REG - Bushveld Minerals Ld - Mineral Resources and Reserves Annual Update
23/04/2024 07:00
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RNS Number : 5921L Bushveld Minerals Limited 23 April 2024
Market Abuse Regulation ("MAR") Disclosure
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.
23 April 2024
Bushveld Minerals Limited
("Bushveld", the "Company" or the "Group")
Vametco 2023 Mineral Resources and Reserves Annual Update
Bushveld Minerals Limited (AIM: BMN), the primary vanadium producer, 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.
The resources and reserve estimation was carried out by MSA Group Inc in
accordance with the terminology and definitions given in the JORC Code (2012).
Key Highlights
· The total Ore Reserves have increased by approximately 10
per cent from the previous Ore Reserve estimate as at 31 December 2022. The
Ore Reserves are reported as at the 31 December 2023 at 293,400 tonnes
V(2)O(5) in magnetite at a grade of 2.00 per cent V(2)O(5) (in magnetite).
· The combined Inferred and Indicated Mineral Resource
comprises 3 Seams (The Lower, Intermediate and Upper Seams) and is reported as
at the 31 December 2023 at 180.4 million tonnes (Mt) at an average grade of
1.98 per cent V(2)O(5) (in magnetite), with an average magnetite content of
35.0 per cent (in whole rock) for 694.6 thousand tonnes of contained vanadium.
The previously reported combined Inferred and Indicated Mineral Resource, as a
31 December 2022, was 181.5 Mt at an average grade of 1.98 per cent V(2)O(5)
(in magnetite), with an average magnetite content of 35.0 per cent (in whole
rock) for 699.0 thousand tonnes of contained vanadium.
· Within this, the Ore Reserve in the Probable Category
comprise 3 Seams (The Lower, Intermediate and Upper Seams) and is reported as
51.0 Mt at an average grade of 2.00 per cent V(2)O(5) (in magnetite), with
an average magnetite content of 28.9 per cent (in whole rock) for
164,300 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 41.2 Mt at an average grade of 2.03 per cent V(2)O(5) (in magnetite), with
an average magnetite content of 28.2 per cent (in whole rock) for 132,200
tonnes of vanadium.
· The decrease in the total 2023 Mineral Resource, by 0.61
per cent less tonnes than the 31 December 2022 estimate, is attributed to
mining of the seams over the last 12 months. No Mineral Resource exploration
was carried out over the period.
· The year-on-year depletion which was calculated to be 1.1
Mt, was offset by an increase in tonnage through improved definition of the
existing pit design (1.7 Mt) and an adjustment to the modifying factors (4.1
Mt), resulting in an increase in the total Ore Reserves from 46.4 Mt to 51.0
Mt as at 31 December 2023. The Ore Reserve modifying factors (mining loss and
dilution) were adjusted based on pit to plant reconciliation production data
supplied by Bushveld Vametco Alloys (Pty). Ltd. This resulted in a significant
increase in the Upper Seam ore tonnes from 36.2 Mt to 41.2 Mt.
Table 1: Vametco Mineral Resource at a cut-off grade of 20% magnetite, as at
31 December 2023
Class Seam Name Tonnes V(2)O(5) grade Magnetite grade V(2)O(5) grade Tonnes V(2)O(5) Tonnes V in magnetite
of whole rock of whole rock in magnetite in magnetite
(Millions) % % % (Thousands) (Thousands)
Indicated Upper 5.3 1.44 65.9 1.78 61.7 34.6
Intermediate 27.3 0.67 32.9 1.91 171.3 95.9
Lower 105.3 0.72 32.4 2.03 692.7 387.9
Total 137.9 0.74 33.7 2.00 925.7 518.4
Inferred Upper 10.1 1.46 63.6 1.75 112.9 63.2
Intermediate 7.0 0.67 32.1 1.92 43.4 24.3
Lower 25.4 0.74 31.3 2.00 158.4 88.7
Total 42.5 0.90 39.1 1.93 314.7 176.2
Indicated and Inferred Upper 15.4 1.45 64.4 1.76 174.6 97.8
Intermediate 34.4 0.67 32.7 1.91 214.7 120.2
Lower 130.6 0.72 32.1 2.03 851.1 476.6
Total 180.4 0.77 35.0 1.98 1,240.4 694.6
Notes:
1. All tabulated data have been rounded and as a result minor
computational errors may occur.
2. Mineral Resources which are not Ore Reserves have no
demonstrated economic viability.
3. Mineral Resources are inclusive of Ore Reserves (not indicated
in the table).
4. Magnetite content (grade) is determined as the proportion of
magnetite concentrate recovered using Davis Tube methodology.
5. Due to the magnetite grade being a recovered grade, differences
will occur between whole rock V(2)O(5) grades back-calculated from
concentrate, versus those derived from whole rock assays.
