Fortune Mojapelo, CEO of Bushveld Minerals, said: “The re-reporting the Mineral Resource Estimates for the Groenfontein and Zaaiplaats Deposits as part of an updated Competent Persons Report for the Mokopane Tin Project is an important step in the demerger of Bushveld Minerals to form AfriTin Limited, which we feel will unlock shareholder value for the tin assets currently within Bushveld.”
Bushveld Minerals Limited (LON:BMN), a mineral development company with a portfolio of vanadium and titanium-bearing iron ore, tin and coal assets in Southern Africa, this morning announced the release of an updated Competent Persons Report (“CPR”) for the Mokopane Tin Project. The CPR is an update of previously issued reports and includes a revised cut-off grade for the Zaaiplaats Deposit.
Highlights:
In anticipation of the demerger of Bushveld’s tin assets to form AfriTin Mining Limited, a newly formed company established for the purpose of listing on AIM shortly, the Company is required to update the CPR for the Mokopane Tin Project. The updated CPR was prepared by The MSA Group and includes a Mineral Resource Estimate (“MRE”) for the Groenfontein Deposit (prepared by Mr Dexter Ferreira of Independent Resource Estimations) and an MRE for the Zaaiplaats Deposit (prepared by Mr Alan Page and Dr Hennie Theart of SRK Consulting and reviewed by Mr Jeremy Witley of the MSA Group).
The following points are noted:
— The MRE for the Groenfontein Deposit remains unchanged from previous estimates, as reported in the original technical report (26 September 2011, re-reported 4 June 2013).
— The cut-off grade for the MRE at the Zaaiplaats deposit has been revised from 0.07% Sn (as reported in the SRK MRE of 26 September 2013) to 0.1% Sn, in order to bring this cut-off grade into alignment with the 0.1% cut-off for the Groenfontein deposit.
— The MRE for the Zaaiplaats Deposit (re-stated at a 0.1% Sn cut-off) is 6.216 million tonnes at a grade of 0.124% in the Inferred category and 0.017 million tonnes at 0.136% in the Indicated category. This gives total Mineral Resources of 6.233 million tonnes at 0.124% Sn, with a total tin content of 7,753 tonnes.
— While the reported total tonnage of contained tin at the Zaaiplaats Deposit has been revised from 12,452 tonnes to 7,753 tonnes as a result of the higher cut-off grade, none of the other parameters of the MRE have been changed, and the reported Mineral Resources for the Zaaiplaats Deposits reflect the original MRE prepared by SRK Consulting.
The unchanged MRE for the Groenfontein Deposit (stated at a 0.1% cut-off) is shown below. Note that the Mineral Resources for the Groenfontein Deposit have been re-reported in accordance with JORC (2012), and details of Sampling Techniques and Data, Reporting of Exploration Results and Estimation and Reporting of Mineral Resources are reported as Appendix 1 in the form of JORC (2012) Table 1.
Mineral Resources for the Groenfontein Deposit as at July 2011 at a 0.1% Sn Cut Off ---------------------------------------------------------- Category Tonnes (millions) Sn Grade (%) Sn Tonnes ----------- ------------------ ------------- ---------- Measured 1.177 0.179 2,107 ----------- ------------------ ------------- ---------- Indicated 1.918 0.140 2,685 ----------- ------------------ ------------- ---------- Inferred 0.898 0.134 1,203 ----------- ------------------ ------------- ---------- Total 3.993 0.150 5,995 ----------- ------------------ ------------- ----------
The amended MRE for the Zaaiplaats Deposit (stated at a revised 0.1% cut-off) is shown below:
Zaaiplaats Mineral Resource as at 31 August 2013 (re-stated at 0.10 % Sn Cut Off). ---------------------------------------------------------- Category Tonnes (millions) Sn Grade (%) Sn Tonnes ----------- ------------------ ------------- ---------- Indicated 0.017 0.136 23 ----------- ------------------ ------------- ---------- Inferred 6.216 0.124 7,730 ----------- ------------------ ------------- ---------- Total 6.233 0.124 7,753 ----------- ------------------ ------------- ----------
The Company is in the process of preparing an updated CPR on its Uis Tin Project in Namibia. It is intended that AfriTin Mining Limited will acquire the Uis Tin Project as a result of the demerger from Bushveld. An announcement will be released upon completion of the updated CPR.