Anooraq tallies Platreef resource

Vancouver Hunter Dickinson-led Anooraq Resources (ARQ-V) has tabled an inferred resource of 99.4 million tonnes grading 0.16% nickel, 0.1% copper, 0.6 gram platinum, 0.63 gram palladium, 0.012 gram rhodium and 0.06 gram gold per tonne for its Northern block target on the Platreef property in South Africa.

The calculation is based on drilling completed in 2000 and 2002 over a 4.5 km length of the favourable Platreef horizon. Geological modelling outlined a 2.4 km by 250 metre area of greater than 0.5 gram combined platinum-palladium-gold. The resource comprises three mineralized zones with a total thickness of 35 metres; the largest zone has been traced for over 2 km, and is up to 250 metres wide and 10 to 20 metres thick.

Over the past three years, Anooraq has methodically assembled three land packages which cover some 45 km of the platinum-palladium bearing Platreef horizon in South Africa’s Bushveld complex. The junior became active in the area in late 1998 by inking a deal to earn a 70% stake in the Platreef PGM project, 275 km north of Johannesburg. The Platreef properties host a 14.6-km stretch of the favourable Platreef horizon. Platreef’s former owner drilled eight holes into the property, returning up to 2.94 grams combined platinum-palladium-rhodium-gold per tonne over 20.9 metres.

In 2000, Anooraq punched 35 diamond drill holes over a 4.5-km strike length on what is now known as the Northern target. Particularly encouraging to the company is a 1.6-km strike length section that shows good mineral continuity with the potential of outlining a higher-grade portion. Based on a cutoff grade of 1 gram combined platinum-palladium-gold, the weighted average intercepts from the drilling are 0.86 gram platinum, 1.05 grams palladium, 0.04 gram rhodium, 0.14 gram gold, 0.1% copper and 0.15% nickel over 13.1 metres. Individual drill intercepts have run as high as 4.61 grams combined platinum-palladium-rhodium-gold over 6 metres. The company then followed up the results with 10 more holes last year.

The company’s main target is in the upper 50 metres of the favourable Platreef horizon, which dips at 40 to the west. Most of the mineralization is hosted in a coarse-grained pyroxenite and consists of two zones, dubbed A and B. Separated by a few metres of low-grade material, Zone B tends to occur at the hangingwall contact of a norite unit and is generally 11-14 metres thick, whereas Zone A is typically 6 metres thick.

Spurred on by the initial drill results, Anooraq decided to acquire a 100% interest in the project from Denver-based Pinnacle Resources (PNRR-O), which received a 30% equity interest in the junior.

Last year, Anooraq doubled the size of its property portfolio by inking a deal with Anglo American Platinum. Under the deal, Anooraq can earn a 50% stake in 12 properties by spending $3.6 million over five years. It can then earn an additional 30% by bringing a property into production.

Most of the new holdings cover the northern extension of the Platreef horizon, adding another 20 km of prospective strike length to Anooraq’s total property package.

Moving farther south, the deal includes a block of ground near Grass Valley, where Australian-listed Pan Palladium recently completed a resource-drilling program over its Grass Valley platinum group metal project. Situated 15 km south of Potgietersrus, the property hosts an inferred resource of 59.1 million tonnes grading 1.3 grams combined platinum-palladium-gold, plus 0.14% nickel and 0.04% copper.