Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Anzex -- Ignore unavailable to you. Want to Upgrade?

To: Buckey who wrote (74)	7/18/1998 1:25:00 PM
From: CLK	Respond to of 253

Me too perhaps to 2.25/2.50. If the property is worth 500 million and they ended up with a 50% interest that is 250 million say divided by 10 million shares or $25/share. The market cap on Stillwater is about a billion. This is probably not a good approximation, but I thow it out there for others to modify.

To: Buckey who wrote (74)	7/20/1998 3:00:00 PM
From: chevalier	Read Replies (1) \| Respond to of 253

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).