Platexco eyes PGM property

Platexco (PTX-T) is conducting a US$1.7-million bankable feasibility study at its Winnaarshoek platinum- palladium-rhodium-gold property on the eastern limb of the Bushveld igneous complex in South Africa.

SRK Consulting will send bulk samples of about 250 tonnes from each of the Merensky and UG2 reefs to Mintek Laboratories in Johannesburg. Sampling of the UG2 reef will take place on Anglo American Platinum’s adjacent Clapham property, to the east, where the reef outcrops at the surface. The UG2 mineralization at Clapham is said to be similar to that at Winnaarshoek.

An 18-metre-deep gulley, driven 15 metres south of the main decline of an old working site on the Merensky reef, will also be sampled.

The study also includes a second-phase 22-hole drill program. Ten holes were collared on the UG2 reef to test for continuity of the mineralized reef. The best intersections include:

* hole 9, which intersected 0.8 metre grading 10.68 grams platinum group metals (PGM) per tonne;

* hole 3, which hit 0.82 metre of 9.5 grams PGM;

* hole WHU18, which returned 0.8 metre of 9.4 grams PGM; and * hole WHU20, which cut 0.8 metre of 8.65 grams PGM

The remaining 12 holes were drilled on the Merensky reef.