| Tue 15 May 2007, 16:29 | | ARQ/ARQ/ANO - Anooraq - Anooraq-Anglo Platinum Ga- |
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ARQ
ARQ
ARQ/ARQ/ANO - Anooraq - Anooraq-Anglo Platinum Ga-Phasha PGM joint venture
drilling increases mineral resources in Ug2 reef
Anooraq Resources Corporation
(Incorporated in British Columbia, Canada)
(Registration number 10022-2033)
(JSE share code: ARQ & ISIN: CA03633E1088)
(TSXV share code: ARQ & ISIN: CA03633E1088)
(AMEX share code: ANO & ISIN: CA03633E1088)
(`Anooraq` or `the Company`)
ANOORAQ-ANGLO PLATINUM GA-PHASHA PGM JOINT VENTURE DRILLING INCREASES
MINERAL RESOURCES IN UG2 REEF
Anooraq announces the results of a resource estimate by Anglo Platinum
Limited ("Anglo Platinum") for the Ga-Phasha Platinum Group Metals ("PGM")
Project, ("the Project") located on the northeastern limb of the Bushveld
Complex about 250 km from Johannesburg, South Africa.
The Ga-Phasha PGM Project is a 50/50 joint venture between Anglo Platinum
and Anooraq. PGM mineralization at Ga-Phasha occurs in the UG2 and Merensky
Reefs, the two main PGM-bearing horizons in the Bushveld. Anglo Platinum
has been carrying out exploration drilling at Ga-Phasha since 2000,
outlining mineral resources in both reefs.
A previous estimate of the Ga-Phasha mineral resources was announced by
Anooraq in 2004 (see Anooraq News Release January 2004), for both the UG2
Reef and Merensky Reef deposits on all four farms that comprise the
Project.
The mineral resource estimate presented below is for the UG2 Reef deposit
only, and is based on drilling results on the Ga-Phasha property in 2006
from 583 UG2 intersections either as single drill holes or drill holes
containing deflections. The UG2 resource results presented in this release
are for the Paschaskraal and Klipfontein farms, which comprise all the
shallower resources at Ga-Phasha. The current estimate indicates increases
to the mineral resources on these farms in measured, indicated and inferred
categories. The Avoca and De Kamp farms lie down dip and remain to be
evaluated, representing significant potential additional resource.
The UG2 resource data tabulated below includes only resources lying within
a minimum potential mining width of 0.90 m (previous estimate was on
average 0.79 m). The resource cut width was established through a
combination of model estimates of the geotechnical hanging wall thickness,
the UG2 reef thickness and a minimum footwall dilution of 0.10 m; the grade
and width contributions are density and length weighted to report the
resource cut.
The weathered and oxidized horizon, indicated as "Regolith" below, extends
to an average depth of 40 m below surface and other horizons are related to
geological loss factors. The following geological loss factors, related to
the presence of potholes or other structural features in the reefs, have
been applied to each horizon: Regolith, from 17% (measured) to 26%
(inferred); Mining Footprint, 15% (measured and indicated); and Remnant,
from 24% (indicated) to 25% (measured and inferred).
