushveld Vametco Alloys Mine. Boreholes BVL001 and BVL006 have weighted average V2O5 grades in magnetite for the LS is between 1.94% to 2.09% V2O5%. The weighted average grades in magnetite of the LS, IS and US are 1.70%, 1.69% and 1.67% V2O5 respectively in borehole BVL006.

The grade of the LS is marginally lower than that mined at Vametco, but still represents excellent vanadium grades. These new intercepts from the Brits Vanadium project provide evidence of continuity of ore grades and thicknesses similar to the adjacent operating Bushveld Vametco Alloys mine. These assay results portray the excellent potential for an eastward extension of the current orebody being mined at Vametco. Samples for the boreholes BVL002, BVL003, BVL005, BVL007 and BVL008 have been submitted to the laboratory for analysis and currently awaiting results.

For detailed information and reference tables see:

https://otp.investis.com/clients/uk/bushveld_minerals/rns/regulatory-story.aspx?cid=1344&newsid=1155078

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