AfriOre (AFO-T) has tabled an initial inferred resource estimate for its Akanani platinum project, 25 km north of Mokopane in South Africa’s Limpopo province.
Based on 17 widely spaced holes, Snowden Mining Industry Consultants pegged resources at 183 million tonnes averaging 4.5 gram combined platinum, palladium, rhodium plus gold (PGE), for 26.4 million contained oz. of PGEs. There are also minor amounts of nickel and copper.
The resource is contained in a 329 hectare area in the southeast corner of the project, and covers around 3.6 km of the 9-km strike length of the Platreef mineralization on the project. The resource area averages 16.6 metres in true thickness.
The estimate consider only the P2 unit, a well-developed, upper mineralized zone within the Platreef. The unit extends from around 800 metres to 1,000 metres below surface in he east to 1,700 metres in the west.
The unit is one of 4 AfriOre divides the Platreef pyroxenite into. The P2 unit is characterized as a discrete, coarse-grained feldspathic pyroxenite, and is well-mineralized throughout.
Ongoing exploration is focussing on infill drilling on a 350-metre grid and drilling deflections in the southern portion of the property, with the goal of upgrading inferred resources to the indicated category. Drilling will also target the P! unit to better define its controls, and outline an inferred resource.Step-out drilling will target areas to the west and north along the remaining 5.4 km of Platreef strike length.
Akanani is situated along the 20-km-long higher-grade central portion of the Platreef on the northern limb of the Bushveld intrusive complex. The Platreef unit also hosts Anglo American Platinum’s Potgietersrus platinum mine, adjacent to the east. The property’s southeastern corner is also less than 1 km from Anglo’s Zwartfontein South open pit and about 2 km from that company’s main open pit at the Sandsloot PGE mine.
Shares in AfriOre ended 60, or nearly 13%, better at a 52-week high of $5.30 in Toronto following the news on May 11.
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