Category: Uncategorized
- Published: 29 November -0001
News Release: New Anooraq-Anglo Platinum Joint Venture Project in South Africa Yields Significant Values
Ronald W. Thiessen, President and CEO of Anooraq Resources Corporation (TSX Venture:ARQ) (OTCBB:ARQRF), is pleased to announce excellent results from recent core drilling at the Drenthe PGM-nickel-copper deposit, located on the Northern Limb of the Bushveld Complex, about 250 kilometres northeast of Johannesburg, South Africa. The Bushveld is the world's premier location for PGM deposits, accounting for 80% of global resources. The potential for long life, low-cost open pit mines, coupled with new infrastructure developments, has made the Northern Limb one of the world's most attractive target areas for large-scale PGM production. Anooraq is operating exploration programs at Drenthe on behalf of a newly announced joint venture between Anooraq and Anglo American Platinum Corporation Limited ('Anglo Platinum'; see ARQ News Release dated November 26, 2003), which has been formed to explore and develop platinum group metals, gold, nickel and copper mineralization on the Drenthe farm and the adjacent northern portion of the Overysel farm. The objective of the joint venture is to rapidly advance the Drenthe deposit through the final stages of exploration and development to exploitation, utilizing nearby milling and smelting facilities that could provide substantial cost advantages to a new mining project. Anglo Platinum is the world's largest platinum producer with operations throughout the Bushveld. Anglo Platinum also has extensive experience on the Northern Limb, operating the 350,000 ounce per year Sandsloot open pit mine on property located just to the south of Drenthe, as well as new smelting facilities at Polokwane, about 80 km from Drenthe.
The recent core drilling program consisted of ten completed holes, totaling 2,176 metres along a 775 metre section in the northern part of the Drenthe deposit (see drill hole location map on the ARQ website). Previous drilling had outlined the mineralization in this area at 200 metres spacing. Holes PR40 to PR43 were drilled east between holes PR17 and PR20 at a 55 degrees dip, and vertical drill holes PR44 to PR50 tested the area between PR14 and PR17, reducing the spacing between the drill holes to 100 metres or less. Drilling intersected some of the best grades yet encountered in the Drenthe deposit and significant mineralized widths were encountered in all holes, often in two or more horizons. Importantly, the results are confirming the continuity of the deposit. The combination of consistent grades over substantial widths at shallow depth indicates a mineral deposit that is potentially amenable to low-cost open pit mining.
Highlights of the current program include hole PR40, which intersected a 11.7 m section, beginning at 26.3 m depth, grading 6.46 g/t PGM+Au, 0.26% Ni and 0.21% Cu and a 58.8 m section, beginning at 102.2 m depth, grading 1.05 g/t PGM+Au, 0.12% Ni and 0.08% Cu. Another highlight includes hole PR46 that intersected a 19.1 m interval, beginning at 92.7 depth, grading 4.03 g/t PGM+Au, 0.24% Ni and 0.16% Cu, and a 5.0 m interval, beginning at 201.5 m, grading 6.60 g/t PGM+Au, 0.43% Ni and 0.31% Cu. PR48 intersected 48.9 m from 74.8 m depth grading 2.44 g/t PGM+Au, 0.28% Ni and 0.20% Cu and a second 6.0 m interval at 143.4 m depth grading 2.33 g/t PGM+Au, 0.25% Ni and 0.18% Cu. Full results are included in Table 1 (Drenthe-Overysel Joint Venture Assay Results) which is attached.
The Drenthe deposit is open to expansion. The southern limit of the deposit has, until now, been defined by the boundary of the Drenthe and Overysel farms. The Company's joint venture agreement with Anglo Platinum offers the opportunity to determine the full extent of the Drenthe deposit towards the south. In order to advance the project rapidly toward production, extensive additional drilling is planned for early in 2004.
The program, currently being finalized, will involve multiple rigs with infill drilling in the Drenthe deposit and delineation of the southern extent of the deposit on the Overysel farm. Based on this work, new resource estimates can be completed and mine planning commenced.
President and CEO Ronald Thiessen said, 'We continue to receive excellent results from delineation drilling of the large-scale Drenthe PGM-nickel-copper deposit. The results released today confirm the potential in the northern part of the deposit, and our new joint venture provides the opportunity to delineate its full southern extent. When fully assessed, our expectation is that Drenthe will take its place as another large, low-cost operation on the Northern Limb.'
Anooraq's extensive land package extends 45 km along the Northern Limb of the Bushveld Complex. In addition to the Drenthe deposit, Anooraq also controls the Rietfontein farm, located 25 km to the south of Drenthe. Exploration at Rietfontein has outlined extensive, near-surface nickel-PGM-copper mineralization that is contiguous with mineralization on the adjacent Turfspruit farm, which is being explored and developed by Robert Friedland's African Minerals Ltd.
Keith Roberts, MSc, PhD, P.Geo., is Anooraq's qualified person for the drilling program. For further details on Anooraq and its properties in South Africa, please visit the Company's website at www.anooraqresources.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.
