Bushveld Minerals: Resource Update

4th February 2021

Vametco Mineral Resources and Reserves update

Bushveld Minerals Limited (AIM: BMN), the AIM quoted, integrated primary vanadium producer and energy storage solutions provider, with ownership of high-grade assets in South Africa, (“Bushveld”), 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.

Key Highlights

  • Ore Reserves have been depleted after 12 months of mining by approximately two per cent from previous Ore Reserve estimate as at 31st December 2019. As at the 31st December 2020, Ore Reserves are reported at 267,200 tonnes V2O5 in magnetite at a grade of 2.02 per cent V2O5 in magnetite (previously 274,100 tonnes V2O5 in magnetite).
  • Combined Inferred and Indicated Mineral Resource across three Seams (The Lower, Intermediate and Upper Seams) reported as at the 31st December 2020 at 184.2 Mt at an average grade of 1.98 per cent V2O5 in magnetite, with an average magnetite content of 35.0 per cent in whole rock for 709.8 thousand tonnes of contained vanadium (previously 185.5 Mt at an average grade of 1.98 per cent V2O5 in magnetite, with an average magnetite content of 35.0 per cent in whole rock for 714.7 thousand tonnes of contained vanadium).
  • Within this, the Ore Reserve in the Probable Category is reported as 46.4 Mt at an average grade of 2.02 per cent V2O5 in magnetite, with an average magnetite content of 28.4 per cent in whole rock for 149,700 tonnes of vanadium (previously 47.4Mt V2O5 in magnetite across the same three seams at an average grade of 2.02 per cent V2O5 in magnetite, with an average magnetite content of 28.5 per cent in whole rock for 156,300 tonnes of vanadium).
  • 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 38.8 Mt at an average grade of 2.05 per cent V2O5 in magnetite, with an average magnetite content of 29.3 per cent in whole rock for 130,500 tonnes of vanadium.
  • The decrease in the 2020 Mineral Resource, by 0.68 per cent less tonnes than the 31st January 2019 estimate, is attributed to mining of the seams over the last 12 months. No Mineral Resource Exploration was carried out over the period.
  • The decrease in the ore tonnages for the previous Ore Reserve estimate in December 31st 2019 from 47.4 Mt to 46.4 Mt in December 31st 2020 is due to the depletion of lower and Intermediate seams over the 12 month period based on the pit to plant reconciled production data from Vametco.

Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:

“I am pleased to report no significant change in our ore reserve in the past twelve months, except for the depletion that occurs in the ordinary course of mining the deposit. For a deposit with decades of production ahead of it and potential for expansion, this gives us the confidence to pursue our growth targets knowing we have a quality and consistent resource at Vametco.”

News in full

In the clip below, CEO Fortune Mojapelo outlines Bushveld’s operations, business strategy and the market for Vanadium

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