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.

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

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
Inflation is the easiest way out of this – just don’t expect politicians to admit it
Inflation

Inflation is the easiest way out of this – just don’t expect politicians to admit it

The UK government borrowed £34.1bn in December, a record amount for that month. Britain's debt pile now amounts to 100% of GDP. How are we going to pa…
22 Jan 2021
When will the US stockmarket bubble burst?
US stockmarkets

When will the US stockmarket bubble burst?

With US stocks more expensive than before the Wall Street crash of 1929, there are growing signs of “mania”. But what will push markets over the edge?
22 Jan 2021