| Thu 3 Nov 2011, 15:11 | | VIL - Village Main Reef Limited - Village`s extends drilling programme at |
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VIL
VIL
VIL - Village Main Reef Limited - Village`s extends drilling programme at
Lesego
Village Main Reef Limited
(formerly known as Village Main Reef Gold Mining Company (1934) Limited)
(Registration number 1934/0057034/06)
Share Code: VIL
ISIN: ZAE000154761
("Village")
VILLAGE`S EXTENDED DRILLING PROGRAMME AT LESEGO CONTINUES TO REVEAL
CONSISTENT GRADES AND WIDTHS BUT AT SIGNIFICANTLY SHALLOWER DEPTHS
- 12 additional holes drilled, with 6 remaining holes to complete the
shallow drilling programme
- Potential to increase mineable ore body between depths of 350m and
700m
- Corresponding reduction in capex, opex and time to production
- High recoveries reported from initial testwork for Merensky and UG2
Village is pleased to announce that the extended shallow drilling campaign
at the Lesego Platinum Project (`Lesego`) has produced similar quality
grades and consistency of widths as reported at levels below 700m. A
further 12 holes were drilled, along a strike length of 1.2km, between
depths of 300m and 700m. Average grades for 3 PGE + gold of about 6 g/t
over widths of up to 1.4m have been confirmed.
These findings should result in a mineable ore body between depths of 350m
and 700m, the depth at which the current ore body has been declared and
will result in greater economic viability as capex and opex can expected to
be lower.
Drill intersections from drill holes LES024, LES034 and LES035 with assay
results are presented below.
Drill hole Reef Depth below Width 3PGE + Au
Surface
LES034M0 Merensky Reef 322 m 1.00 m 5.97 g/t
LES034M1 Merensky Reef 322 m 1.04 m 5.69 g/t
LES034M1 Merensky Reef 322 m 1.00 m 6.18 g/t
LES034U0 UG2 Chromitite 537 m 1.47 m 6.00 g/t
LES034U3 UG2 Chromitite 537 m 1.50 m 5.89 g/t
LES034U0 UG2 Chromitite 537 m 1.47 m 5.40 g/t
LES024M0 Merensky Reef 591 m 0.90 m 4.58 g/t
LES024M4 Merensky Reef 590 m 0.92 m 4.17 g/t
LES024M5 Merensky Reef 590 m 0.90 m 2.99 g/t
LES035U0 UG2 Chromitite 450 m 0.98 m 4.74 g/t
LES035U1 UG2 Chromitite 450 m 0.97 m 2.93 g/t
LES035U2 UG2 Chromitite 450 m 1.08 m 3.82 g/t
Further to these results, on-going drilling with 6 diamond drill rigs has
resulted in further intersections of Merensky at depths of between 360m and
780m and UG2 at depths of between 550m and 1,031m.
Initial metallurgical testwork performed on reef material from 14 boreholes
in the initial area to be mined totalling approximately 160 kg has shown
that expected recoveries on the Merensky Reef are in excess of 85%, whilst
testwork has shown a recovery range of 82% to 87% on the UG2 Chromitite.
Standard tests and optimisation work using extra depressant has shown to be
beneficial to the Merensky Reef and theUG2 is expected to respond well to
optimisation testwork.
CEO of Village, Bernard Swanepoel, commented: "The depths of these
shallower intersections confirm our geological model for the project. This
recent drilling is proving that the reefs are continuous along strike with
very little structural disturbance and also that grades remain excellent at
shallow depths. The high recoveries received from testwork on Merensky and
UG2 is also in line with expectations for reefs in that area".
Contacts:
Village CEO, Bernard Swanepoel, bernard@villagemainreef.co.za, 083 303 9922
Vestor, Media and Investor Relations, Louise Brugman, louise@vestor.co.za,
011 787 3015, 083 504 1186
3 November 2011
Sponsor Java Capital
Date: 03/11/2011 15:11:38 Produced by the JSE SENS Department.
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