| Thu 12 Aug 2010, 11:37 | | ABO - Absolute Holdings Limited - Drill results and progress update on Bauba |
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ABO
ABO
ABO - Absolute Holdings Limited - Drill results and progress update on Bauba
Platinum Project
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")
DRILL RESULTS AND PROGRESS UPDATE ON BAUBA PLATINUM PROJECT
The Company is pleased to report encouraging results from the initial drilling
on the Southern Cluster situated on the Eastern Bushveld Complex. The Company
recently acquired a 60% interest in the Bauba Project, of which the Southern
Cluster forms part.
The Company announced, in April 2010, the commencement of an exploration
programme that includes diamond drilling as well as geological and geophysical
mapping to determine the nature and extent of the platinum group metals ("PGM")
mineralisation. The drilling is aimed at confirming a SAMREC inferred resource.
Bauba has initially drilled two boreholes, both of which have successfully
intersected the Merensky Reef.
Borehole Number 4 ("BH04")
BH04 intersected the Merensky Reef at 1,451 metres below datum and a further
four deflections were drilled. Assay results revealed an average PGM grade
("4Es") over a one metre thickness of 5.29 g/t, which compares extremely
favourably with the targeted grade (used by Venmyn Rand in determining the
Targeted Resource) of 4.6 g/t. The Platinum:Palladium ratio is 1:0.89 which is
in line with Eastern limb ratios.
In addition, the same borehole intersected the Upper Chromitite Group, including
the UG-3A and UG-3 chromitite layers. The anticipated intersection of the UG-2
chromitite layer, some 340-350 metres below the Merensky Reef, intersected a
pothole with no chromitite or associated PGE mineralisation.
In determining the Target Resource, Venmyn Rand has provided for such
intersections by applying a 24% geological loss. The drill is currently being
moved to the next drill location.
Borehole Number 2 ("BH02")
BH02 has intersected the Merensky Reef at 1,543 metres below datum, but drilling
has not, as yet, cleared the reef horizon. Progress on this borehole has been
slower than anticipated.
Commenting on these results, incoming CEO of Bauba, Pine Pienaar said: "These
drill results confirm anticipated mineralisation on the Southern Cluster and
provide a solid base from which the Company can, with confidence, accelerate the
drilling programme to produce a SAMREC Compliant Resource Statement."
For further information please contact Pine Pienaar on 083 297 5886 or +27 (0)11
548 7240 and refer to the website at www.baubaplatinum.co.za.
Johannesburg
12 August 2010
Sponsor Corporate Competent Person
Advisor
Arcay Moela Qinisele Venmyn Rand
Sponsors (Pty) Resources (Pty) (Pty) Limited
Limited Ltd
Date: 12/08/2010 11:37:01 Produced by the JSE SENS Department.
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