AfriOre drills Akanani

Drilling at either end of the Akanani platinum project 25 km north of Mokopane in South Africa’s Limpopo province has returned mixed results for 74% owner AfriOre (AFO-T, AFOFF-O).

Hole ZF13 was collared in the southern portion of the project, downdip from previously drilled holes ZF2 and ZF11 (75.2 metres of 4.36 grams platinum-palladium-rhodium-gold (PGE), and 29 metres of 7.8 grams PGE). It returned a 5.9-metre core interval (from 1,258 metres down-hole) running 1.75 grams platinum 1.31 grams palladium, 0.16 gram rhodium, and 0.1 gram gold, plus 0.07% nickel and 0.03% copper.

Following a 9.8-metre section of barren granitic dyke, the hole encountered another 11.9 metres of 1.6 grams platinum 1.83 grams palladium, 0.17 gram rhodium, and 0.14 gram gold, plus 0.19% nickel and 0.07% copper.

AfriOre notes that the dyke was not encountered in other nearby holes and that any dilutive effect should be minimal. The company also says that the hole confirms the extension of Platreef mineralization towards the west, downdip from Anglo American Platinum‘s (AAPTY-L) adjoining PPL mine lease area.

Meanwhile, on the northern portion of the project, hole MO6 returned 12 metres grading 1.55 grams platinum, 1.69 grams palladium, 0.09 gram rhodium, and 0.21 gram gold, plus 0.19% nickel and 0.1% copper, beginning 1,562 metres down-hole. The hole was collared some 500 metres downdip from historic hole MO1, which cut 39.5 metres of 4.8 PGEs.

AfriOre says the hole encountered a normal fault and the lower portion of the Platreef unit, but does not represent the full width of the unit.

The company says follow-up drilling is warranted, but intends to first focus on the southern target area, with the aim of quickly outlining a resource.

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.

At Akanani, the Platreef pyroxenite unit measures up to 300 metres wide and dips at between 35 and 45 to the west-southwest. It is estimated to extend from a depth of about 600 metres in the southeast, increasing toward the west.

Shares in AfriOre were off a quarter, or 8.2%, at $2.80 in late afternoon trading in Toronto following the news on Dec. 28.