Printer Friendly
The Free Library
23,403,340 articles and books


Anooraq Drilling Intersects Significant Platinum/Palladium/Rhodium.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--March 17, 2000

Robert G. Hunter, Chairman of Anooraq Resources Corporation (CDNX-ARQ) is pleased to announce that drilling at the Platreef property in South Africa is successfully outlining platinum-palladium-rhodium and gold (PGM) within the Platreef horizon of the northeastern limb of the Bushveld Intrusive Complex. The Bushveld Complex produces 70% of the world's platinum and 25% of the world's palladium. Anooraq is planning to accelerate its exploration work to more rapidly develop the property and acquire its ownership interest.

Anooraq has a two-stage right to purchase up to 100% of Plateau Resources (Pty.) Ltd., a South African subsidiary of Pinnacle Resources Inc. of Denver. Plateau holds the Platreef property located immediately to the north of Anglo American's Potgietersrust Platinums (PPRust) property, the most profitable PGM mine in the world. The Platreef property covers 74 square kilometres of ground extending 10 kilometres north along strike from PPRust and offers considerable potential for systematic drilling to identify large scale PGM resources. Mining infrastructure, power and access are excellent.

Assay results have been received for core holes 1 through 8 and 13. All holes intersected significant PGM mineralization. Results are shown on the attached Table of Assay Results with the location of completed holes shown on the attached Drill Hole Location Map (see website: www.hdgold.com). Intersections include: 3.38 g/t over 3.0 metres and 2.09 g/t over 13.0 metres including 3.60 g/t over 5.0 metres in hole 3; 1.94 g/t over 9.0 metres including 2.80 g/t over 3.0 metres in hole 6; 2.74 g/t over 10.0 metres in hole 7; 2.59 g/t over 13.0 metres including 3.31 g/t over 7.0 metres in hole 8; and 3.87 g/t over 8.0 metres including 4.52 g/t over 6.0 metres in hole 13. Holes 9 through 12 and 14 through 23 have been cored and are currently being assayed.

Drilling started at the Platreef property on February 1, 2000 and is ongoing. Initial drilling is expanding the area of Plateau's successful 1998 drill results in the southern portion of the Drenthe Farm. Strike extension drilling north towards the Witrivier Farm is also underway.

The Platreef forms the base of the Bushveld Complex trending through the PPRust and Platreef properties and is equivalent to the highly productive Merensky Reef in the western portion of the Bushveld Complex. Mineralization at Platreef contains a greater proportion of higher-value palladium relative to platinum. The Platreef horizon dips moderately to the west, affording targets for both open pit-mineable PGM resources and their underground-mineable down-dip extensions.

PGM are enjoying buoyant market conditions with prices near all-time highs due to strong global demand and uncertain supply. They have a dual role for jewellery and investment, as well as being industrial minerals consumed in essential and growing high-tech applications in autocatalysts, computers and wireless communications.

Mark Rebagliati, P.Eng., International Exploration Manager and Consultant to Anooraq, is supervising a rigorous quality assurance program for the Platreef drilling. From NQ (1.9 inch) diameter core, one-half sawn core samples are being collected over geologically defined and logged intervals by Anooraq geologists at a secure core logging facility. All samples, including standards and duplicates, are shipped to Set Point Laboratories in Johannesburg, South Africa. Set Point Laboratories is owned by Set Point Technology Holdings, one of South Africa's leading scientific and industrial technology groups. Set Point prepares the samples for platinum, palladium, rhodium and gold analysis by 50 gram fire assay fusion with lead as a collector followed by an inductively coupled plasma mass spectroscopy (ICP-MS) finish. Platinum group elements and gold analyses are reported in parts per billion. In addition, the samples are analysed for nickel, copper and cobalt by ICP. Base metal results are reported in parts per million. Duplicate samples are being analysed for platinum, palladium, rhodium and gold at Set Point Laboratories and also at SGS South Africa (Pty) Ltd. in Springs, South Africa.

For further details on Anooraq Resources Corporation and the Platreef properties or for a copy of the Drill Hole Location Map included with this release, please visit our website at www.hdgold.com or contact Investor Services at (604) 684-6365, or within North America, at 1-800-667-2114.

On Behalf of the Board

(signed)

Robert G. Hunter Chairman

No regulatory authority has approved or disapproved the information contained in this news release.

Table of Assay Results

Anooraq Resource Corporation

Platreef Project

Drill Holes From To Intercept PGM(1) Base Metals(2)
 (metres) (metres) (metres) g/tonne %

1 147.70 155.50 7.80 1.992 0.253
 incl. 156.50 158.50 2.00 2.613 0.372

2 60.00 66.00 6.00 2.023 0.144
 77.84 80.24 2.40 2.040 0.323
 120.18 126.00 5.82 1.791 0.157

3 107.00 110.00 3.00 3.376 0.286
 incl. 107.00 108.00 1.00 6.500 0.491
 123.00 136.00 13.00 2.094 0.255
 incl. 124.00 129.00 5.00 3.598 0.422
 147.00 148.00 1.00 2.780 0.047
 172.00 173.00 1.00 2.085 0.112

5 108.00 117.00 9.00 1.609 0.178
 incl. 114.00 117.00 3.00 2.097 0.253
 121.00 122.00 1.00 2.495 0.277
 165.00 166.00 1.00 2.300 0.138

6 46.00 55.00 9.00 1.943 0.202
 incl. 48.00 51.00 3.00 2.800 0.299
 84.50 85.50 1.00 2.785 0.341

7 138.00 164.00 26.00 1.880 0.165
 incl. 154.00 164.00 10.00 2.802 0.265
 197.00 198.00 1.00 2.660 0.261
 203.85 206.00 2.15 2.501 0.185

8 82.00 95.00 13.00 2.586 0.280
 incl. 82.00 89.00 7.00 3.314 0.356

13 112.70 113.60 0.90 5.415 0.547
 123.70 128.50 4.80 1.963 0.276
 138.00 146.00 8.00 3.874 0.432
 incl. 139.00 145.00 6.00 4.518 0.447
 157.30 161.72 4.42 2.759 0.286
 164.00 166.00 2.00 2.863 0.293
 169.00 170.00 1.00 2.395 0.263


(1) PGM = Platinum + Palladium + Rhodium + Gold (2) Base Metals = Copper + Nickel + Cobalt
COPYRIGHT 2000 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2000, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Geographic Code:1USA
Date:Mar 17, 2000
Words:1111
Previous Article:Eloquent Continues To Power Cisco's Internal Communications With Rich Media; Latest Contract Marks Eloquent's 85th Project With Cisco Systems.
Next Article:Pyng Enhances Corporate Communications Abilities.
Topics:



Related Articles
Untapped PGM exploration areas.
PGM exploration still tops list of activity: While gold exploration is on the rise in the northwest, high-technology metal exploration remains at the...
Platinum-gilded rollercoaster: precious metals--led by the platinum group--are behaving more wildly than their jewelry show room image conveys....
Tuned up: the flow of catalytic converters is running steady as platinum group metals prices gain momentum.
Rev your engines: platinum group metals continue to enjoy robust markets thanks to a number of factors around the globe.
Treasure trove: precious metals are zooming to values that may soon have recyclers seeking buried treasure.
A world stage: global factors are pushing platinum group metals to historically high price levels.
Marathon PGM uncovers record combined values.
Smooth road ahead: palladium from recycled converters is expected to grow at a faster pace than platinum or rhodium for the next five to seven years.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters