Vancouver — Drilling at
Four drill holes cut the reef at depths of less than 55 metres. The reef has a projected northwesterly strike and appears to dip to the northeast at about minus 22.
The UG-2 and Merensky reefs are the geological horizons in the Bushveld complex and are mined for platinum, palladium and associated metals. The reefs can be traced for more than 200 km throughout the complex.
Recent drill results include:
q Hole ELF-01 cut 1.07 metres averaging 0.36 gram platinum, 0.21 gram palladium, 0.08 gram rhodium and 0.01 gram gold per tonne starting at 53.5 metres down-hole.
q Hole ELF-04 cut 1.29 metres averaging 2.42 grams platinum, 0.67 gram palladium, 0.34 gram rhodium and 0.03 gram gold starting at 49.62 metres down-hole.
q Hole ELF-04 represents the traditional UG-2 thickness and grade, and was drilled 240 metres along strike from the boundary with the Anglo Platinum’s Bafokeng Rasimone platinum mine. Drilling will continue along strike to the northwest for another 1 km. Forty-one holes are planned for the current drilling program, and a second rig will be added. More assays, including those from a potential second reef intercept, are expected shortly.
PTM can acquire all the mineral rights to portions of Elandsfontein in return for paying 43 rand ($8.60) per tonne of open-pittable economic resource on the property, to a minimum of 4 million rand (about $800,000). An additional payment of 4.30 Rand (about $0.86) per tonne is due on any economic underground resource at the time of a mining authorization. PTM hired Royal Mineral Services to assist with the preparation of permits and potential mining plans and operations. Royal will receive a 10% net profits interest in any potential operation.
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