(BSNS WIRE) Bulk Tonnage PGM-Nickel-Copper Deposit Being Outlined by Drilli
Bulk Tonnage PGM-Nickel-Copper Deposit Being Outlined by Drilling on Anooraq's
Rietfontein Property
Business Editors
VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 4, 2002--Ronald
W. Thiessen, President and CEO of Anooraq Resources Corporation
(OTCBB:ARQRF) (TSX VENTURE:ARQ) is pleased to announce that drilling
is outlining a bulk tonnage, PGM-Nickel-Copper deposit on its
Rietfontein property, 275 kilometres north of Johannesburg, South
Africa. Rietfontein is part of Anooraq's extensive (39,000 ha) mineral
tenure on the prolific northern limb of the Bushveld Complex. The
large Sandsloot open pit mine and seven other deposits, containing
about 68 million ounces of platinum group elements plus gold in about
500 million tonnes of reserves and resources (Anglo Platinum 2000
Annual Report) are located on property immediately to the northwest of
Rietfontein.
The new Rietfontein PGM-Nickel-Copper discovery occurs within the
Platreef, the main mineralized horizon on the northern limb. African
Minerals Ltd. is earning a 50% interest in Rietfontein by carrying out
the drilling; part of an extensive multi-rig program that has been
ongoing since January 2002 on the Rietfontein and adjacent Turfspruit
farms. Strongly mineralized Platreef horizon straddles the common
boundary of the two farms.
Twenty-five vertical core holes have been drilled at Rietfontein
along a 1,650 metre southeast trending portion of the Platreef. Drill
holes are spaced at 100 to 200 metre intervals along the strike length
and up to 150 metres across the width of the Platreef (see plan map
and sections on the Company web site). Significant mineralized
intervals for each hole have been compiled by Anooraq and are shown in
the attached Table of Rietfontein Assay Results.
Broad sections of mineralized Platreef have been encountered in
most of the holes drilled to date, outlining a deposit that dips from
30 to 70 degrees to the west and is continuous over about 1,450 metres
of strike length. Mineralization extends from a very shallow depth (20
to 40 metres from surface), over vertical extents of 50 to 250 metres.
Within this are significant intervals of disseminated, net textured
and massive sulphides. Generally two to four higher-grade mineralized
intervals occur in each hole, ranging from 5 to 90 metres in thickness
and grading about 1 gram per tonne PGM (platinum+palladium+gold). The
platinum:palladium ratio is approximately 0.65 and the platinum:gold
ratio is approximately 2.9 for these intervals. PGM are accompanied by
substantial base metal grades, averaging 0.26% nickel and 0.20%
copper. In-situ metal values range to US$91 per tonne and average
US$34 per tonne for the intersections. African Minerals is continuing
multi-rig core drilling on the Rietfontein property and further
results will be provided as assay results are received from African
Minerals.
The combination of very consistent grades of PGM, nickel, and
copper (demonstrated by the in-situ metal values) over substantial
widths at shallow depth indicates the discovery of a mineral deposit
that is potentially amenable to large-scale, low cost open pit mining
and processing to produce bulk concentrates for shipment to smelters.
More and more PGM and nickel deposits are being developed as low cost
open pit operations. For example, Anglo Platinum's nearby Sandsloot
mine is a 12,000 tonnes per day open pit operation. The Lac des Iles
mine in Ontario, Canada, is also an open pit operation currently
ramping up to 15,000 tonnes per day. Mineral reserve grades at the Lac
des Iles mine are palladium (1.53 g/t), platinum (0.17 g/t), gold
(0.12 g/t), nickel (0.05%), and copper (0.06%). Using the same metals
prices, the in-situ metal value of the Lac des Iles mineral reserves
is US$26/t.
For additional details on Anooraq and its Platreef Project, please
visit the Company's website at www.hdgold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Ronald W. Thiessen, President & CEO
-0-
*T
Hole From To Interval Interval PGM(1) Nickel Copper IMV(2)
Number (metres) (metres) (metres) (feet) (g/tonne) (%) (%) $US/
Tonne
----------------------------------------------------------------------
AR001 19.83 66.15 46.32 152.0 0.84 0.18 0.12 25.23
AR002 19.61 43.77 24.16 79.3 0.62 0.27 0.16 28.89
AR002 80.34 85.35 5.01 16.4 1.04 0.27 0.13 34.31
AR002 91.32 95.39 4.07 13.4 1.17 0.57 0.35 59.28
AR002 107.34 155.81 48.47 159.0 0.99 0.25 0.23 33.29
AR003 41.88 48.87 6.99 22.9 0.26 0.30 0.21 26.89
AR003 69.21 91.02 21.81 71.6 0.52 0.23 0.20 26.01
AR003 112.83 122.61 9.78 32.1 1.93 0.28 0.34 50.43
AR003 130.08 210.25 80.17 263.0 0.66 0.23 0.22 27.70
