AfriOre reports further mineralized drill intersections
22 Mars 2006 - 8:00AM
UK Regulatory
AfriOre reports further mineralized drill intersections from the upper
zone at the Akanani Platinum Project
ROAD TOWN, Tortola, British Virgin Islands, March 22 /CNW/ - AfriOre
Limited ("AfriOre") (TSX/AIM: AFO) is pleased to report additional encouraging
mineralized intersections from drilling of the upper zone of the Platreef unit
at the Akanani Platinum Project on the Northern Limb of South Africa's
Bushveld Complex. A further two drill holes, ZF17 and ZF21, have been
completed and both holes intersected the upper zone, with good platinum group
metal ("PGM") and nickel and copper mineralization. All 22 of the holes
drilled and assayed on the project area have intersected wide zones of PGM
mineralization within the upper zone of the Platreef unit and these latest
drilling results confirm the persistence of this zone of mineralization over
at least 6,500 metres of strike and up to 1,300 metres, on plan, in a dip
direction.
The results of drill holes ZF17 and ZF21 are as follows:
Analytical results for drill hole ZF17
-------------------------------------------------------------------------
Depth Intersection 4E Pt Pd Rh Au Ni Cu
(metres) (metres) (g/t) (g/t) (g/t) (g/t) (g/t) (%) (%)
-------------------------------------------------------------------------
1,333.00 -
1,345.00 12.00 2.95 1.19 1.43 0.08 0.25 0.22 0.16
-------------------------------------------------------------------------
Including
-------------------------------------------------------------------------
1,333.00 -
1,336.40 3.40 5.58 2.32 2.66 0.18 0.42 0.37 0.24
-------------------------------------------------------------------------
Analytical results for drill hole ZF21
-------------------------------------------------------------------------
Depth Intersection 4E Pt Pd Rh Au Ni Cu
(metres) (metres) (g/t) (g/t) (g/t) (g/t) (g/t) (%) (%)
-------------------------------------------------------------------------
1,491.89 -
1,499.75 7.86 4.17 1.58 2.23 0.15 0.21 0.29 0.19
-------------------------------------------------------------------------
Including
-------------------------------------------------------------------------
1,492.82 -
1,497.25 4.43 5.75 2.15 3.09 0.21 0.30 0.34 0.23
-------------------------------------------------------------------------
Notes to the above tables:
4E means Pt+Pd+Rh+Au.
Pt, Pd, Rh, Au, Ni and Cu mean platinum, palladium, rhodium, gold, nickel
and copper respectively.
Mean grades are weighted using mass factors (intersection width x
specific gravity).
The reported interval widths are uncorrected for the dip of the Platreef.
Calculation of true widths will be carried out when sufficient drilling
has been done to allow for detailed modeling of the mineralized zone.
-------------------------------------------------------------------------
Drill hole ZF17 was collared vertically, approximately 500 metres
down-dip of drill hole ZF8 and 425 metres from drill hole ZF14 and 550 metres
from drill hole ZF18. The drill hole traversed the Main Zone gabbro-norites
before intersecting the pyroxenites of the Platreef unit from 1270 to
1563 metres. The drill hole was completed at a down the hole depth of
1578 metres in granofels rocks.
Drill hole ZF21 was collared vertically, approximately 400 metres
down-dip of drill hole ZF13 and 500 metres from drill hole ZF19. The drill
hole traversed the Main Zone gabbro norites before intersecting the
pyroxenites of the Platreef unit from 1491 to 1818 metres. The drill hole was
completed at a down the hole depth of 1828 metres in granofels rocks.
The reported interval widths are uncorrected for the dip of the Platreef.
The true intersection widths for all completed drill holes are being
determined as part of the of the initial resource estimation, which is
currently in progress.
Drill holes ZF17 and ZF21 were drilled in BQ core size (36mm diameter)
and half-core samples were cut by means of a diamond blade saw. Geological
logging, sampling and core handling procedures were carried out under the
supervision of Ms. Liana Spies (MSc Geology, Pr.Sci.Nat.) and Mr. Henri
Lombard (BSc (Hons) Geology, Pr.Sci.Nat.), independent consultants to AfriOre.
Samples were prepared at Set Point Technology's sample preparation facility in
Mokopane and analyzed for platinum, palladium, rhodium, gold, nickel, copper
and cobalt by Set Point Technology laboratories in Johannesburg (ISO 17025
accredited and independent of AfriOre). Pt, Pd and Au fire assays were carried
out using lead collection/ICP; Rh fire assays used palladium collection/ICP;
nickel, copper and cobalt analyses were carried out using aqua regia
digestion/ICP and reflect acid-soluble metal content. SG (specific gravity)
was determined using a gas picnometer. QA/QC procedures included the
submission by AfriOre of systematic duplicates, blanks and standard samples
within the sample batches submitted to Set Point Technology. In addition,
selected pulverized sample duplicates were submitted to SGS Lakefield Research
Africa laboratories in Johannesburg (ISO 17025 accredited and independent of
AfriOre) for referee analyses. The results from these control samples indicate
acceptable consistency of the Set Point Technology analyses.
The results from drill hole ZF21 exceeded AfriOre's minimum exploration
target of 5 metres width at PGM grades of at least 4g/t 4E, and although the
results from drill hole ZF17 are marginally below this minimum exploration
target, it is only the second drill hole of the 22 completed drill holes which
does not exceed it. Both drill holes however have intersections with
relatively high nickel and copper values, in common with the results from the
previously reported drill holes for the upper zone of the Platreef unit on the
Akanani project.
Assay results are awaited for the lower mineralized zones in both drill
holes ZF17 and ZF21.
In addition, AfriOre has purchased the company, Catalyst (Pty) Ltd
("Catalyst") which holds a 5% interest in Akanani Mining (Pty) Ltd, the
holders of the prospecting rights to the Akanani project. The purchase
consideration includes an initial payment of South African Rand 20 million and
an additional amount of South African Rand 12 million, payable to the original
shareholders of Catalyst within six months of the initial payment. AfriOre
intends to sell the Catalyst interest to the Black Economic Empowerment
("BEE") parties, who currently hold a 21% interest in Akanani Mining (Pty)
Ltd. on the same terms as the Catalyst interest was purchased by AfriOre. The
transaction has been undertaken in order to comply with the terms of South
Africa's Mining Charter and legislation, as stipulated by the Department of
Minerals and Energy.
AfriOre's Chief Operating Officer, Mike van Aswegen, is the qualified
person (as defined by NI 43-101) overseeing the exploration program.
About AfriOre
AfriOre is engaged in the acquisition, exploration and development of
gold and platinum exploration properties in Africa. It has gold exploration
properties in South Africa, Namibia and Kenya and the Akanani platinum group
metals property in South Africa.
A technical report in respect of the Akanani PGM Property, dated April
2005 and entitled "A Report to NI 43-101 Standards on the Akanani Platinum
Group Metals Property, Limpopo Province, South Africa, Prepared for AfriOre
Limited" can be obtained from SEDAR at www.sedar.com.
The Company has 49,952,920 shares outstanding (54,145,202 fully diluted)
and cash of CAD 26.4 million.
AfriOre is listed in Standard & Poor's Corporation Records and furnishes
information to the SEC pursuant to Rule 12g 3-2(b) under the Securities
Exchange Act of 1934.
This document may contain or refer to forward looking information based
on current expectations. Forward-looking statements are subject to significant
risks and uncertainties, and other factors that could cause actual results to
differ materially from expected results. These forward-looking statements are
made as of the date hereof and we assume no responsibility to update or revise
them to reflect new events or circumstances.
For further information: please contact: Alan Friedman, Tel:
(416) 361-9636, Fax: (416) 361-0330, Email: friedman(at)taucapital.com
(AFO)
END
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