6. Depleted using the 31 December 2023 pit survey.
7. Reported on a Gross Basis. Bushveld Minerals shareholding in
Bushveld Vametco Alloys is 100%
Table 1a: Vametco Mineral Resource at a cut-off grade of 20% magnetite, 31
December 2023 versus 31 December 2022
Class Seam Name Tonnes V(2)O(5) grade Magnetite grade of V(2)O(5) grade Tonnes V(2)O(5) Tonnes V in magnetite Tonnes V(2)O(5) grade of whole rock Magnetite grade of whole rock V(2)O(5) grade in magnetite Tonnes V(2)O(5) in magnetite Tonnes V in magnetite
of whole rock whole rock in magnetite in magnetite
(Millions) % % % (Thousands) (Thousands) (Millions) % % % (Thousands) (Thousands)
31 December 2023 31
Decemb
er
2022
Indicated Upper 5.3 1.44 65.9 1.78 61.7 34.6 5.4 1.44 65.9 1.78 62.7 35.1
Intermediate 27.3 0.67 32.9 1.91 171.3 95.9 27.6 0.67 32.9 1.91 173.1 97.0
Lower 105.3 0.72 32.4 2.03 692.7 387.9 105.9 0.72 32.4 2.03 697.2 390.4
Total 137.9 0.74 33.7 2.00 925.7 518.4 139.0 0.74 33.8 2.00 933.0 522.5
Inferred Upper 10.1 1.46 63.6 1.75 112.9 63.2 10.2 1.46 63.6 1.75 113.3 63.5
Intermediate 7.0 0.67 32.1 1.92 43.4 24.3 7.0 0.67 32.1 1.92 43.4 24.3
Lower 25.4 0.74 31.3 2.00 158.4 88.7 25.4 0.74 31.3 2.00 158.4 88.7
Total 42.5 0.90 39.1 1.93 314.7 176.2 42.6 0.90 39.1 1.93 315.2 176.5
Indicated and Inferred Upper 15.4 1.45 64.4 1.76 174.6 97.8 15.5 1.45 64.4 1.76 176.0 98.6
Intermediate 34.4 0.67 32.7 1.91 214.7 120.2 34.7 0.67 32.7 1.91 216.5 121.3
Lower 130.6 0.72 32.1 2.03 851.1 476.6 131.3 0.72 32.1 2.03 855.6 479.2
Total 180.4 0.77 35.0 1.98 1,240.4 694.6 181.5 0.77 35.0 1.98 1,248.2 699.0
Notes:
1. All tabulated data have been rounded and as a result minor
computational errors may occur.
2. Mineral Resources which are not Ore Reserves have no
demonstrated economic viability.
3. Mineral Resources are inclusive of Ore Reserves (not indicated
in the table).
4. Magnetite content (grade) is determined as the proportion of
magnetite concentrate recovered using Davis Tube methodology.
5. Due to the magnetite grade being a recovered grade, differences
will occur between whole rock V(2)O(5) grades back-calculated from
concentrate, versus those derived from whole rock assays.
6. 2022 depletion as at 31 December 2022.
7. 2023 depletion as at 31 December 2023.
8. Reported on a Gross Basis. Bushveld Minerals shareholding in
Bushveld Vametco Alloys is 100%.
Table 2: Vametco Ore Reserves, 31 December 2023 - Gross Basis
Class Seam Name Tonnes V(2)O(5) grade of whole rock Magnetite grade of whole rock V(2)O(5) grade in magnetite Tonnes V(2)O(5) in magnetite Tonnes V in magnetite
(Millions) % % % (Thousands) (Thousands)
Probable Upper 1.8 1.15 53.5 1.77 17.3 9.7
Intermediate 8.0 0.57 26.8 1.87 39.9 22.4
Lower 41.2 0.62 28.2 2.03 236.2 132.2
Total 51.0 0.63 28.9 2.00 293.4 164.3
Notes:
1. All tabulated data have been rounded and as a result minor
computational errors may occur.
2. Ore Reserve tonnes and grades reported on dry run of mine (RoM)
(plant feed) basis after mining modifying factors have been applied but before
beneficiation down-stream recoveries/losses have been applied.
3. Reporting was prepared on a Mineral Resource model developed by
MSA.
4. Ore Reserves depleted as at 31 December 2023 using 31 December
2023 pit survey.
5. Ore Reserve estimate was based on a revised pit design
completed in September 2022
6. Ore Reserve modifying factors adjusted by seam based on
analysis of pit to plant production information
7. Ore Reserve estimate depleted using Datamine Studio 5DP Open
Pit software and latest topography supplied by Vametco as of 31 December 2023.
