Platinum Australia encouraged by drill results at Rooderand

Platinum Australia (ASX: PLA) (AIM: PLAA) has released the latest results from the resource definition drilling program on the Rooderand Platinum Project located on the western Limb of the Bushveld Igneous Complex (BIC) in South Africa. 

Results to date have intersected the Merensky and UG2 reef packages as well as the Lower and Upper Psuedo reef and Tarentaal over a strike length of almost 1,500 metres.

The reefs have been intersected at depths from 10 metres to 225 metres down hole.
Results for the UG2 (including UG2 L1 where present) reef include: 1.24m @ 5.38 g/t 4E from 46.88m in hole BPR003; 1.05m @ 4.35 g/t 4E from 50.02m in hole BPR008; 1.14m @ 5.52 g/t 4E from 42.35m in hole BPR016; 1.28m @ 5.77 g/t 4E from 52.54 g/t 4E in hole BPR017; 1.47m @ 4.45 g/t 4E from 154.12m in hole BPR021; and 1.09m @ 5.08 g/t 4E from 50.98m in hole BPR022.

Significant results for the Merensky reef include 6m @ 5.79 g/ 4E from 10.90m in hole BPR016; 2m @ 4.29 g/t from 34.06m in hole BPR017 and 1.04m @ 8.24 g/t from 145.67m in hole BPR021.
In addition significant results for the Psuedo/Tarentaal reef package include 4.04m @ 8.13 g/t 4E from 33.94m in hole BPR003 and 2.02m at 7.66 g/t 4E from 146.71m in hole BPR021.

PLA Managing Director John Lewins commented, “these initial results are extremely encouraging and confirm our early interpretation that the project area contains substantial UG2, Merensky and Psuedo/Tarentaal Reef mineralisation from surface, consistent with know deposits adjacent to Rooderand.”

Results reported include updated 4E assays for holes BPR002, 003, 004, 006 and 008.

Platinum Australia is acquiring up to 70% of the Rooderand Platinum Project, which covers the Portion 2 of the farm Rooderand 46JQ, under a Heads of Agreement (HOA) signed with Atla in May 2009.

PLA has earned an initial 30% interest in the project for making an initial payment of ZAR13.5 million following the issuing of a Prospecting Right in November 2009.

The company will earn a further 35% interest in Rooderand for funding and completing a definitive Feasibility Study on the project and a further 5% for arranging the financing for the development of the project.

PLA is proposing to drill approximately 100 holes to enable the current Inferred Resources of
11.8 Mt at 5.39 g/t 4E in the UG2 reef and 3.8 Mt at a grade of 7.99 g/t 4E in the Merensky Reefto be updated. This updated resource will form the basis of the DFS.

http://www.proactiveinvestors.co.uk/companies/news/14763/platinum-australia-encouraged-by-drill-results-at-rooderand--14763.html