Bauba makes first chrome shipment in platinum exploration funding move
The JSE-listed Bauba Platinum, which is mining and selling chrome ore to fund its platinum exploration, last week shipped the first run-of-mine output from its maiden chrome horizon blast at the Moeijelik operation.
Bauba last year entered into a two-year chrome-ore supply agreement with ASA Metals, which is augmenting supply from its own chrome mine and smelter located some 30 km from Moeijelik.
Assay results of the first 2 100 t of chrome yielded the expected 39% chrome grade and met the remaining product specifications of the chrome-ore supply agreement with ASA, a joint venture between Eastern Asia Metals Investment of China and the provincially owned Limpopo Economic Development Enterprise of South Africa.
Bauba CEO Syd Caddy said in a stock exchange news announcement that, given the drilling results, the chrome content is likely to increase with corresponding improved revenue results.
Following Bauba’s R150-million acquisition of 60% of the prospecting rights over the Moeijelik and Waterkop farms, in Limpopo, Bauba subsidiary Bauba A Hlabirwa Mining Investments last year obtained a bulk sample authorisation and a mining permit over Moeijelik, where opencast chrome mining is under way.
The chrome venture is generating cash for exploration in the company’s northern platinum cluster, where an initial Merensky reef borehole indicated three platinum-group elements as well as gold at grades of 6.15 g/t across a width of 3.90 m and a higher upper group two reef grade of 6.25 g/t across a width of 1.20 m.
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