8. Reported on a Gross Basis. Bushveld Minerals shareholding in
Bushveld Vametco Alloys is 100%.
Table 2a: Vametco Ore Reserve at a cut-off grade of 20% magnetite, 31 December
2023 versus 31 December 2022 - Gross Basis
Class Seam Name Tonnes V(2)O(5) grade Magnetite grade V(2)O(5) grade Tonnes V(2)O(5) Tonnes V Tonnes V(2)O(5) grade Magnetite grade of whole rock V(2)O(5) grade Tonnes V(2)O(5) Tonnes V
of whole rock of whole rock in magnetite in magnetite in magnetite of whole rock in magnetite in magnetite in magnetite
(Millions) % % % (Thousands) (Thousands) (Millions) % % % (Thousands) (Thousands)
31 December 2023 31
Decem
ber
2022
Probable Upper 1.8 1.15 53.5 1.77 17.3 9.7 1.9 1.07 50.2 1.77 16.7 9.3
Intermediate 8.0 0.57 26.8 1.87 39.9 22.4 8.3 0.57 26.7 1.87 41.3 23.1
Lower 41.2 0.62 28.2 2.03 236.2 132.2 36.2 0.62 28.1 2.03 206.7 115.7
Total 51.0 0.63 28.9 2.00 293.4 164.3 46.4 0.63 28.7 1.99 264.6 148.2
Notes:
1. All tabulated data have been rounded and as a result minor
computational errors may occur.
2. Ore Reserve tonnes and grades reported on dry RoM (plant feed)
basis after mining modifying factors have been applied but before
beneficiation down-stream recoveries/losses have been applied.
3. Reporting was prepared on a Mineral Resource model developed by
MSA.
4. 2022 depletion as at 31 December 2022.
5. 2023 depletion as at 31 December 2023.
6. Ore Reserve estimate was based on a revised pit design
completed in September 2022
7. Ore Reserve modifying factors adjusted by seam based on
analysis of historical pit to plant production information.
8. Ore Reserve estimate depleted using Datamine Studio 5DP Open
Pit software and latest topography supplied by Vametco as of 31 December 2023.
9. Ore Reserve estimate compared to previous depleted Ore Reserves
estimate compiled in December 2022.
10. Reported on a Gross Basis. Bushveld Minerals shareholding in
Bushveld Vametco Alloys is 100%.
Enquiries: info@Bushveldminerals.com (mailto:info@Bushveldminerals.com)
Bushveld Minerals Limited +27 (0) 11 268 6555
Craig Coltman, Chief Executive Officer
Chika Edeh, Head of Investor Relations
SP Angel Corporate Finance LLP Nominated Adviser & Joint Broker +44 (0) 20 3470 0470
Richard Morrison / Charlie Bouverat
Grant Barker / Richard Parlons
Hannam & Partners Joint Broker +44 (0) 20 7907 8500
Andrew Chubb / Matt Hasson / Jay Ashfield
Tavistock Financial PR +44 (0) 207 920 3150
Gareth Tredway / Tara Vivian-Neal / James Whitaker
Competent Person's Statement
In accordance with the "AIM Rules - Note for Mining and Oil and Gas
Companies", the information contained within the announcement has been
reviewed and approved by Simon Nethononda, the Mining Manager for Bushveld
Minerals SA (Pty) Ltd. Simon has 12 years' experience in mining management,
economic geology, and mineral resource management. His experience extends
through several commodities including precious metals, PGEs, coal, and base
metals. He is a member of the South African Council for Natural Scientific
Professions (SACNASP - 124439) in good standing. Simon has 8 years' experience
in Fe-V-Ti Mineral Resources, which is relevant to the style of mineralisation
and type of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined under the JORC Code
(2012). Simon Nethononda consents to the inclusion in this announcement of the
matters based on his information in the form and context in which it appears.
ENDS
ABOUT BUSHVELD MINERALS LIMITED
Bushveld Minerals is a primary vanadium producer, it is one of only three
operating primary vanadium producers. Bushveld has a diversified vanadium
product portfolio serving the needs of the steel, energy and chemical sectors.
Detailed information on the Company and progress to date can be accessed on
the website www.bushveldminerals.com (http://www.bushveldminerals.com/)
Glossary of Technical Terms
Cut-off grade The lowest grade, or quality, of mineralised material that qualifies as
economically mineable and available in a given deposit. May be defined on the
basis of economic evaluation, or on physical or chemical attributes that
define an acceptable product specification.
Indicated Mineral Resources or Indicated Resources Indicated Mineral Resource or Indicated Resource is that part of a Mineral
Resource for which quantity, grade or quality, densities, shape and
physical Glossary of Technical Terms
Cut-off grade
The lowest grade, or quality, of mineralised material that qualifies as
economically mineable and available in a given deposit. May be defined on the
basis of economic evaluation, or on physical or chemical attributes that
define an acceptable product specification.
