AfriOre encouraged at Akanani

Ongoing drilling by AfriOre (AFO-T) continues to return encouraging platinum-group-element values from the Akanani project in South Africa’s Bushveld complex.

The latest holes, ZF3 and MO2, were collared vertically near the eastern boundary of the Zwartfontein 814 and Moordkopje 813 farms, respectively. Both holes encountered mineralized pyroxenitic rocks of the Platreef unit, and were terminated in basement granitic rocks.

Hole ZF3 yielded 13.2 metres (beginning 1,112.8 metres downhole) grading 1.6 grams platinum, 2.1 grams palladium, 0.16 gram rhodium and 0.24 gram gold per tonne, including 1.7 metres running 5.2 grams platinum, 7.2 grams palladium, 0.54 gram rhodium and 0.82 gram gold per tonne.

A 7-metre section lower in the hole returned 1.6 grams platinum, 1.7 grams palladium, 0.1 gram rhodium, and 0.2 gram gold, beginning at 1,179 metres downhole. Nickel and copper values run less than 0.2%.

Hole MO2 surrendered 2.2 metres (from 1,422.6 metes) of 2.15 grams platinum, 2.7 grams palladium 0.2 gram rhodium, 0.3 gram gold, and 10 metres (from 1,453 m) running 1.3 grams platinum, 2 grams palladium 0.1 gram rhodium, and 0.2 grams gold.

The intervals also included minor nickel and copper.

Afriore says the holes suggest the continuity of mineralized Platreef zones downdip from the current and planned open-pit mining operations on Anglo Platinum’s contiguous Potgietersrus Platinum Mines’ mining licence.

Meanwhile, holes ZF5 and MO4 have intersected the upper contact of the Platreef unit at depths of 885 and 965 metres, and are currently drilling through the unit.

“The Akanani Platinum Project has yielded mainly outstanding results to date," said Afriore CEO Mike van Aswegen in a prepared statement. "We now have analytical results from six drill holes along a total strike length of six kilometres along the eastern boundary of the Akanani project area."

Afriore plans to expand the current drill program, and has deployed additional drill rigs.

Early drilling success recently prompted Afriore to take an initial 20% stake in the project by buying Metals Technology Inc. (MTI) for 750,000 shares. AfriOre, through MTI, can boost its stake in project holder Akanani Mining to 74%. Akanani is a black economic empowerment entity.

In other news, AfriOre shareholders recently approved the company’s continuance from Barbados to the British Virgin Islands; the change in jurisdiction of incorporation became effective on May 19, 2005.