Hunter-Dickinson-led
The junior can earn an initial 70% interest in Plateau Resources, a subsidiary of Denver-based
In return for this initial earn-in, Anooraq must spend $10 million on exploration over four years. The remaining 30% can then be acquired by issuing to Plateau the equivalent of 30% of Anooraq’s outstanding share capital.
The Bushveld Complex hosts the world’s largest known reserves of chromium and platinum group metals (platinum, palladium, osmium, iridium, rhodium and ruthenium), as well as extensive reserves of iron, titanium, vanadium and tin.
The entire Complex stretches 375 km east-west by 300 km north-south; at 67,000 sq. km, it is roughly the size of Ireland. It is a quadrilobate body (wider on its east side than its west), with a hook-shaped northward protrusion known as the Potgietersrus Lobe.
The property on which Anooraq has set its sights is 250 km northeast of Johannesburg. It is situated on strike, to the north and south, of Anglo American’s Amplats property, which hosts nine deposits with a combined resource of 350 million tonnes grading 0.151 oz. platinum-palladium-rhodium-gold, or 54.5 million contained ounces.
In 1998, drilling by Plateau returned several significant intercepts, including:
- hole 1, which hit 10 metres averaging 2.28 grams combined platinum-palladium-rhodium-gold per tonne.
- hole 2, which returned 9.2 metres of 3.87 grams;
- hole 4, which intersected 6.2 metres of 4.89 grams; and
- hole 7, which intersected 20.9 metres of 2.94 grams, including a 9.8-metre section of 3.44 grams platinum-palladium-rhodium-gold.
Anooraq has about $1 million in working capital and 10.5 million shares on a fully diluted basis.
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