Rietfontein yields broad low-grade nickel (September 02, 2002)

Vancouver — Initial drilling by Robert Friedland-led African Minerals into the western side of the Rietfontein property in South Africa has returned widespread intervals of low-grade nickel-copper-platinum mineralization.

Anooraq Resource (ARQ-V) owns the property, which is on the northern limb of South Africa’s Bushveld intrusive complex.

The first two holes intersected the favourable Platreef horizon. Hole 1 returned 46.3 metres grading 0.18% nickel and 0.12% copper, plus 0.84 gram combined platinum-palladium-gold, at a down-hole depth of 19.8 metres. Moving 300 metres southeast, hole 2 cut 136.2 metres of 0.19% nickel, 0.15% copper and 0.63 gram platinum-palladium-gold at 19.6 metres down-hole.

To date, African Minerals has drilled 21 drill holes over the 1.4-km southeast-trending strike length of the Platreef horizon. Results from 19 of these are pending.

Last year, Hunter-Dickinson-led Anooraq dealt a small portion of its large land package in the prolific Bushveld complex to African Minerals, a private affiliate of Friedland’s Ivanhoe Capital. African Minerals can earn a half-interest in Anooraq’s 29-sq.-km Rietfontein farm property by spending $1.5 million over two 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; they are currently testing the PGM-bearing Platreef horizon on the western side of Rietfontein.