Vancouver – Armed with a recently closed $3.2 million financing, Hunter Dickinson-led Anooraq Resources has been granted a 5-year exploration renewal on its Platreef platinum group metals (PGM) properties in South Africa.
The move allows Anooraq to continue exploring the ground and includes an option to extend the prospecting contracts for an additional two years. The company also negotiated terms for converting the contracts to mining leases at any time during the 7-year period. Under the deal, 80% of future production from the mining leases would be subject to a royalty of 1%.
The Platreef properties lie on the northern limb of the famous Bushveld Complex and host a 14.6-km stretch of the favourable platinum-palladium-bearing horizon. After two rounds of drilling, the junior has been eyeing the potential of outlining a large open-pittable resource.
The planned construction of a new PGM smelting and refining complex at Pietersburg, near the project, enhances the prospect of developing nearby PGM deposits.
Anooraq recently announced plans to acquire a 100% interest in the project from Denver-based Pinnacle Resources (PNRR-O) in return for a 30% equity interest in Anooraq.
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