SouthernEra Acquires New Platinum Group Metals Project
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TORONTO, Oct. 10 /CNW/ - SouthernEra Resources Limited reports the acquisition of a 100% interest in the Millennium Platinum Group Metals ("PGM") Project located on the Eastern limb of the Bushveld Igneous Complex in South Africa. The Bushveld Complex hosts the world's largest PGM deposits and is also the location of SouthernEra's 70.4% owned Messina PGM Mine.
The newly acquired Millennium Project has a potential strike length of 9 kilometres of both the UG2 and Merensky reefs. The project lies to the north of the Steelpoort Fault in an area where grades of the two reefs have proved to be economic.
SouthernEra's President and CEO, Patrick Evans, said: "this exciting development lays the foundation for the longer-term growth of SouthernEra's PGM business. Our operations team has already demonstrated their ability to bring Messina Platinum, our first PGM project, into production well ahead of schedule. This announcement now demonstrates the ability of our business development group to secure additional quality PGM assets beyond our world class Messina PGM Mine."
The reefs outcrop at Millennium Platinum and dip at approximately 12 to 15 degrees, offering substantial down dip extension possibilities. The statigraphy is similar to that of the Messina Platinum Mine. The geological structure will be tested in the coming months with a drilling program planned to commence shortly. The main focus of this program will be to trace strike continuity and acquire grade intercepts to outline an initial resource.
Following an initial mapping phase, the drilling program will commence with seven diamond drill holes totaling 2,000 metres. Four shallow holes will be drilled to a depth of 100 metres targeting the UG2 Chromitite layer. The three deeper holes, to a depth of 400 metres, are targeted to intersect the UG2 and Merensky Reefs. The proposed fieldwork and drilling is estimated to take three months at a cost of US$200,000.
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.
To view Bushveld Complex, please visit southernera.com |
