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Bushveld Minerals updates resource estimates at Mokopane tin project ahead of demerger

Published: 03:53 27 Oct 2017 EDT

Bushveld Minerals updates resource estimates at Mokopane tin project ahead of demerger
The Bushveld - South Africa

Bushveld Minerals Limited (LON:BMN) has issued a revised competent person's report (CPR) for the Mokopane tin project in South Africa, ahead of the spin-off the group's tin assets into the new AIM listing, AfrTin.

It includes mineral resource estimates for the Groenfontein deposit and the Zaaiplaats deposit.

READ: Bushveld’s AfriTin spin-off moves closer to listing on AIM

For the Groenfontein deposit, the estimate remains unchanged at 5,995 tonnes of contained tin at a grade of 0.150%.

But the new resource for Zaaiplaats has a new higher cut-off grade of 0.1% of tin to bring it in line with Groenfontein, which means the total tonnage of contained tin at Zaaiplaats has been revised down from 12,452 tonnes to 7,753 tonnes.

It has 6.216mln tonnes at a grade of 0.124% in the lower confidence inferred category and 0.017mln tonnes at 0.136% in the higher indicated, giving total tin content of 6.233mln tonnes at 0.124%, with a total tin content of 7,753 tonnes.

READ: Bushveld raises up to £8 mln in new money through convertible bonds

"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," said Fortune Mojapelo, chief executive of Bushveld.

Shares eased 0.63% to 9.44p in early deals in London.

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on 05/12/2023