South Africa – JSE-listed Bauba Platinum, the platinum focused exploration company achieved its first blast yesterday (19 March 2015) on the LG6 chrome horizon, on its Moeijelijk PGM operation.
Mine establishment began in the first week of January 2015, culminating in this blast which will produce approximately 15 000 t of chrome ore at an expected grade of 39% chrome. The first delivery of run of mine chrome ore to ASA Metals Proprietary will commence before the end of March 2015.
The build up to the planned 20 000 t of chrome ore per month is expected to be achieved within two months from start-up.
“This first blast represents a significant milestone for Bauba”, says Bauba CEO, Syd Caddy. “It truly announces the transformation of Bauba from a pure platinum exploration company to an exploration and production company. The chrome production will further ensure that funding becomes available to support the platinum exploration programme and place the company in a position to declare dividends to its shareholders.”
Bauba is, in addition to its current Moeijelijk project, continually evaluating other potential chrome projects, with a view to potentially expanding its chrome footprint in the market place and thereby, if successful, further enhancing its free cash flow.
The Bauba Platinum farms lie within the Leolo mountain range in Limpopo province, approximately 40 km north-northwest of the town Steelpoort and 250 km north-east of Johannesburg.
Bauba holds Prospecting Rights over eight farms extending over an area of 14 290 ha of the north-eastern limb of the Bushveld Igneous Complex. The farms have been grouped into three areas, namely the Northern, Central and Southern Clusters.
The prospects areas are largely underlain by the Main Zone and to a lesser extent the Upper Zone mafic layers. The Main Zone is underlain by the Critical Zone which hosts the world’s largest economic platinum group elements (PGE) resources in the Merensky and UG2 Reefs.
The Merensky Reef within the Bauba prospects is present at depths between 1 600 m and 2 500 m below surface. The UG2 Reef is located between 300 m and 400 m below the Merensky Reef.
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