Printer Friendly

Platexco Inc. Announces Additional Assay Results.

TORONTO--(BUSINESS WIRE)--Feb. 11, 1998--(CANADIAN DEALING NETWORK:PGMI.) Platexco Inc. (PGMI-CDN) is pleased to announce additional assay results from a further 16 diamond drill boreholes (WH-17/32) drilled to intersect the Merensky reef on the Winnaarshoek property in the eastern limb of the Bushveld Complex, South Africa. These boreholes were drilled on a grid at 400 metre intervals designed to intersect the reef at depths of approximately 100 and 200 metres. Results are summarized in the Table, together with the first set of assay results (boreholes WH-1/16). All borehole locations are plotted on the attached sketch map. Assays for boreholes WH-33 are outstanding, and boreholes WH-34 and WH-35 are in progress.

The same sampling procedure as outlined in the Press Release of October 31, 1997, has been followed. Assay samples are of boreholes core of an average length of 10 cm. These are cut in half with the remaining half stored in core trays in Johannesburg. Assays were conducted by Billiton Laboratory (Impala Platinum), South Africa, using the 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 (g/t). Results of the individual PGMs based on the nickel sulfide collection fire assays, which include ruthenium and iridium, are currently in progress at the Mintek Laboratory. Results of one intersection from the Mintek assays have been received to date. Individual samples, as well as the intersection average, vary by less than one per cent in comparison with the 3PGM plus gold assays from the Billiton Laboratory.

The new assays for the Merensky reef yield a slightly higher average grade over the 80-cm cut-off width than the previous results. The new drilling has also confirmed the occurrence of a Merensky reef facies in the central and northern parts of the Property in which both lower and upper reefs are richly mineralised.

Assay results of acid soluble (sulfide) nickel and copper, which were conducted by the IMPRO laboratory, for boreholes WH-1/22 have been received. The averages over the 80-cm cut-off width are 0.20 percent Ni and 0.11 percent Cu, typical of the Merensky reef.

Boreholes WH-39/42, drilled to intersect the Merensky reef at depths of approximately 400 and 600 metres, on a grid at 800 metres spacing, have been completed. Assays are outstanding. An additional six boreholes will be drilled at depths of between 400 and 800 metres to complete the initial programme on the Merensky reef.

Drilling on the PGM-bearing UG-2 chromitite reef is continuing. Assay results for five boreholes in the eastern corner of the property (WH-U1/U5), as well as for boreholes WH-1, 5, 9 and 15 which were deepened from the Merensky reef, were presented in the Press Release of December 9, 1997. Boreholes WH-U6/U10 have also been completed, all of which intersected the UG-2 reef at a depth of approximately 200 metres, and borehole WH-40 has intersected the UG-2 reef at a depth of approximately 800 m. New assays for the UG-2 reef will be announced once all of the above results have been received, together with boreholes WH-36 and 38, which will also be deepened from the Merensky reef.

The Company remains confident of the continued success of the exploration programme at Winnaarshoek.

There are currently 15,911,154 shares of Platexco Inc. issued and outstanding.

Listed in Standard and Poor's Corporation Records SEC 12g 3-2(b) exemption 82-4679. -0-

"Merensky Reef: 50, 100 and 200 m lines of drilling, Winnaarshoek"

Borehole Line 2 g/t Cut-Off 80 cm Width

 g/t cm g/t

Previously Released

WH-16(1) 50 m 19.26 63 -
WH-15 50 m 6.22 150 6.87
WH-14 50 m 2.42 220 3.28
WH-13 50 m 5.84 60 4.38
WH-12 50 m 11.89 80 11.89
WH-1 50 m 6.19 30 2.39
WH-2 50 m 6.58 100 7.52
WH-3 50 m 7.36 100 8.04
WH-4 50 m 5.66 80 5.66
WH-5 50 m 16.34 50 10.22
WH-6 50 m 11.14 50 6.97
WH-7a(2) 50 m 7.98 90 8.06
WH-8(2) 50 m 3.47 178 4.88
WH-9(2) 50 m 10.78 60 8.41
WH-10(3) 50 m Reef Not Intersected -
WH-11(3) 50 m Reef Not Intersected -

New Results

WH-17 100 m 10.93 30 4.10
WH-18 100 m 4.32 70 4.00
WH-19 100 m 13.06 50 8.87
WH-20 100 m 4.99 80 4.99
WH-21 100 m 7.10 50 4.64
WH-22 100 m 12.18 100 14.22
WH-23(3) 100 m Reef Not Intersected -
WH-24(2) 100 m 6.55 161 8.93
WH-25(2) 100 m 4.95 161 5.44
WH-26(2.4) 100 m 3.70 81 3.72
WH-27 200 m 26.42 50 17.18
WH-28 200 m 6.91 50 4.80
WH-29(2) 200 m 4.39 245 5.76
WH-30 200 m 7.47 80 7.47
WH-31(2) 200 m 7.10 210 12.89
WH-32(2) 200 m 3.58 226 6.53
WH-33 200 m Awaiting Assays -
WH-34 200 m In Progress -
WH-35 200 m In Progress -

Averages 6.64 103 7.22


(1)Potholed Intersection (excluded from averages).
(2)Mineralized zone comprises upper and lower reefs in these
(3)Reef not Intersected due to structurally disturbed area
 adjacent to dunite pipe.
(4)Intersection fractured with core loss, possibly faulted.


Note to Editors: There is a map available by contacting the company at the number above or by accessing CCN's Internet Website at

CONTACT: Platexco Inc.

Warren Newfield, 416/361-0486

416/361-0330 (FAX)
COPYRIGHT 1998 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1998, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Feb 11, 1998
Previous Article:Ticketmaster and Cendant Corporation Announce Marketing Agreement.
Next Article:LSB Bancshares, Inc., Adopts Shareholder Rights Plan.

Related Articles
Gauging the value of carcinogen assays.
Blue Emerald Resources Inc. -- Company Update.
International Precious Metals Corporation Commences Pilot Scale Test Program.
JNR Resources Reports Assay Results from Asbell Bay Project.
Quest International reports recent Damoti Lake drill results.
Asquith Resources Inc. - Initial Phase of Diamond Drilling Completed.
Scorpion Minerals announces Drilling Program on Miing Prospect.
Arauco Resources Corporation Drilling Adds to Goose Lake Deposit.
Scorpion Minerals Inc. - Miing Prospect - Drilling Ongoing.
PolyMet Mining 1998 Dunka Road Drilling Program, Additional Assay Results.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters