| Thu 5 Oct 2006, 10:18 | | Wesizwe Platinum Limited - Drilling results |
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WEZ
WEZ
Wesizwe Platinum Limited - Drilling results
Wesizwe Platinum Limited
(Incorporated in the Republic of South Africa)
(Registration number 2003/020161/06)
JSE code: WEZ & ISIN: ZAE000075859
Drilling results for the three months ended 30 September 2006
Good progress being made in Phase III of exploration programme for Pilanesberg
Project where 23,63% of total resource are now classified as
Indicated (0% in February and 11,64% in June 2006).
Total PGE(4) ounces increased to 11.897 million ounces (from 11.223 in
February and 11.492 in June 2006).
Wesizwe attributable Inferred and Indicated resources total 7.272 million
ounces (from 6.886 in 28 February and 7.076 million ounces in June
2006).
Says Mike Solomon, CEO, "Wesizwe is delighted with the results as they give us
the critical mass of resource to commission a pre-feasibility study.
This is 2.9 million ounces Indicated and 9.09 million ounces
Inferred to give a Total Mineral Resource of 11.9 million ounces.
The project has reached the point where we are now in a position to
start tying down the value of the project and definitively move
forward towards establishing our mining operation."
"This is an important milestone as it again demonstrates that we are right on
schedule in line with the plans put in place at the outset of the
project. It also provides the impetus for us to accelerate even more
the exploration programme and bring forward the bankable feasibility
study from the original planning of 2008 into 2007. This of course
will be contingent on the results of the pre-feasibility study."
"At this stage there are no material concerns about the project"s viability as
our basket prices are the highest in the industry and our mining
operations will be primarily between 600 and 800 metres. This is
relatively shallow for underground operations serviced by vertical
shafts."
"This milestone must also be seen in the context of the fact that since the
original planning we have consistently over delivered on the targets
we had set for ourselves in January 2005. These were 47 million
tonnes and 6.7 million ounces contained against our current delivery
of 74 million tonnes and 11.9 million ounces contained of which 7.9
million ounces are attributable to Wesizwe."
"It is also significant that our geologists are working alongside both our
neighbours, Anglo Platinum and PTM. The three companies are co-
operating in assessing the overall structural geology of the area in
line with our technical co-operation agreement with Anglo Platinum.
This will hopefully facilitate the three parties thinking in terms
of the possible consolidation of these contiguous mining areas into
a rationalised world class mining operation."
"The recent successful capital raising has enabled us not only to maintain the
momentum of our impressive progress to date but to accelerate the
development of a competitive platinum mine."
Exploration programme
The Pilanesberg Project in-fill drilling programme is well underway to
increase the confidence of the Merensky and UG2 Reef Mineral
Resources Inferred to Indicated as per SAMREC Code (South African
Code for Reporting of Mineral Resources and Mineral Reserves).
Since the previous reporting period, a total of 10,697 metres of core have
been drilled, and 11 boreholes and 25 deflections completed. By 4
October 2006, there are now 8 drill rigs deployed on the farm
Frischgewaagd 11.
Summary of results: Period under Review Prior Period
Metres drilled: 9,659 8,244
Boreholes completed: 11 4
Deflections: 25 17
Drill rigs in operation 8 4
(end September 2006) (end June 2006)
The exploration programme in this reporting period has been focused on ground
underlaid by the normal Merensky Reef facies area that occurs mainly
on Frischgewaagd 96 JQ Portion 11 and Ledig 909 JQ Portions 1, 4, 5
and 6 on an approximate 500m grid. Also now complete is the
deflection drilling of the boreholes in this area which had been a
contributing factor in restricting the attainment of Mineral
Resources in some areas to the Inferred category.
The updated Mineral Resources for the Pilanesberg Project are stated in the
following table.
Ore Body Resource Type Tonnage (M) PGE(4) (g/t)
Merensky Reef Indicated 11.037 5.52
UG2 Reef Indicated 5.708 4.64
Total Indicated 16.744 5.22
Merensky Reef Inferred 21.919 6.02
UG2 Reef Inferred 34.855 4.32
Total Inferred 56.774 4.98
The overall tonnage increase since July 2006 of 3.7 million tonne is due to an
increase of the area underlain by the thicker UG2 Pothole Reef. This
also impacts on the total contained metal. The application of
geostatistics has been applied to the drilling data and the kriging
variances, block variances and block estimation errors have been
employed in the classification of the Mineral Resources as well as
facies boundary confidence. The overall Indicated Mineral Resources
has increased by 8.8 million tonne, of which 4.7 million tonne is
from the Normal Merensky Reef facies area.
Drilling results
The table below reflects the summary results for the total estimated mineral
resources for the Pilansberg Project at 30 September 2006.
ORE BODY RESOURCE SURFACE TONNAGE PGE(4) ORE BODY ATTRIBU-
TYPE RESOURCE (m) (g/t) WIDTH TABLE
AREA (m2) (cm) PGE(4)*
Million
ounces
Merensky
Normal Indicated 2,224,423 11.037 5.52 154 1.959
UG2 Normal Indicated 1,100,240 5.708 4.64 135 0.852
Total
ALL REEFS INDICATED 3,324,662 16.744 5.22 148 2.811
Merensky
Normal Inferred 859,929 4.626 4.97 167 0.740
Merensky
Single
Chromitite Inferred 1,542,516 7.106 7.53 153 1.719
Merensky
Normal
Footwall Inferred 489,610 2.758 6.85 179 0.607
Merensky
Detached Inferred 2,048,675 7.429 4.92 113 1.176
Total
Merensky
Reef Inferred 4,940,730 21.919 6.02 141 4.242
UG2 Normal Inferred 2,204,883 11.002 4.35 133 1.540
UG2 Regional
Pothole Inferred 3,620,557 23.853 4.31 176 3.305
Total UG2
Reef Inferred 5,825,440 34.855 4.32 160 4.845
TOTAL
ALL REEFS INFERRED 10,766,170 56.774 4.98 151 9.086
GRAND TOTAL
All reefs All types 14,090,832 73.519 5.03 150 11.897
* Platinum Group Elements comprising: Platinum, palladium, rhodium and gold.
# Remaining 50 per cent of portion 11 is owned by Anglo Platinum Limited. The
remaining 50 per cent of portions 3 and 4 are owned by the Western
Bushveld Joint Venture.
Competent Person"s Report
The abovementioned independent mineral resource estimates have been prepared
in accordance with the SAMREC Code and incorporate the drilling
results for both the Merensky and UG2 reefs on the listed farms. The
Competent Person, Mr DR Young, a director of Mineral Corporation
Consultancy (Proprietary) Limited, has issued a report updating
their Competent Person"s Report issued on 5 November 2005.
Mr Young"s qualifications are BSc (Hons), FAusIMM, Pr Sci Nat and his business
address is: Homestead Office Park, 65 Homestead Avenue, Bryanston
2021.
