Brits includes prospecting rights and a mining right under application on farms adjacent to Vametco. The Company’s interest in the asset ranges between 51 % and 74 % through three different companies. The project hosts high-grade vanadium mineralisation in several magnetite layers. The mineralisation is outcropping and a continuation of the Vametco deposit strike. The project offers a potential extension of Vametco’s life of mine and a cheaper source of near-surface ore for the Vametco plant. Recent drilling has shown lower seam weighted average grades of 0.66 % V2O5 in-situ and 1.66 % V2O5 in magnetite, which are among the highest in the world.

A maiden Mineral Resource estimate will be published in the June 2019 quarter.

Brits has the potential to provide additional feed tonnage for Vametco and, if required, concentrate feed for the Vanchem plant

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 51%
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
  • Drilling results to date have indicated:
    – 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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