| Tue 25 May 2010, 8:45 | | ABO - Absolute Holdings Limited - Update on initial drilling programme on the |
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ABO
ABO
ABO - Absolute Holdings Limited - Update on initial drilling programme on the
Southern Cluster
ABSOLUTE HOLDINGS LIMITED
(to be renamed Bauba Platinum Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1986/004649/06)
Share code: ABO ISIN No: ZAE000144267
("Absolute" or "the Company")
UPDATE ON INITIAL DRILLING PROGRAMME ON THE SOUTHERN CLUSTER
On 6 April 2010, Bauba announced that drilling had commenced on boreholes No. 2
and No. 4 that are located on its Southern Cluster of properties. The Company
is pleased to update shareholders that the Merensky reef has been successfully
intersected on borehole No. 4 at a depth of 1 451.29m below datum. The extracted
core will be analysed over the course of the next month to confirm its platinum
group metals ("PGM") content.
An early assessment of the drill results are in line with the Company`s
expectations and confirm the predicted geological modelling to date. Further
announcements in respect of the intersections from deflection holes pertaining
to borehole No. 4, will be released before the end of June 2010.
These drill holes were sited, based on expected dip and depth, in consultation
with Mr. Stephen Gain (Pr.SciNat, Msc), a geologist with an extensive knowledge
of the Eastern Bushveld Complex.
CEO Designate, Pine Pienaar commented "This drill result confirms an early
indication of the mineralisation on this property, in-line with expectations,
and gives us the confidence to continue with the planned drilling programme in
the next year."
THE BAUBA PROJECT AND LOCATION
Bauba holds prospecting rights over eight farms, which are prospective for
platinum mineralisation in the Eastern Bushveld Igneous Complex, encompassing an
area of approximately 50km in length and 6km in width, collectively the Bauba
Project. The farms cover the known down-dip extent of several current
development projects and operating mines on the Eastern limb of the Bushveld
Igneous Complex.
For further information please contact Pine Pienaar (083 297 5886), Mark Rosslee
(083 308 8000) or Dennis Tucker (082 492 4957).
Johannesburg
25 May 2010
Corporate advisor Sponsor
Qinisele Resources Arcay Moela Sponsors (Pty) Limited
(Pty) Limited
Date: 25/05/2010 08:45:01 Produced by the JSE SENS Department.
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