Update on Mokopane Tin Project

Bushveld Minerals has provided an update on the Mokopane Tin Project. Included in the update arepreviously issued reports a revised cut-off grade for the Zaaiplaats Deposit.

Mokopane

In anticipation of the demerger of Bushveld's tin assets to form AfriTin Mining, a newly formed company established for listing on AIM shortly, the Bushveld is required to update the report for the Mokopane Tin Project. The updated report was prepared by The MSA Group and includes a mineral resource estimate (MRE) for the Groenfontein deposit and an MRE for the Zaaiplaats deposit.

The following points are noted:

  • The MRE for the Groenfontein deposit remains unchanged from previous estimates, as reported in the original technical report (26 September 2011; re-reported 4 June 2013).
  • The cut-off grade for the MRE at the Zaaiplaats deposit has been revised from 0.07% Sn (as reported in the SRK MRE of 26 September 2013) to 0.1% Sn, to bring this cut-off grade into alignment with the 0.1% cut-off for the Groenfontein deposit.
  • The MRE for the Zaaiplaats deposit (re-stated at a 0.1% Sn cut-off) is 6.216 million tonnes (Mt) at a grade of 0.124% in the Inferred category and 0.017Mt at 0.136% in the Indicated category. This gives total mineral resources of 6.233Mt at 0.124% Sn, with a total tin content of 7 753t.
  • While the reported total tonnage of contained tin at the Zaaiplaats deposit has been revised from 12 452t to 7 753t because of the higher cut-off grade, none of the other parameters of the MRE have been changed, and the reported mineral resources for the Zaaiplaats deposits reflect the original MRE prepared by SRK Consulting.

The unchanged MRE for the Groenfontein deposit (stated at a 0.1% cut-off) is shown below. Note that the mineral resources for the Groenfontein deposit have been re-reported in accordance with JORC (2012), and details of sampling techniques and data, reporting of exploration results and estimation and reporting of mineral resources are reported as Appendix 1 in the form of JORC (2012) Table 1.

“The re-reporting the mineral resource estimates for the Groenfontein and Zaaiplaats deposits as part of an updated Competent Persons Report for the Mokopane Tin Project is an important step in the demerger of Bushveld Minerals to form AfriTin Limited, which we feel will unlock shareholder value for the tin assets currently within Bushveld," says Fortune Mojapelo, CEO of Bushveld Minerals.

 

 Mineral Resources for the Groenfontein deposit as at July 2011 at a 0.1% Sn Cut Off
 Category  Tonnes (millions)  Sn Grade (%)  Sn Tonnes
 Measured  1.177  0.179  2.107
 Indicated  1.918  0.14  2.685
 Inferred  0.898  0.134  1.203
 Total  3.993  0.15  5.995

 

The amended MRE for the Zaaiplaats deposit (stated at a revised 0.1% cut-off) is shown below:

 Zaaiplaats Mineral Resource as at 31 August 2013 (re-stated at 0.10 % Sn Cut Off).
 Category  Tonnes (millions)  Sn Grade (%)  Sn Tonnes
 Indicated  0.017  0.136  23
 Inferred  6.216  0.124  7.73
 Total  6.233  0.124  7.753

The company is in the process of preparing an updated report on its Uis Tin Project in Namibia. It is intended that AfriTin Mining Limited will acquire the Uis Tin Project due to the demerger from Bushveld. An announcement will be released upon completion of the updated report.

Details of Sampling Techniques and Data, Reporting of Exploration Results and Estimation and Reporting of Mineral Resources for both the Groenfontein and Zaaiplaats deposits are outlined in Appendix 1 and Appendix 2 


 

 

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