Bushveld said drill intercepts mostly targeting the magnetite deposit's lower seam gave in-situ V₂O₅ grades of 0.51% over 44.9m to 1.72% over 1.8m.

The miner said the results showed Brits was likely an extension of the Vametco orebody.

A mineral resource estimate is expected by the end of the June quarter.

Bushveld CEO Fortune Mojapelo said the results showed Brits could provide feedstock for the plant. 

"The average grade of 1.66% V₂O₅ in magnetite concentrate is slightly lower than Vametco, they are still among the highest in the world," he said.

"The results confirm the continuation of the orebody being mined at Vametco and provide the potential for additional feed tonnages for the Vametco plant and future brownfield processing plants."

The miner said it would publish the Vametco mineral resource estimate this week.