Indicated Mineral Resources or Indicated Resources
Indicated Mineral Resource or Indicated Resource is that part of a Mineral
Resource for which quantity, grade or quality, densities, shape and physical
characteristics, can be estimated with a level of confidence sufficient to
allow the appropriate application of technical and economic parameters, to
support mine planning and evaluation of the economic viability of the deposit.
The estimate is based on detailed and reliable exploration and testing
information gathered through appropriate techniques from locations such as
outcrops, trenches, pits, workings and drill holes that are spaced closely
enough for geological and grade continuity to be reasonably assumed
Inferred Mineral Resources or Inferred Resources
An Inferred Mineral Resource or Inferred Resource is that part of a Mineral
Resource for which quantity and grade (or quality) are estimated on the basis
of limited geological evidence and sampling. Geological evidence is sufficient
to imply but not verify geological and grade (or quality) continuity. It is
based on exploration, sampling and testing information gathered through
appropriate techniques from locations such as outcrops, trenches, pits,
workings and drill holes.
JORC Code
The Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves (the "JORC Code"), a professional code of practice that sets
minimum standards for Public Reporting of minerals Exploration Results,
Mineral Resources and Ore Reserves.
Magnetite
Naturally occurring form of iron ore with the formula Fe3O4.
Mt
Millions of tonnes
mt or mtV
Metric tonne or Metric tonne of Vanadium
Ore or Mineral Reserves
Ore or Mineral Reserves are sub-divided into two categories.
The "Proved" category - the highest level of Reserves or the level with the
most confidence and the "Probable" category - the lower level of confidence
of the Reserves.
Reserves are distinguished from resources as all the technical and economic
parameters have been applied and the estimated grade and tonnage of the
resources should closely approximate the actual results of mining. The
guidelines state: "Mineral Reserves are inclusive of the diluting material
that will be mined in conjunction with the Mineral Reserve and delivered to
the treatment plant or equivalent facility." The guidelines also state that:
"The term 'Mineral Reserve' need not necessarily signify that extraction
facilities are in place or operative or that all government approvals have
been received. It does signify that there are reasonable expectations of such
approvals."
Seam
A bed or a distinct layer of vein of rock in other layers of rock
Vanadium
Vanadium is a chemical element with the symbol V and atomic number 23.
Vanadium Oxide
Vanadium(V) oxide is the inorganic compound with the formula V(2)O(5).
characteristics, can be estimated with a level of confidence sufficient to
allow the appropriate application of technical and economic parameters, to
support mine planning and evaluation of the economic viability of the deposit.
The estimate is based on detailed and reliable exploration and testing
information gathered through appropriate techniques from locations such as
outcrops, trenches, pits, workings and drill holes that are spaced closely
enough for geological and grade continuity to be reasonably assumed
Inferred Mineral Resources or Inferred Resources An Inferred Mineral Resource or Inferred Resource is that part of a Mineral
Resource for which quantity and grade (or quality) are estimated on the basis
of limited geological evidence and sampling. Geological evidence is sufficient
to imply but not verify geological and grade (or quality) continuity. It is
based on exploration, sampling and testing information gathered through
appropriate techniques from locations such as outcrops, trenches, pits,
workings and drill holes.
JORC Code The Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves (the "JORC Code"), a professional code of practice that sets
minimum standards for Public Reporting of minerals Exploration Results,
Mineral Resources and Ore Reserves.
Magnetite Naturally occurring form of iron ore with the formula Fe3O4.
Mt Millions of tonnes
mt or mtV Metric tonne or Metric tonne of Vanadium
Ore or Mineral Reserves Ore or Mineral Reserves are sub-divided into two categories.
The "Proved" category - the highest level of Reserves or the level with the
most confidence and the "Probable" category - the lower level of confidence
of the Reserves.
Reserves are distinguished from resources as all the technical and economic
parameters have been applied and the estimated grade and tonnage of the
resources should closely approximate the actual results of mining. The
guidelines state: "Mineral Reserves are inclusive of the diluting material
that will be mined in conjunction with the Mineral Reserve and delivered to
the treatment plant or equivalent facility." The guidelines also state that:
"The term 'Mineral Reserve' need not necessarily signify that extraction
facilities are in place or operative or that all government approvals have
been received. It does signify that there are reasonable expectations of such
approvals."
Seam A bed or a distinct layer of vein of rock in other layers of rock
Vanadium Vanadium is a chemical element with the symbol V and atomic number 23.
Vanadium Oxide Vanadium(V) oxide is the inorganic compound with the formula V(2)O(5).
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