AFRIORE break up on high vollume
May be results from this drilling are coming:
AfriOre Limited (TSX:AFO - News; "AfriOre") is pleased to announce that it has completed an evaluation of the technical data on the Akanani Platinum Group Metals ("PGM") project (the "Project"), where AfriOre has entered into an option agreement to earn up to a 74% interest in the rights to the farms Moordkopje 813 LR and Zwartfontein 814 LR, as disclosed in AfriOre's press release of November 11, 2004. As a result of the very encouraging data evaluation, AfriOre has decided to commence drilling on the Platreef target immediately. This decision is based, in part, on the available drilling data, which indicates that there are a number of wide zones of PGM mineralization within the Platreef that extend on to the Akanani project area (the "Project Area").
In the course of the technical evaluation, AfriOre obtained the open file records of the only known drill hole (MO1) on the Project Area from South Africa's Council of Geoscience. This hole was drilled, sampled and assayed in 1980 by Rustenburg Platinum Mines Ltd ("RPM"), prior to the company's incorporation into Anglo Platinum. The following very impressive results from five zones of mineralization, within the Platreef, over a drill intersection width of 133 metres were recorded by RPM.
Depth from Width 4 PGM Copper Nickel
(metres) (metres) g/t % %
1,352.17 32.71 4.78 0.15 0.27
1,396.44 2.51 5.74 0.16 0.27
1,422.38 3.17 3.97 0.21 0.37
1,445.42 17.15 3.67 0.15 0.26
1,483.28 1.65 5.75 0.17 0.19
MO1 drill hole was drilled vertically in the northern and deeper section of the Project Area, near the eastern boundary of the farm Moordkopje 813 LR. The mineralization is hosted in the Platreef pyroxenite, which was intersected at a drilled depth of 1,352 metres and extended down to 1,517 metres. The Platreef dips at 35 degrees to the west in this area and the widths of the mineralized zones intersected, as reported, have been corrected for dip. The above data was compiled in 1980, predating and therefore not complying with National Instrument 43-101.
The results for this drill hole confirm that the PGM mineralization in the Platreef extends down dip from the ore bodies, which are currently being mined from outcrop on the adjacent Anglo Platinum properties to the east, on to the Project Area. The PGM mineralized zones, which were intersected in this drill hole, follow a distribution pattern which is common in the central sector of the Platreef. This central sector, which is the focus of the current mining operations, tends to have multiple mineralized zones with variable but higher PGM grades over greater widths than are developed in the northern and southern sectors of the Platreef.
AfriOre has commissioned the first phase 13,000 metre, nine hole drilling program on the Project Area. The first rig has been deployed and has commenced drilling. The second rig is expected to commence drilling within one week and it is envisaged that a third rig may be added early in 2005. The total cost of the first phase drilling program is estimated at Cdn $1.7 million and it is anticipated that it will be completed by May 2005. The drilling program will aim to identify any extensive higher grade PGM zones within the Platreef that will be amenable to establishing a mineral resource for underground mining. The initial drill sites will be in an area where the Platreef is projected to be developed at depths of between 600 metres and 1,500 metres. The results of the initial drill holes will be released as they become available, which is expected to be during the latter part of December 2004.
AfriOre is extremely pleased with the results of the technical evaluation and is very encouraged that such impressive wide zones of PGM mineralization extend on to the Project Area. A target with such potential justifies the intensive exploration program, as commissioned by AfriOre.
AfriOre's CEO and President, Mike van Aswegen, is the qualified person overseeing the Project.
About AfriOre
AfriOre is engaged in the acquisition, exploration and development of gold and platinum exploration properties in Africa. It has exploration properties in South Africa, Mali, Namibia and Kenya. Recently, AfriOre has disposed of its coal mining business.
The Company has 32,032,509 shares outstanding and has cash and receivables of Cdn $6.1 million. |
