Ironveld PLC Luge Mining Right Application Accepted (3025A)
01 Junio 2021 - 1:00AM
UK Regulatory
TIDMIRON
RNS Number : 3025A
Ironveld PLC
01 June 2021
Ironveld Plc
("Ironveld" or the "Company")
Corporate Update
Luge Mining Right Application Accepted
Ironveld's subsidiary company, Luge Prospecting and Mining (Pty)
Ltd ("Luge"), has had a Mining Right application accepted in
respect of vanadiferous-titaniferous magnetite ("VTM") over the
farms Luge 697 LR and Non Plus Ultra 683 LR (the "Farms").
Luge is the holder of Prospecting Rights, originally granted in
2016, over the Farms and November 2020 submitted a Mining Right
application for VTM which outcrops on the Farms. This application
has been accepted by the Department of Mineral Resources and
Energy. Following completion of the standard environmental and
water use licence work, as well as community engagement, it is
expected that the Mining Right will be granted in the second half
of this year.
The area covered by the Farms has outcropping Main Magnetite
Layer ore which is an extension of and identical to the VTM ore
found on the Company's existing Lapon and HW Iron properties. Once
the Mining Right is granted it will increase the Company's main
magnetite mineral resource by about 20%, taking the outcrop length
from approximately 28 kilometres to approximately 33 kilometres. In
addition, the Farms also have an extensive out cropping mineral
resource of "layer 21 VTM", estimated by the Company to be 200
million tons of open castable resource. While this is lower in
vanadium grade than the Main Magnetite layer it is a significantly
wider reef and mining costs will be lower.
The Company looks forward to completing the necessary work for
the Mining Right to be granted.
Possible Corporate Transaction
On 30 March 2021, the Company announced that it was in talks
with a South African investor seeking to take a substantial
strategic equity stake at the listed company level. Whilst progress
on the transaction has taken longer than initially expected,
positive discussions have continued and the Directors remain
optimistic that a deal can soon be concluded.
For further information, please contact:
Ironveld plc c/o Blytheweigh
Martin Eales, Chief Executive Officer +44 20 7138 3204
finnCap (Nomad and Broker)
Christopher Raggett / Charlie Beeson +44 20 7220 0500
Turner Pope (Joint Broker)
Andrew Thacker +44 20 3657 0050
Blytheweigh
Tim Blythe / Megan Ray +44 20 7138 3204
NOTES TO EDITORS
Ironveld (IRON.LN) is the owner of Mining Rights over
approximately 28 kilometres of outcropping Bushveld magnetite with
a SAMREC compliant ore resource of some 56 million tons of ore
grading 1,12% V2O5, 68,6% Fe2O3 and 14,7% TiO2.
The Definitive Feasibility Study published in April 2014
confirms the project's viability to deliver a Vanadium slag product
for which the company has an offtake agreement as well a High
Purity Iron product which commands a premium in the market place
and Titanium slag containing commercial grades of titanium.
Ironveld is an AIM traded company. For further information on
Ironveld please refer to www.ironveld.com.
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