Platinum Australia has gained encouraging results from pgm drilling operations at the Rooderand Platinum Project in South Africa, it emerged today (23rd March).

The company is acquiring 70 per cent of the project - which is located on the western limb of the Bushveld Complex - under a Heads of Agreement signed with Atla in May 2009.

Drilling work has been focused on the Merensky and UG2 reef packages, plus the Lower and Upper Pseudo reef and Tarentaal over a strike length of close to 1,500m.

The latest results at UG2 include 1.24m at 5.38 g/t 4E from 46.88m in hole BPR003; 1.05m at 4.35 g/t 4E from 50.02m in hole BPR008; and 1.14m at 5.52 g/t 4E from 42.35m in hole BPR016.

In addition, the company reported findings of 1.28m at 5.77 g/t 4E from 52.54 g/t 4E in hole BPR017; 1.47m at 4.45 g/t 4E from 154.12m in hole BPR021; and 1.09m at 5.08 g/t 4E from 50.98m in hole BPR022.

The main results at the Merensky reef were 6m at 5.79 g/t 4E from 10.90m in hole BPR016; 2m at 4.29 g/t from 34.06m in hole BPR017; and 1.04m at 8.24 g/t from 145.67m in hole BPR021.

Meanwhile, the highlights of the Psuedo/Tarentaal reef package included 4.04m at 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.

"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 known deposits adjacent to Rooderand," said Platinum Australia Managing Director John Lewins.

Platinum Australia currently operates the Smokey Hills platinum mine in South Africa, which is projected to have an annual average production of more than 100,000 oz 4E pgm.

Source:

Platinum Australia encouraged by drilling results at Rooderand Project (23/03/10)

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