Fortune Mojapelo, CEO of Bushveld Minerals “Unlocking shareholder value”

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.

 

Click to view all articles for the EPIC:
Or click to view the full company profile:
    Facebook
    Twitter
    LinkedIn
    Bushveld Minerals

    More articles like this

    Bushveld Minerals

    Redox Flow Batteries: technologies and market overview

    This webinar, presented by IDTechEx Technology Analyst Daniele Gatti, will provide an introduction to Redox Flow Batteries (RFBs), addressing some of the technologies developed, and giving an overview of the flow battery market.  The increased adoption

    Bushveld Minerals

    Bushveld eyes delayed JSE debut within 12 months

    Bushveld Minerals, SA’s largest supplier of vanadium, hopes to complete a R1.73bn expansion programme to nearly triple output without calling on its shareholders to fund its plans. Bushveld had delayed its listing on the JSE due

    Bushveld Minerals

    China now a net importer of vanadium

    China is now a net importer of vanadium, a situation which is expected to persist, Bushveld Minerals CEO Fortune Mojapelo said on Tuesday. Speaking at question-and-answer time after presenting a solid set of financial results for 2019, Mojapelo

    Bushveld Minerals

    The coming vanadium battery revolution

    Vanadium: an important role in renewable energy Flow batteries look set to play an important part in the development of the global renewables market, which itself is expected to reach a size of $1.5 trillion by

    Bushveld Minerals

    What is Bespoke Storage

    Bespoke solutions are the largest BESS’s, typically over 20 MW/ 100 MWh, either built into existing buildings, or in purpose built “Storage Stations”. Typical examples of such Storage Stations are the 15MW/ 60MWh system built by

    Bushveld Minerals

    What is a Standalone BESS

    Standalone BESS solutions can be dynamically sized to suit any long-duration storage requirement, typically sized from 100kW/ 400kWh to 40MW/ 160MWh. Standalone solutions are usually made up of multiple containerised units and can stand in any

    Bushveld Minerals

    Hybrid-Mini-Grid

    What is a Hybrid-Mini-Grid A Hybrid-Mini-Grid system comprises of several different sources of energy supply, such as wind or solar, plus diesel back up, plus possibly grid supply, or any other energy resource coupled to a

    Bushveld Minerals

    VRFB Technology

    The VRFB is the simplest and most developed flow battery in mass commercial operations The flow battery was first developed by the National Aeronautics and Space Administration (NASA) in the 1970s and unlike conventional batteries, the

    Bushveld Minerals

    Vanadium flowing in 2020

    2020 was touted by many as the year of the vanadium redox flow battery (VRFB).  In spite of the impact of the global pandemic, this prediction is beginning to bear fruit and the year is only