Drilling results: 1 July to 30 September 2006
Merensky reef
BHID De- Facies Depth Density Width Pt Pd Rh Au PGE
flec- Type (m) * (t/m3) (m) (g/t) (g/t) (g/t) (g/t) (g/t)
tion
WF01 D0 Normal -
Sill at
TRC 724.52 3.03 1.26 1.17 0.84 0.03 0.13 2.17
WF01 D1 Normal -
Sill at
TRC 724.67 3.00 1.47 2.35 0.70 0.08 0.12 3.25
WF01 D2 Normal -
Sill at
TRC 724.62 3.06 1.63 3.82 1.30 0.17 0.24 5.54
WF01 Ave 724.60 3.03 1.45 2.50 1.03 0.09 0.17 3.80
WF42 D0 Normal 702.39 3.29 2.00 3.04 1.10 0.19 0.20 4.53
WF42 D1 Normal 702.47 3.22 1.93 4.63 1.89 0.29 0.31 7.11
WF42 D2 Normal 702.50 3.18 1.92 1.82 0.62 0.13 0.11 2.67
WF42 Ave 702.45 3.23 1.95 3.19 1.18 0.21 0.21 4.78
WF49 D0 Normal -
Intruded 679.66 3.07 0.99 1.59 1.24 0.23 0.05 3.11
WF49 D2 Normal -
Intruded 678.99 3.04 1.01 1.80 0.62 0.12 0.09 2.63
WF49 D3 Normal -
Intruded 680.12 3.13 1.19 3.75 1.41 0.26 0.17 5.59
WF49 Ave 679.59 3.08 1.06 2.46 1.11 0.21 0.11 3.88
WF69 D0 Potholed 610.04 3.02 1.09 2.14 1.14 0.17 0.18 3.62
WF69 D1 Potholed 610.82 1.02 2.10 0.71 0.05 0.31 3.17
WF69 D2 Potholed 610.77 1.16 2.88 1.20 0.28 0.33 4.69
WF69 Ave 610.54 3.02 1.09 2.39 1.02 0.17 0.27 3.86
WF71 D0 Single
Chromitite 682.94 2.91 2.39 5.71 2.48 0.51 0.29 9.00
WF71 D1 Single
Chromitite 683.01 3.01 1.45 7.44 3.07 0.46 0.45 11.42
WF71 D2 Single
Chromitite 682.89 2.99 1.45 2.49 1.30 0.18 0.19 4.17
WF71 Ave 682.95 2.96 1.76 5.24 2.37 0.41 0.32 8.34
WF79 D0 Detached 818.28 3.14 1.05 3.16 1.36 0.27 0.28 5.06
WF79A D0 Detached 819.11 3.28 1.00 3.55 1.29 0.25 0.18 5.28
WF79A D1 Detached 819.08 3.24 1.20 2.31 0.98 0.12 0.22 3.63
WF79A D2 Detached 819.15 3.20 1.28 4.49 1.66 0.39 0.25 6.79
WF79A Ave 819.11 3.24 1.16 3.45 1.33 0.25 0.23 5.26
WFA03 D0 Normal 776.44 3.25 1.42 3.46 1.52 0.32 0.22 5.53
WFA03 D1 Normal 776.36 3.34 1.36 4.47 2.33 0.37 0.23 7.40
WFA03 D2 Normal 776.31 3.28 1.46 4.15 1.79 0.22 0.33 6.48
WFA03 Ave 776.37 3.29 1.42 4.03 1.86 0.31 0.26 6.47
WFA24 D1 Normal
Footwall 925.61 3.25 1.26 1.68 0.44 0.09 0.17 2.39
WFA24 D2 Normal
Footwall 925.42 3.31 1.02 4.70 0.84 0.26 0.11 5.91
WF24 Ave 925.52 3.27 1.14 2.97 0.66 0.16 0.19 3.98
WL103 D0 Normal 733.82 3.07 1.95 3.47 1.08 0.17 0.23 4.96
WL103 D1 Normal 733.86 3.15 2.23 1.55 1.06 0.16 0.26 3.04
WL103 D2 Normal 733.65 3.19 2.22 1.77 0.80 0.15 0.12 2.84
WFA03 Ave 733.78 3.14 2.13 2.15 1.02 0.17 0.21 3.54
* Depth below surface to top reef contact
