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 cheap 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 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.

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.

The Company’s interest in the asset ranges between 51% and 74% through three different companies, one of which is Caber Trade Mining and Invest 1 (Pty) Ltd (“Caber Trade”), the mining right applicant, in which the Company holds an interest of 51%.

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.

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