Vancouver – Hunter Dickinson-led Anooraq Resources (ARQ-V) has dealt a portion of its 122-sq.-km land package in the prolific Bushveld Complex of South Africa to a private affiliate of Robert Friedland-led Ivanhoe Capital.
Lying in the northern limb of the intrusive complex, African Minerals can earn a 50% interest in Anooraq’s 2,900-hectare Rietfontein farm property by spending $1.5 million over 2 years.
The Rietfontein property adjoins African Minerals prospective property, which is rumoured to host a major large tonnage nickel-copper-platinum-palladium find. The company has multiple diamond drills turning in the area and expects to begin targeting Rietfontein shortly. Drilling is expected to test the PGM-bearing Platreef horizon on the west side of Rietfontein and two strong soil geochemical anomalies with platinum, palladium, copper and nickel. These anomalies measure 1.6 and 2 km long and cover the length of a pyroxenite intrusion.
The Government of South Africa recently granted Anooraq a 5-year exploration extension over its platinum-palladium properties. The project covers a 14.6-km strike length of the platinum-palladium bearing Platreef horizon. The prospective horizon is stratigraphically equivalent to the high-grade platinum-palladium bearing Merensky Reef located in the eastern and western limbs of the complex.
Armed with a newly completed $3.2 million financing, Anooraq aims to resume work shortly. Following two drill programs, the junior has been eyeing the bulk tonnage potential of the project.
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