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.
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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.
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