ON BEHALF OF THE BOARD OF DIRECTORS Ronald W. Thiessen, President and CEO
TABLE 1
DRENTHE - OVERYSEL JOINT VENTURE ASSAY RESULTS
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Hole From To Interval Interval PGM(1)
Number (metres) (metres) (metres) (feet) (g/tonne)
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PR-40 26.3 38.0 11.7 38.4 6.46
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PR-40 58.0 62.0 4.0 13.1 1.92
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PR-40 72.0 80.0 8.0 26.2 1.64
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PR-40 102.2 161.0 58.8 192.9 1.05
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PR-40 Incl. 102.2 111.0 8.8 28.9 1.43
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PR-40 Incl. 144.0 161.0 17.0 55.8 1.34
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PR-41 76.4 78.0 1.6 5.2 5.07
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PR-41 85.0 92.1 7.1 23.3 2.71
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PR-41 148.0 163.0 15.0 49.2 1.70
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PR-41 172.0 196.0 24.0 78.7 1.14
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PR-41 Incl. 172.0 179.0 7.0 23.0 1.79
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PR-41 207.0 218.0 11.0 36.1 1.69
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PR-42 75.7 91.0 15.3 50.3 1.99
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PR-42 112.0 120.0 8.0 26.2 1.25
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PR-43 50.0 54.0 4.0 13.1 2.82
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PR-43 120.8 181.8 61.0 200.1 1.53
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PR-44 132.5 137.7 5.2 17.1 2.15
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PR-44 232.0 236.0 4.0 13.1 1.23
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PR-45 119.5 124.0 4.5 14.8 3.36
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PR-45 129.5 154.0 24.5 80.4 1.95
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PR-46 92.7 111.8 19.1 62.7 4.03
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PR-46 201.5 206.5 5.0 16.4 6.60
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PR-47 56.1 59.3 3.2 10.5 1.29
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PR-47 84.1 97.3 13.2 43.4 1.57
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PR-48 74.8 123.7 48.9 160.5 2.44
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PR-48 Incl. 87.8 108.4 20.7 67.7 3.12
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PR-48 143.4 149.4 6.0 19.7 2.33
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PR-49 Hole abandoned and re-drilled by PR-050
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PR-50 96.9 119.9 23.0 75.5 1.66
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PR-50 Incl. 102.9 114.9 12.0 39.4 1.96
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PR-50 126.9 131.5 4.6 14.9 2.48
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Hole Nickel Copper Pt Pd Au IMV(2)
Number (%) (%) (g/tonne) (g/tonne) (g/tonne) ($US/tonne)
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PR-40 0.26 0.21 3.48 2.69 0.28 128.86
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PR-40 0.07 0.06 1.05 0.72 0.15 37.94
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PR-40 0.18 0.13 0.54 1.00 0.10 40.31
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PR-40 0.12 0.08 0.42 0.52 0.11 27.31
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PR-40 Incl. 0.16 0.10 0.51 0.78 0.14 35.55
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PR-40 Incl. 0.16 0.10 0.55 0.68 0.11 35.45
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PR-41 0.18 0.20 2.31 2.43 0.34 93.38
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PR-41 0.03 0.09 1.27 1.32 0.11 43.65
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PR-41 0.14 0.10 0.68 0.91 0.11 38.77
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PR-41 0.13 0.09 0.46 0.58 0.10 30.21
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PR-41 Incl. 0.18 0.12 0.75 0.89 0.15 44.66
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PR-41 0.19 0.13 0.65 0.90 0.13 43.89
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PR-42 0.19 0.13 0.82 0.97 0.19 48.57
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PR-42 0.15 0.10 0.48 0.65 0.13 32.91
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PR-43 0.09 0.06 1.49 1.09 0.24 53.94
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PR-43 0.17 0.13 0.60 0.80 0.13 39.73
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PR-44 0.15 0.10 0.85 1.17 0.14 44.96
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PR-44 0.11 0.07 0.54 0.60 0.09 29.43
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PR-45 0.19 0.13 1.50 1.63 0.23 68.66
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PR-45 0.20 0.14 0.88 0.93 0.15 50.24
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PR-46 0.24 0.16 1.81 1.95 0.27 83.00
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PR-46 0.43 0.31 3.00 3.21 0.39 142.19
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PR-47 0.15 0.14 0.51 0.68 0.10 34.35
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PR-47 0.15 0.13 0.63 0.85 0.10 37.87
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PR-48 0.28 0.20 1.03 1.25 0.17 64.58
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PR-48 Incl. 0.35 0.25 1.31 1.60 0.20 82.41
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PR-48 0.25 0.18 0.97 1.20 0.17 59.45
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PR-49 Hole abandoned and re-drilled by PR-050
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PR-50 0.16 0.12 0.71 0.84 0.11 40.84
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PR-50 Incl. 0.19 0.14 0.84 0.99 0.13 48.32
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PR-50 0.21 0.14 1.08 1.25 0.15 57.52
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(1) PGM equals Platinum + Palladium + Gold
(2) IMV equals In-Situ Metal Value. Gross in-situ metal value dollar
amounts are provided for the reader's convenience to facilitate
comparison of the polymetallic nature of the mineralization.
These gross amounts do no take into consideration mining and
processing costs and have no economic significance. The gross
in-situ dollar values have been calculated using the following
commodity prices: Pt $US 700/oz; Pd $US 200/oz; Au $US 385/oz; Ni
$US 4.50/lb; Cu $US 0.90/lb.
No regulatory authority has approved or disapproved the information contained in this news release.
SOURCE: Anooraq Resources Corporation
Anooraq Resources Corporation Investor Services, 604-684-6365 within North America, 1-800-667-2114 604-684-8092 (FAX) Web site: www.anooraqresources.com
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