SouthernEra Commences Phase 2 Feasibility at Messina
TORONTO, Oct. 3 /CNW/ - Following the successful completion of the
financing for Phase 1 (Voorspoed Section) of its 70.4% owned Messina Platinum
Project, SouthernEra has commenced a feasibility study on Phase 2 (Doornvlei
Section). Phase 2 is located 12 kilometres to the East of the Phase 1 shaft
and has a strike length of 3.8 kilometres.
Significant drilling took place on Phase 2 between 1981 and 1990,
resulting in an indicated resource to 1000 metres of 15.2 million tonnes at an
average grade of 5.8 grams of PGMs plus gold per tonne for a total of 2.8
million ounces. A further 15.0 million tonnes grading 5.8 grams of PGMs plus
gold per tonne for a total of 2.8 million ounces were categorized as inferred.
The overall grades and metal splits for the Phase 2 resource calculations,
which take into account underground mining dilution, are as follows:
<<
-------------------------------------------------------------------------
Reef Grade Proportion of Individual Platinum Group By-Product
(g/T) Element in Sample Metal Credit
---------------------------------------------------------
Pt Pd Rh Ru Ir Au Ni Cu
-------------------------------------------------------------------------
Merensky 4.43 53.7% 27.4% 2.8% 6.9% 1.4% 7.8% 0.28% 0.17%
-------------------------------------------------------------------------
UG2 6.65 39.5% 36.9% 6.2% 13.0% 2.5% 1.9% 0.17% 0.11%
-------------------------------------------------------------------------
>>
Similar to Phase 1, the Phase 2 resource is contained within the Merensky
and UG2 Reefs hosted by the Bushveld Platinum Complex. Both reefs outcrop on
Phase 2, dip to the south at 55 degrees and remain within the property
boundaries to a depth of greater than 2000 metres. Previous drilling
intersected economic values to a depth of 1,250 metres and it is considered
likely that these reefs will continue to be productive to at least the 2,000
metre level as they are elsewhere in the Bushveld Platinum Complex.
The existing infrastructure on Phase 2 includes a 175 metre long incline
shaft and a 3 metre diameter vertical shaft, both to a vertical depth of 100
metres. Underground development took place on the 50 and 100 metre levels.
Preparatory work for the feasibility study has commenced. Pump testing of
the vertical shaft has been completed and the dewatering process has begun. A
full assessment of the previously installed infrastructure and development
will be carried out once the dewatering has been completed. Given the
extensive work already completed at Phase 2, it is anticipated that a bankable
feasibility study will be completed by mid-2002.
SouthernEra President and CEO, Patrick C. Evans, said that Phase 2 is
"the second step toward our five year goal of taking the Messina Project to a
production level of 500,000 ounces of PGMs annually."
SouthernEra Resources Limited is an independent producer of platinum
group metals and diamonds. The company also has an extensive PGM and diamond
exploration program. The common shares of SouthernEra are traded under the
symbol SUF on the Toronto Stock Exchange.
Certain statements set forth above may constitute "forward looking
statements" within the meaning of the United States Private Securities
Litigation Reform Act of 1995. Such statements involve risks, uncertainties
and other factors that may cause the actual results, performance or
achievements to differ from those expressed or implied by such forward looking
statements. Such risks and uncertainties are described in periodic filings
made by SouthernEra with securities regulatory authorities.
-30-
For further information: SouthernEra Resources Limited: Patrick C.
Evans, President and CEO, Telephone: (416) 359-9282, Fax: (416) 359-9141,
e-mail: inbox@southernera.com
newswire.ca |
