Here is Platexco's release from today. Good grades and typical Merensky widths. This is similar to what AZX is looking for:
Winnaarshoek drilling results
Platexco Inc PTX
Shares issued 16,692,005 Jul 17 close $4.60
Mon 20 Jul 98 News Release
Mr. Warren Newfield reports
The company has completed phase 1 of its exploration program at
Winnaarshoek. Assay results for the latest 14 holes are reported in the
attached table. The results confirm the continuity of the Merensky reef and
UG-2 reef throughout the property. They also confirm the consistency of the
grade and add additional confidence to the resource estimate by Micon
International.
Merensky Reef
Assay results from an additional 13 diamond drill boreholes (WH-33-45)
drilled to intersect the Merensky reef on the Winnaarshoek property are
summarized in the attached table. The new boreholes were spaced at either
400 or 800 metre intervals to intersect the reef at depths of approximately
200, 400 and 600 metres below surface. In addition, one borehole was
drilled in the southern part of the property to intersect the Merensky reef
at 800 metres below surface. This completes the drilling of 45 holes on the
Merensky reef. Results for the deflections drilled on these holes will be
announced when the assays are received. The on-site exploration program was
supervised by Dr. Roger N. Scoon (Platexco's vice-president, exploration
and director) who compiled the report.
The latest assays for the Merensky reef yield similar averages to previous
results. These results confirm the continuity of the mineralization from
the surface to depths of 800 metres below surface over almost the entire
property.
UG-2 Reef
Assay results for one additional borehole (WH-38) drilled to intersect the
UG-2 Reef on the Winnaarshoek property are presented together with averages
for all other holes, including deflections. These results complete the
drilling programme of 17 holes for the UG-2 reef.
The new assays for the UG-2 reef also yield similar averages to previous
results. These results confirm the continuity of the mineralization from 70
metres to depths of 850 metres below surface. These assays include up to
three deflections on each hole thus demonstrating a high degree of
confidence in the continuity and reproducibility of the grade within the
UG-2 reef.
Sampling and Assays
The same sampling procedure as outlined in Stockwatch Oct. 31, 1997, has
been followed. Assay samples are of split borehole core of an average
length of 10 cm, with the remaining half stored in core trays in
Johannesburg. Assays were conducted by IMPRO Analytics cc, which
subcontracted certain of the assay work to Billiton SA Limited, (which was
previously incorrectly referred to as Billiton Laboratory and incorrectly
suggested to be associated with Impala Platinum Holdings Limited), using
standard lead-collection fire assays. These results report the sum of the
three most important PGMs (platinum, palladium, and rhodium), together with
gold, in grams per tonne. A check assay was performed on the 14 additional
samples reported.
Selected borehole cores of the Merensky reef and UG-2 reef have been
submitted to Mintek for mineralogical examination and flotation test work.
Preliminary results indicate typical recoveries for the Merensky reef of
over 90 per cent of the PGMs. Final results should be available by the end
of August. In addition, selected intersections will be submitted to both
the SGS Mineral Services and Mintek laboratories for nickel sulphide fire
assays to determine the full suite of platinum-group elements.
Underground Sampling
On Winnaarshoek, over 35 old workings totalling in excess of 1km of
underground development have been located and mapped. A mining team is
currently rehabilitating the five main workings with safety standards
carefully monitored by the Mines Department. Detailed channel-sampling is
in progress.
The existence of these old workings represents a considerable cost saving
and provides invaluable access to examine the Merensky reef in situ. Once
the underground channel-sampling program is completed, a bulk sample will
be extracted for comprehensive metallurgical test work.
Summary
Platexco is extremely satisfied with the above results. The phase 1
drilling program on both the Merensky reef and UG-2 reef has provided a
high degree of confidence to the resource estimates by Micon International
announced previously by the company. The underground sampling program
should enable further confidence to be attached to the grade and continuity
of the Merensky reef. Independent consultants are currently encapsulating
all of the exploration data onto a three-dimensional computer software
modelling program. This will enable structural maps and sections to be
modelled, as well as completion of a geostatistical study on the grade of
the two mineralized reefs.
The prefeasibility phase is in progress and is expected to be complete by
the end of 1998. Negotiations with several parties as to completion of a
bankable feasibility are currently continuing.
WARNING: The company relies on litigation protection for "forward-looking"
statements.
Merensky Reef, Winnaarshoek: Phase I
drilling, new results:
Hole Line 2 g/t 80 cm Width
(1) Cut-off Cut-Off
cm g/t
WH-33 200m 5.02 55 3.45
WH-34(4) 200m - Reef Not
Intersected
WH-35(3) 200m 4.55 280 7.08
WH-36 400m 8.28 50 5.27
WH-37 400m 11.95 50 7.78
WH-38 400m 9.16 30 3.43
WH-39 400m 6.18 110 7.23
WH-40 400m 8.17 50 5.31
WH-41 600m 6.43 60 5.08
WH-42 600m 9.16 50 5.87
WH-43(6) 600m 14.42 40 7.45
WH-44 600m 19.75 40 10.20
WH-45 800m 9.77 40 5.32
Averages 2.5 6.99 92 6.97
(1) Results exclude deflections (maximum of two per hole) as some assays
outstanding.
(2) Potholed Intersection (excluded from averages).
(3) Mineralized zone comprises upper and lower reefs.
(4) Reef not intersected due to structurally disturbed area adjacent to
dunite pipe.
(5) Faulted with core loss (excluded from averages).
(6) Replaced by iron-rich ultramafic pegmatitlte; intersection from
deflection.
UG-2 Reef, Winnaarshoek: Phase 1
Drilling Program
Holw Line Inter- Main Main
section Chromitite Chromitite
Only and Leader
g/t cm g/t cm
WH-U1 3 70m 11.41 60 8.85 80
WH-U2 2 70m 8.52 73 7.73 82
WH-U3 2 70m 10.65 72 9.50 82
WH-U4 2 200m 5.47 97 5.28 102
WH-U5 3 200m 9.00 65 7.73 80
WH-U6A
(3) 3 200m 8.37 63 7.60 80
WH-U7 3 200m 10.46 56 7.73 80
WH-U8 3 200m 9.34 61 7.38 80
WH-U9 3 200m 8.56 59 6.73 80
WH-U10
(4) 3 200m 5.81 33 2.64 80
WH-1 3 450m 7.04 96 6.53 108
WH-5 1 450m 7.53 62 6.29 80
WH-9
(4) 1 450m 53.40 16 10.68 80
WH-15 1 450m 7.08 69 6.36 80
WH-36 3 850m 9.22 62 7.44 80
WH-38 3 850m 6.83 110 6.51 116
WH-40 3 850m 8.97 55 8.68 80
Averages (4) 8.32 71 77.2 86
(1) Maximum of two deflections drilled off main hole.
(2) Based on minimum width of 80 cm.
(3) Redrilled as WH-U6 intersected a fault.
(4) WH-U10 and WH-8 excluded from averages as anomalously thin (probably
potholed).
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