Rietfontein yields broad low-grade nickel (August 26, 2002)

Vancouver -The first two holes drilled by Robert Friedland-led African Minerals into the westerns side of Anooraq Resource‘s (ARQ-V) Rietfontein property has returned widespread intervals of low grade nickel-copper-platinum mineralization.

Located on the northern limb of South Africa’s Bushveld intrusive complex, both holes cut the favourable Plarfeef horizon. Hole 1 returned 46.3 metres grading 0.18% nickel, 0.12% copper, and 0.84 gram platinum-palladium-gold from 19.8 metres downhole. Moving 300 metres southeast, hole 2 cut 136.2 metres grading 0.19% nickel, 0.15% copper and 0.63 gram platinum-palladium-gold from 19.6 metres downhole.

So far, African Minerals has completed 21 drill holes on the Rietfontein property over the 1.4-km southeast trending strike length of the Platreef horizon. Assay results for the additional holes are pending.

Last year, Hunter Dickinson-led Anooraq dealt a portion of its 12,176 ha land package in the prolific Bushveld Complex of South Africa to African Minerals, a private affiliate of Robert Friedland-led Ivanhoe Capital. The company can earn a 50% interest in Anooraq’s 2,900 ha 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 with the rigs currently testing the PGM-bearing Platreef horizon on the west side of Rietfontein.

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 portion 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.