The presence of phosphate intersections have been discovered at Bushveld Minerals' iron ore project in the Limpopo Province of South Africa, a trading update published by the company has shown.
The AIM-listed mineral development company, which is focused on iron and tin projects, stated that recent analytical results had proven the presence of phosphate intersections above the P-Q Zone iron ore layer, adding an additional commodity to the iron, titanium and vanadium products that had already been evaluated at the iron-ore project.
Drilling assay results revealed a zone of phosphate mineraliation between 8m and 61m thick in the hanging wall to the P-Q zone, according to the update.
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The company further reported that the phosphate zone was geologically and identifiably distinct from the main P-Q iron ore layer that comprised the company's main iron ore resource.
According to Bushveld Minerals, the potential for extracting saleable phosphate would enhance the economics of the project because ordinarily the zone would form part of the so-called hanging-wall "waste" rock in the mining of the P-Q magnetite layers.
Commenting on the analytical results, Bushveld Minerals' Chief Executive Officer, Fortune Mojapelo, said: "We are pleased that this robust phosphate zone, which would be "strip / waste" in the mining of the P-Q zone, is distinct from the main P-Q mineralisation and is identifiable through clear geological markers.
"This presents an exciting opportunity of a new potentially mineable phosphate resource that we hope can be economically exploited. While this is resource is not the main focus of the Bushveld Iron ore Project, its potential to enhance the economics of the Iron Ore project is significant and very encouraging."
Bushveld minerals was listed on AIM in March 2012. In February 2011, Obtala Resources entered into an agreement to acquire a 50% interest in the issued share capital of Bushveld Minerals.
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