UG2 REEF
BHID De- Reef Depth Density Width Pt Pd Rh Au PGE
Flec-Type (m) * (t/m3) (m) (g/t) (g/t) (g/t) (g/t) (g/t)
tion
WF01 D0 Faulted
Inter-
Section - 4.13 1.00 0.31 0.00 0.00 0.00 0.31
WF01 D1 Faulted
Inter-
Section - 3.40 1.38 1.40 0.57 0.23 0.00 2.21
WF01 D3 Faulted
Inter-
Section - 3.21 1.02 2.42 0.84 0.30 0.00 3.56
WF01 Ave 3.56 1.13 1.39 0.48 0.19 0.00 2.06
WF42 D0 Normal 740.16 3.86 1.26 3.28 1.76 0.64 0.04 5.72
WF42 D1 Intrusion 740.16 3.64 0.95 2.30 1.33 0.44 0.02 4.08
WF42 D2 Intrusion 740.04 3.85 1.49 3.11 1.29 0.57 0.02 5.00
WF42 Ave 740.12 3.80 1.23 2.96 1.46 0.56 0.02 5.01
WF49 D2 Normal 718.60 3.93 1.19 3.20 1.05 0.63 0.00 4.87
WF49 D3 Normal 718.46 3.95 1.20 2.46 1.06 0.51 0.01 4.04
WF49 Ave 718.53 3.94 1.20 2.82 1.06 0.57 0.01 4.45
WF60 D3 Potholed 685.98 2.15 2.01 0.84 0.38 0.00 3.22
WF60 D4 Potholed 686.32 5.21 5.68 3.14 1.15 0.00 9.97
WF60 Ave 686.15 3.68 4.61 2.47 0.92 0.00 8.00
WF62A D0 Normal 767.42 3.73 1.94 1.97 0.72 0.43 0.01 3.14
WF62A D1 Normal 767.35 3.89 2.46 2.27 0.85 0.45 0.01 3.58
WF62A D2 Normal 767.37 3.88 1.50 2.40 0.84 0.46 0.00 3.70
WF62A Ave 767.38 3.84 1.96 2.21 0.80 0.45 0.01 3.47
WF71 D1 Potholed 721.06 3.52 1.20 1.21 0.32 0.21 0.00 1.75
WF71 D2 Potholed 721.80 3.85 1.16 2.65 0.64 0.47 0.00 3.78
WF71 Ave 721.43 3.68 1.18 1.92 0.48 0.34 0.00 2.75
WFA03 D0 Potholed 813.90 3.83 1.60 2.33 1.18 0.44 0.01 3.96
WFA03 D1 Potholed 814.07 3.86 1.77 3.32 1.72 0.52 0.01 5.56
WFA03 D2 Potholed 813.75 3.78 1.67 2.40 0.94 0.44 0.01 3.79
WFA03 Ave 813.91 3.82 1.68 2.70 1.29 0.47 0.01 4.47
WL103 D0 Normal 767.82 3.77 1.18 2.91 1.29 0.49 0.00 4.69
WL103 D1 Normal 768.21 3.63 1.64 4.65 2.00 0.87 0.04 7.56
WL103 D2 Normal 768.22 3.94 1.36 3.04 2.15 0.62 0.03 5.84
WL 103 Ave 768.08 3.77 1.40 3.60 1.87 0.67 0.02 6.16
WL150 D0 Normal 729.29 3.65 1.04 2.57 1.23 0.51 0.02 4.33
WL150 D1 Normal 729.25 3.87 0.95 3.25 1.52 0.64 0.03 5.44
WL150 D2 Normal 729.01 3.71 0.74 2.58 1.46 0.54 0.04 4.62
WL 150 Ave 729.18 3.74 0.91 2.81 1.40 0.56 0.03 4.81
* Depth below surface to top reef contact
Registered office:
Second Floor, AMB Capital, 18 Fricker Road, Illovo 2196
Investor relations enquiries:
College Hill, Fred Cornet, Telephone: +27 11 447 3030
Wesizwe Platinum Limited,
Melanie Low, Telephone: +27 11 215 2375
Web site: http://www.wesizwe.com
Date: 05/10/2006 10:18:07 AM Produced by the JSE SENS Department
