Anooraq gains Bushveld platinum project

Junior Anooraq Resources (ARQ-V), part of the Dickinson-Hunter group, has acquired the rights to a 74-sq.-km land package prospective for platinum group metals. The properties are on the northeastern limb of the Bushveld complex in South Africa.

The agreement calls for Anooraq to acquire a 70% interest in Plateau Resources, a South African subsidiary of U.S.-based Pinnacle Resources, by spending $10 million on exploration over four years. Anooraq can then elect to acquire the remaining 30% by issuing 30% of its outstanding share capital to Pinnacle.

Anooraq acquired the rights to the deal through a settlement agreement with Vancouver-based Gladiator Minerals (GLM-V), according to which Gladiator will receive staged-share payments totalling 875,000 shares if the 70% interest is earned plus an additional 625,000 shares for each 7 million oz. of platinum-palladium recovered. Gladiator will also receive 200,00 shares for facilitating the settlement and acquisition.

The property holdings are contiguous with, and extend 10 km north of, Anglo-American Platinum’s Platreef property, which hosts a combined resource of 350 million tonnes grading 4.36 grams platinum-palladium-rhodium-gold.

The Platreef horizon forms the base layer of the Bushveld complex in this area and is generally considered to be equivalent to the Merensky Reef, in the southwestern portion of the complex. Economical values of platinum group metals, copper and nickel occur over tens to hundreds of metres in the Platreef horizon.

The Platreef horizon trends north through Plateau’s properties and dips moderately to the west. Anooraq believes the property offers excellent potential for surface and underground bulk-mining targets.