AR004 Assays Pending
AR005 16.28 20.80 4.52 14.8 1.47 0.24 0.14 39.00
AR005 58.43 71.07 12.64 41.5 1.00 0.25 0.16 33.15
AR005 91.75 137.07 45.32 148.7 0.93 0.19 0.21 28.61
AR005 185.71 191.66 5.95 19.5 0.60 0.25 0.27 29.61
AR006 30.84 43.19 12.35 40.5 0.80 0.38 0.19 40.33
AR006 46.18 55.17 8.99 29.5 1.00 0.34 0.22 40.00
AR006 60.84 66.05 5.21 17.1 1.53 0.81 0.48 85.39
AR006 73.77 77.07 3.30 10.8 1.45 0.42 0.30 52.30
AR007 73.23 85.73 12.50 41.0 0.91 0.24 0.17 31.46
AR007 118.26 162.93 44.67 146.6 0.90 0.33 0.26 38.34
AR008 26.83 33.75 6.92 22.7 0.72 0.23 0.25 29.56
AR008 40.33 130.93 90.60 297.2 1.09 0.45 0.35 50.05
AR009 35.19 39.27 4.08 13.4 1.11 0.15 0.07 27.02
AR009 94.27 104.43 10.16 33.3 1.28 0.19 0.10 33.12
AR009 122.55 154.49 31.94 104.8 0.80 0.22 0.08 27.12
AR010 In Footwall, No Significant Results
AR011 35.38 41.33 5.95 19.5 0.97 0.55 0.39 55.63
AR011 63.02 89.80 26.78 87.9 1.31 0.15 0.20 30.27
AR012 47.68 56.59 8.91 29.2 0.86 0.27 0.13 32.46
AR012 110.08 112.95 2.87 9.4 1.15 0.16 0.14 28.42
AR012 137.73 211.95 74.22 243.5 0.70 0.18 0.12 23.41
AR013 In Footwall, No Significant Results
AR014 In Footwall, No Significant Results
AR015 42.91 52.62 9.71 31.9 0.43 0.22 0.19 23.63
AR015 69.08 72.04 2.96 9.7 2.64 0.56 0.91 85.48
AR015 86.48 89.48 3.00 9.8 1.33 0.04 0.29 24.55
AR016 In Footwall, No Significant Results
AR017 10.17 27.50 17.33 56.9 1.07 0.31 0.22 39.12
AR017 60.92 81.14 20.22 66.3 1.16 0.19 0.19 31.50
AR018 31.43 43.73 12.30 40.4 2.74 0.64 0.69 91.05
AR019 32.91 49.52 16.61 54.5 0.64 0.30 0.15 31.52
AR019 60.12 65.04 4.92 16.1 0.89 0.46 0.45 49.92
AR019 87.66 96.41 8.75 28.7 0.43 0.27 0.14 26.05
AR019 123.57 127.45 3.88 12.7 1.32 0.32 0.39 45.97
AR020 20.62 29.32 8.70 28.5 3.56 0.44 0.15 81.18
AR020 40.30 77.12 36.82 120.8 0.84 0.22 0.08 27.27
AR020 85.08 90.09 5.01 16.4 0.88 0.29 0.18 34.38
AR020 130.85 147.66 16.81 55.2 1.63 0.20 0.10 38.10
AR020 185.41 250.03 64.62 212.0 1.01 0.21 0.25 31.72
AR021 34.75 36.78 2.03 6.7 0.36 0.30 0.21 28.07
AR021 44.83 47.84 3.01 9.9 0.85 0.18 0.12 25.49
AR021 113.70 125.63 11.93 39.1 0.70 0.17 0.13 23.05
AR022 38.90 43.95 5.05 16.6 1.83 0.22 0.12 43.16
AR022 48.92 60.75 11.83 38.8 1.29 0.18 0.10 32.16
AR022 95.82 102.66 6.84 22.4 1.03 0.21 0.11 30.08
AR023 In Footwall, No Significant Results
AR024 45.97 54.81 8.84 29.0 0.79 0.17 0.09 24.02
AR024 65.62 69.42 3.80 12.5 0.55 0.18 0.13 21.96
AR024 118.46 204.89 86.43 283.6 0.86 0.23 0.19 30.37
AR025 47.35 53.40 6.05 19.8 1.37 0.29 0.17 41.26
AR025 122.17 134.96 12.79 42.0 0.89 0.16 0.09 24.94
AR025 150.86 160.81 9.95 32.6 1.42 0.20 0.07 35.52
AR025 206.36 222.98 16.62 54.5 0.73 0.18 0.18 24.85
----------------------------------------------------------------------
(1) PGM = Platinum + Palladium + Gold
(2) IMV = In-Situ Metal Value. Gross in-situ metal value dollar
amounts are provided for the reader's convenience to facilitate
comparison of the polymetallic nature of the mineralization. These
gross amounts do no take into consideration mining and processing
costs and have no economic significance. The gross in-situ dollar
values have been calculated using the following commodity prices:
Pt $US 520/oz; Pd $US 360/oz; Au $US 310/oz; Ni $US 3.10/lb; Cu
$US 0.75/lb.
*T
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address future production,
reserve potential, exploration drilling, exploitation activities and
events or developments that the Company expects are forward-looking
statements. Although the Company believes the expectations expressed
in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance
and actual results or developments may differ materially from those in
the forward-looking statements. Factors that could cause actual
results to differ materially from those in forward-looking statements
include market prices, exploitation and exploration successes,
continued availability of capital and financing, and general economic,
market or business conditions. Investors are cautioned that any such
statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected in
the forward-looking statements.
For more information on the Company, Investors should review the
Company's annual Form 20-F filing with the United States Securities
and its home jurisdiction filings that are available at www.sedar.com.
No regulatory authority has approved or disapproved the
information contained in this news release.
--30--SH/na*
CONTACT: Anooraq Resources Corporation
Investor Services, 604/684-6365 or
Within North America: 800/667-2114
www.hdgold.com
KEYWORD: SOUTH AFRICA INTERNATIONAL AFRICA/MIDDLE EAST CANADA
INDUSTRY KEYWORD: MINING/METALS
SOURCE: Anooraq Resources Corporation
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com
*** end of story *** |
