Bushveld Minerals increases mineral resouce
Bushveld Minerals has said that drilling at its iron ore project in South Africa has increased that total mineral resource by 107m tonnes to 740m tonnes.
Bushveld Minerals has said that drilling at its iron ore project in South Africa has increased that total mineral resource by 107m tonnes to 740m tonnes.
Of this, 90m tonnes was added to the indicated category and 17m tonnes was in the inferred category.
Drilling has also confirmed that there are no major faults separating the north and south blocks of the P-Q Zone, which means that they will now be reported as a single block.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Fortune Mojapelo, the Company's Chief Executive Officer, said: "This update is an important milestone towards our objective to prove up a resource in excess of one billion tonnes in line with the commitments we made when the company was admitted to AIM in March 2012.
"Importantly, the majority of the additional resource that we have reported is in the indicated category, defined from surface along strike extension. Furthermore, the resource upgrade does not come from deeper resources but adds to a potentially open-castable resource."
The share price rose 4.35% to 12p by midday.
NR
-
Adidas, Nike or Jordans - could collectable trainers make you rich?
The right pair of trainers can fetch six figures. Here's how you can start collecting vintage Adidas, Nike or Jordans now
By Chris Carter Published
-
Early bird ISA investors flock to global funds, India and the US
There’s been an increase in investors maxing out their ISA at the start of the new tax year. But where are they putting their cash and why does it make sense to be an early bird investor?
By Vaishali Varu Published