| Mon 29 Oct 2007, 15:00 | | ARQ - Anooraq - Anooraq-Anglo Platinum Ga-Phasha P |
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ARQ
ARQ
ARQ - Anooraq - Anooraq-Anglo Platinum Ga-Phasha PGM Joint venture mineral
resources update
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 MINERAL RESOURCES UPDATE
Anooraq announces the results of a resource estimate by Anglo Platinum Limited
("Anglo Platinum") for the Ga-Phasha Platinum Group Metals ("PGM") Project,
located on the north-eastern limb of the Bushveld Complex about 250 kilometres
from Johannesburg, South Africa.
The Ga-Phasha PGM Project is currently a 50/50 joint venture between Anglo
Platinum and Anooraq. The Ga-Phasha property consists of four mineral tenures,
or farms, called Paschaskraal, Klipfontein, Avoca and De Kamp. PGM
mineralization 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.
In September 2007, a transaction framework agreement between the two companies
was announced, whereby Anglo Platinum will sell to Anooraq an effective 51% of
Lebowa Platinum Mines and an effective 1% controlling interest in the Ga-
Phasha PGM Project, Boikgantsho and Kwanda joint venture projects. Since that
time, the results of new resource estimates by Anglo Platinum have been
received for the Merensky Reef on the Paschaskraal and Klipfontein farms and
for the UG2 and Merensky Reefs on the Avoca and De Kamp farms. This release
provides an overall update of all of the mineral resources for the Project.
As previously reported in May 2007, drilling has resulted in significant
increases to the measured and indicated resources for the UG2 deposit. The UG2
resource data tabulated below includes only resources lying within a minimum
potential mining width of 0.90 metre. 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
metre; 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 metres 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
RESOURCE CUT MINERAL RESOURCES(1),(4) OVER A MINIMUM WIDTH OF 0.90 metre
Paschaskraal and Klipfontein Farms
TONNAGE AFTER CONTENT
RESOURCE WIDTH GEO LOSS 4PGM(5) OUNCES
CLASSIFICATION (metres) (millions) (millions)
REGOLITH MEASURED 0.9 0.97 0.2
INDICATED 0.92 1.43 0.3
INFERRED 0.92 1.13 0.23
MINING MEASURED 0.9 7.17 1.55
FOOTPRINT INDICATED 0.9 0.07 0.02
INFERRED 0 0 0
REMNANT MEASURED 0.91 16.71 3.44
INDICATED 0.91 55.95 11.79
INFERRED 0.95 67.36 14.02
TOTAL MEASURED+INDICATED 0.91 82.3 17.3
TOTAL INFERRED 0.95 68.49 14.25
GA-PHASHA PGM PROJECT - UG2 REEF
RESOURCE CUT MINERAL RESOURCES(1),(4) OVER A MINIMUM WIDTH OF 0.90 metre
Paschaskraal and Klipfontein Farms
4PGM(2) Pt(3) Pd(3) Rh(3) Au(3)
RESOURCE grade grade grade grade grade
CLASSIFICATION g/t g/t g/t g/t g/t
REGOLITH MEASURED 6.33 2.74 2.99 0.49 0.11
INDICATED 6.45 2.74 3.08 0.52 0.12
INFERRED 6.28 2.68 2.99 0.5 0.11
MINING MEASURED 6.74 2.8 3.28 0.55 0.12
FOOTPRINT INDICATED 7.04 2.91 3.41 0.6 0.13
INFERRED 0 0 0 0 0
REMNANT MEASURED 6.4 2.71 3.05 0.54 0.11
INDICATED 6.56 2.77 3.14 0.53 0.11
INFERRED 6.47 2.72 3.09 0.54 0.11
TOTAL MEASURED+INDICATED 6.53 2.76 3.13 0.53 0.11
TOTAL INFERRED 6.47 2.72 3.09 0.54 0.11
Notes to tables:
(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 prill assays to tally
4PGM.
(4) The resource estimate represents 100% of the Ga-Phasha resource of which
50% is attributable to Anooraq.
(5) Metallurgical recoveries are assumed to be 100%.
The current Merensky Reef estimate shows increases to the indicated and
inferred resources, but a decrease in measured resources based on further
definition drilling, including location of potholes from additional drill
holes in the deposit. It is based on drilling to 2006 from 257 intersections
either as single drill holes or drill holes containing deflections in the
Merensky Reef. The weathered and oxidized horizon, indicated as "Regolith"
below, extends to an estimated depth of 40 metres below surface. A 27%
geological loss factor, related to the presence of potholes or other
structural features in the reefs, has been applied to each horizon. The data
includes only the resources lying within a minimum potential mining width of
0.90 metre for the farms Paschaskraal and Klipfontein. The resource cut width
was established through a combination of model estimates of a hanging wall
thickness of 0.10 metre, the Merensky Reef thickness and a minimum footwall
dilution of 0.10 metre, plus composited footwall components greater than 2.0
g/t PGM were also included in the resource cut; the grade and width
contributions are specific gravity and length weighted*.
