| Wed 30 Nov 2011, 12:57 | | VIL - Village Main Reef Limited - Village intersects Merensky Platinum Reef |
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VIL
VIL
VIL - Village Main Reef Limited - Village intersects Merensky Platinum Reef
at 204m below surface 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 INTERSECTS MERENSKY PLATINUM REEF AT 204m BELOW SURFACE AT LESEGO
- 13 additional holes drilled, with 5 holes remaining to complete
shallow drilling program
- Continued intersection of economic Merensky Reef and UG2 Chromitite at
depths between 350m and 700m
- Large, shallow to medium depth, high grade ore body
- Consistent return of high grade reef intersections from deeper
drilling
As part of Lesego`s continued shallow drilling program, Village today
announces that the borehole LES049 has intersected the Merensky Reef at a
shallower depth of 204m below surface. The reef has a width of about 1 m
and contains visible sulphide mineralisation which indicates that the reef
may contain economic grades of platinum group elements (3 PGE`s) plus gold.
As the reef is intersected closer to the surface, both the Merensky Reef
and UG2 Chromitite tend to steepen up to a near-vertical dip but maintain
thicknesses and grades that Lesego believes are economically mineable using
a sub-level open stoping method. This mining method, which is well
established in the mining industry, lends itself to mechanization which in
turn significantly reduces operational costs and enhances safety.
Drill intersections from drill holes LES029, LES031, LES032, LES035, LES036
and LES037 with assay results are presented below.
Drill hole Reef Depth below Width 3PGE + Au
Surface
LES029U0 UG2 Chromitite 1522m 2.08m 5.00 g/t
LES029U1 UG2 Chromitite 1522m 1.32m 6.77 g/t
LES029U2 UG2 Chromitite 1522m 1.57m 6.28 g/t
LES031M7 Merensky Reef 1870m 1.31m 6.26 g/t
LES031M8 Merensky Reef 1871m 1.38m 5.65 g/t
LES031M10 Merensky Reef 1871m 1.26m 7.58 g/t
LES031U0 UG2 Chromitite 2106m 1.23m 5.63 g/t
LES031U3 UG2 Chromitite 2106m 1.53m 6.07 g/t
LES031U6 UG2 Chromitite 2106m 1.40m 7.40 g/t
LES032U2 UG2 Chromitite 1906m 2.39m 5.62 g/t
LES032U5 UG2 Chromitite 1906m 1.98m 5.23 g/t
LES032U7 UG2 Chromitite 1906m 1.95m 5.98 g/t
LES35U0 UG2 Chromitite 448m 1.18m 4.74 g/t
LES35U0 UG2 Chromitite 448m 0.97m 2.93 g/t
LES35U0 UG2 Chromitite 448m 1.08m 3.82 g/t
LES036M0 Merensky Reef 362m 0.99m 3.37 g/t
LES036U0 UG2 Chromitite 551m 0.99m 1.89 g/t
LES036U1 UG2 Chromitite 551m 0.99m 1.93 g/t
LES036U2 UG2 Chromitite 551m 0.99m 3.04 g/t
LES037M3 Merensky Reef 347m 1.33m 7.23 g/t
The drilling program has successfully delineated additional Merensky Reef
between depths of 204m and 700m below surface, whilst the UG2 Chromitite
has been intersected at depths of between 470m and 900m, along strike
lengths of approximately 2 km.
Lesego`s prefeasibility study is due to be released early next year. The
Bankable Feasibility Study scheduled for completion at end 2012/ beginning
2013.
CEO, Bernard Swanepoel commented, "Our consistent drilling results continue
to demonstrate that this ore body is economically viable at shallow depths
and also at depths of greater than 700m, where high grades averaging 6.61
g/t 3PGE + gold over an average width of 1.17m have previously been
reported. The shallower, consistent grade intersections have greatly
improved the capex, opex and mining requirements for a future potential
mine. We continue to increase the value of Lesego, proving it up into a
large, shallow to medium depth, high grade ore body".
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
Note to editors
About the Lesego Project
Village controls a 77% interest in the Lesego project with the Industrial
Development Corporation (IDC) owning the remaining 23%. Situated near
Burgersfort, South Africa, Lesego is fully funded to the bankable
feasibility study, by the IDC, to the tune of R142 million.
The ore body at the Phosiri dome consists of both the UG2 Chromitite and
the Merensky Reef, which occur as distinct layers of contrasting rock type
to the surrounding rocks. They are part of a 3 to 6 km layered package
known as the Rustenburg Layered Suite, which forms part of the Bushveld
Igneous Complex. The Bushveld Igneous Complex formed from molten rock
injected into the sedimentary rocks of the Transvaal Supergroup about 2,055
million years ago, and which crystallised into distinct layers, a few of
which contain concentrations of valuable metals. The Bushveld Complex
therefore contains the greatest concentration of known mineral wealth on
the planet and includes platinum group element (PGE) ores, base metals such
as chromium, iron, tin, titanium and vanadium and industrial minerals such
as andelusite, dimension stone and magnesite.
30 November 2011
Date: 30/11/2011 12:57:06 Produced by the JSE SENS Department.
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