Brits
The Brits Project hosts high-grade vanadium mineralisation in several magnetite layers. The mineralisation, which is outcropping, is a continuation of the Vametco strike. The project offers a potential extension of Vametco’s Life-of-Mine and a cost-effective source of near-surface ore for the Vametco plant. Drilling has shown lower seam weighted average grades of 0.6% V2O5 in-whole rock and 1.6% V2O5 in-magnetite, which are among the highest grades in the world. A Competent Person’s Report (CPR) was published in January 2020. Brits has the potential to provide additional feed tonnage for Vametco and, if required, concentrate feed for the Vanchem plant, based on the installation of the SAG mill, as outlined in the studies.
Brits Project comprises of three different companies in which Bushveld Resources Ltd holds interest in their assets ranging between 51% and 74 %, and the three companies are Caber Trade and Invest 1 (Pty) Ltd, Great 1 Line Invest (Pty) Ltd and Gemsbok Platinum (Pty) Ltd.
Caber Trade and Invest 1 (Pty) Ltd (Caber Trade), in which the Company holds an interest of 51 %, which, as previously reported, had a mining right application refused by the Department of Mineral Resources and Energy (DMRE) in 2020. Caber Trade lodged an appeal against the decision and has recently been advised that the process has been concluded with the DMRE refusing the appeal. The Company is considering its options. The Caber Trade properties were not included in the CPR, and the refusal of the mining right has no impact on the mineral resource statement.
Great 1 Line Invest (Pty) Ltd (Great 1 Line), is the prospecting right holder of Portion 3 of farm Uitvalgrond 431 JQ, and an interest of 62.5% is held through Bushveld Resources Ltd. This is the property on which the Mineral Resource estimate contained in the 2019 CPR is based on. Bushveld Minerals Limited has been granted Section 11 of the Mineral and Petroleum Resources Development Act (MPRDA) for acquiring control of Sable Platinum Mining Pty Ltd for Prospecting Right Reference Number: NW 30/5/1/1/2/11124 PR, held through Great Line 1 Invest (Pty) Ltd and was executed in May 2021.
The company has also applied for Section 102 of the Mineral and Petroleum Resources Development Act (MPRDA) and waiting for approval to incorporate Prospecting Right Reference Number: NW 30/5/1/1/2/11069 PR into NW 30/5/1/1/2/11124 PR.
A renewal for the Prospecting Right NW 30/5/1/1/2/11124 PR for Portion 3 of the Farm Uitvalgrond 431 JQ has been granted. This prospecting right had expired on the 3rd of November 2019. Gemsbok Magnetite (Pty) Ltd (Gemsbok), is the prospecting right holder of the remainder of farm Doornpoort 295 JR. Bushveld Resources Ltd holds 74 % interest in this company Environmental Authorisation for Gemsbok was granted and currently waiting for the granting of the prospecting right renewal submitted to the DMRE.
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
- Vanadium mineralisation is outcropping and along a strike of several kilometres with similar, and in instances better grades to the Vametco deposit;
- Brits Maiden Mineral resource estimate contains 66.8Mt resource of 1.58% V2O5 in magnetite.
- Lower seam weighted average V2O5 grade in-situ of 0.66% and 1.66% in magnetite;
- The marginally lower average grade in comparison to the grades at the Vametco mine is due to the geological trend of decreasing grades in vanadium for magnetite-rich orebodies from west to east in the Bushveld Complex.