(* The resource cut is reported for a variable mining width based on the
following considerations:
a) 0.10 metre hangingwall dilution
b) Merensky Reef
c) Minimum 0.10 metre footwall dilution.
d) Composited footwall components greater than 2.0 g/t PGM were included
into the resource cut.
Where the sum of (a+b+c) or (a+b+d), per Datamine cell is greater than 0.90
metre, then that width is reported as the minimum resource cut width; however
where it is less than a 0.90 metre width, then the balance of the resource cut
width is derived from additional footwall unit and derived from <2.0 g/t PGM
material.)
GA-PHASHA PGM PROJECT - MERENSKY REEF
RESOURCE CUT MINERAL RESOURCES(1),(4) OVER A MINIMUM WIDTH OF 0.90 metre
Paschaskraal and Klipfontein Farms
TONNAGE AFTER CONTAINED 4PGM
WIDTH GEO LOSS OUNCES(5)
HORIZON CATEGORY (metres) (millions) (MILLIONS)
REGOLITH MEASURED 1.44 0.83 0.11
INDICATED 1.52 4.15 0.55
REMNANT MEASURED 1.48 7.54 1.05
INDICATED 1.38 44.05 6.65
INFERRED 1.28 57.51 8.14
TOTAL MEASURED+INDICATED 1.43 56.57 8.37
TOTAL INFERRED 1.28 57.51 8.14
GA-PHASHA PGM PROJECT - MERENSKY REEF
RESOURCE CUT MINERAL RESOURCES(1),(4) OVER A MINIMUM WIDTH OF 0.90 metre
Paschaskraal and Klipfontein Farms
HORIZON CATEGORY 4PGM(2) Pt(3) Pd(3) Rh(3) Au(3)
(g/t) (g/t) (g/t) (g/t) (g/t)
REGOLITH MEASURED 4.05 2.44 1.25 0.14 0.23
INDICATED 4.16 2.52 1.23 0.13 0.28
REMNANT MEASURED 4.35 2.63 1.33 0.15 0.24
INDICATED 4.7 2.94 1.3 0.17 0.28
INFERRED 4.4 2.67 1.3 0.16 0.28
TOTAL MEASURED+INDICATED 4.61 2.86 1.29 0.17 0.27
TOTAL INFERRED 4.4 2.67 1.3 0.16 0.28
Mineral Resources for the Avoca and De Kamp farms have been estimated over a
minimum 0.9 metre width, but honouring reef widths (average shown in the
table). Grades, widths and specific gravity values are derived from the up-dip
resources for Paschaskraal (for De Kamp) and Klipfontein (for Avoca). A
geological loss factor of 32% was applied to the tonnage estimate for Merensky
Reef and an average of 25% to tonnage for the UG2 estimate:
GA-PHASHA PGM PROJECT - MERENSKY REEF & UG2 REEF
RESOURCE CUT MINERAL RESOURCES(1),(4) OVER A MINIMUM WIDTH OF 0.90 metre
Avoca and De Kamp farms
TONNAGE AFTER CONTAINED4PGM
WIDTH GEO LOSS OUNCES(5)
DEPOSIT CATEGORY (metres) (millions) (millions)
Merensky Reef Inferred 1.3 122.5 17.64
UG2 Inferred 0.96 118.1 24.63
GA-PHASHA PGM PROJECT - MERENSKY REEF & UG2 REEF
RESOURCE CUT MINERAL RESOURCES(1),(4) OVER A MINIMUM WIDTH OF 0.90 metre
Avoca and De Kamp farms
CATEGORY 4PGM(2) Pt(3) Pd(3) Rh(3) Au(3)
DEPOSIT (g/t) (g/t) (g/t) (g/t) (g/t)
Merensky Reef Inferred 4.48 2.71 1.33 0.16 0.28
UG2 Inferred 6.49 2.73 3.11 0.54 0.12
The current focus of work is a pre-feasibility study on the UG2 deposit. The
Merensky Reef represents a longer term development opportunity for the
project, requiring additional metallurgical studies, mining engineering, and
resource definition.
The mineral resources were estimated using a geostatistical method in
Datamine, 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. A technical
report has been filed on www.sedar.com.
All samples were analyzed by fire assay at the Anglo Research Laboratory with
check assays completed at Genalysis in Australia.
For further information on Anooraq and its South African properties, please
visit our website www.anooraqresources.com or call investor services in South
Africa at +27 11 883 0831 or in North America at 1 800 667 2114.
ON BEHALF OF THE BOARD OF DIRECTORS
Tumelo Motsisi
Acting President and CEO
Sandton
29 October 2007
Sponsor
BDO QuestCo (Pty) Limited
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: 29/10/2007 15:00:03 Produced by the JSE SENS Department.
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