GA-PHASHA PGM PROJECT - UG2 REEF(4)
RESOURCE CUT MINERAL RESOURCES(1) OVER A MINIMUM WIDTH OF 0.90 m
RESOURCE WIDTH TONNAGE 4PGM(2)
CLASSIFICATION (m) AFTER GEO grade
LOSS g/t
(millions
tonnes)
REGOLITH MEASURED 0.90 0.97 6.33
INDICATED 0.92 1.43 6.45
INFERRED 0.92 1.13 6.28
MINING MEASURED 0.90 7.17 6.74
FOOTPRINT
INDICATED 0.90 0.07 7.04
INFERRED 0.00 0.00 0.00
REMNANT MEASURED 0.91 16.71 6.40
INDICATED 0.91 55.95 6.56
INFERRED 0.95 67.36 6.47
TOTAL MEASURED+INDICATED 0.91 82.30 6.53
TOTAL INFERRED 0.95 68.49 6.47
RESOURCE WIDTH Pt(3) Pd(3) Rh(3) Au(3) CONTENT
CLASSIFICATION (m) grade grade grade grade 4PGM(3)
g/t g/t g/t g/t (millions
oz)
REGOLITH MEASURED 0.90 2.74 2.99 0.49 0.11 0.20
INDICATED 0.92 2.74 3.08 0.52 0.12 0.30
INFERRED 0.92 2.68 2.99 0.50 0.11 0.23
MINING MEASURED 0.90 2.80 3.28 0.55 0.12 1.55
FOOTPRINT
INDICATED 0.90 2.91 3.41 0.60 0.13 0.02
INFERRED 0.00 0.00 0.00 0.00 0.00 0.00
REMNANT MEASURED 0.91 2.71 3.05 0.54 0.11 3.44
INDICATED 0.91 2.77 3.14 0.53 0.11 11.79
INFERRED 0.95 2.72 3.09 0.54 0.11 14.02
TOTAL MEASURED+INDICATED 0.91 2.76 3.13 0.53 0.11 17.30
TOTAL INFERRED 0.95 2.72 3.09 0.54 0.11 14.25
(1) A mineral resource is an inventory of mineralization that, under
realistically assumed and justifiable technical and economic conditions,
might become economically viable. A mineral resource that is not a mineral
reserve does not have demonstrated economic viability.
(2) 4PGM = platinum + palladium + rhodium + gold
(3) Grades for individual elements are estimated from percentages of each
used to tally 4PGM.
(4) The resource estimate represents 100% of the Ga-Phasha resource of
which 50% is attributable to Anooraq.
The mineral resources were estimated using a geostatistical method, and
were categorized according to the South African Code for Reporting Mineral
Resources and Mineral Reserves (the "SAMREC Code") March 2000 guidelines by
Anglo Platinum`s in-house qualified person for the project, Gordon
Chunnett, Pr.Sci.Nat. In his opinion, the definitions and standards of the
SAMREC Code are substantively similar to the definitions and standards of
the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM
Standards") which are recognized by the Canadian regulatory authorities and
NI 43-101; and a reconciliation of the resources between the SAMREC Code
and the CIM Standards does not provide a materially different result.
All samples were analyzed by fire assay at the Anglo Research Laboratory
with check assays completed at Genalysis in Australia.
A technical report in compliance with NI 43-101 will be completed by
Anooraq within 45 days.
ON BEHALF OF THE BOARD OF DIRECTORS
Tumelo Motsisi
Managing Director and Deputy CEO
Anooraq Resources Corporation
May 15 2007
Johannesburg
For further information please contact:
Phumzile Langeni Investor Relations
(in South Africa) (in North America)
+2711 883 0831 (604) 684-6365
+2783 745 5834 Toll free: 1-800-667-2114
The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.
The American Stock Exchange have neither approved nor disapproved the
contents of this press release.
Forward looking statements
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 Anooraq expects are forward-looking statements. Although Anooraq
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,
changes in and the effect of government policies with respect to mining and
natural resource exploration and exploitation and 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 those actual results or developments may differ
materially from those projected in the forward-looking statements. For more
information on Anooraq, Investors should review the Company`s annual Form
20-F filing with the United States Securities and Exchange Commission and
its home jurisdiction filings that are available at www.sedar.com.
Information Concerning Estimates of Measured, Indicated and Inferred
Resources
This news release also uses the terms "measured resources", "indicated
resources" and "inferred resources". Anglo Platinum and Anooraq advise
investors that although these terms are recognized and required by Canadian
regulations (under National Instrument 43-101 Standards of Disclosure for
Mineral Projects), the U.S. Securities and Exchange Commission does not
recognize them. Investors are cautioned not to assume that any part or all
of the mineral deposits in these categories will ever be converted into
reserves. In addition, "inferred resources" have a great amount of
uncertainty as to their existence, and economic and legal feasibility. It
cannot be assumed that all or any part of an Inferred Mineral Resource will
ever be upgraded to a higher category. Under Canadian rules, estimates of
Inferred Mineral Resources may not form the basis of feasibility or pre-
feasibility studies, or economic studies except for Preliminary Assessment
as defined under National Instrument 43-101. Investors are cautioned not to
assume that part or all of an inferred resource exists, or is economically
or legally mineable.
Date: 15/05/2007 16:29:01 Produced by the JSE SENS Department.
