AfriOre Intersects Wide Zones Of Platinum Group Metal
Mineralization, Including A 75.21 Meter Intersection
Grading 4.36g/t 4E, In Drill Hole ZF2 At Akanani
Platinum Project, South Africa
BRIDGETOWN, BARBADOS--(CCNMatthews - May 4, 2005) - AfriOre Limited
(TSX:AFO) ("AfriOre") is pleased to report that it has intersected wide
zones of Platreef hosted platinum group metal ("PGM") and base metal
mineralization in drill hole ZF2, some 500 metres from its first
successful drill hole on the Akanani Platinum Project (the "Project") in
South Africa.
In its press release dated April 18, 2005, AfriOre reported that drill
hole ZF2 had successfully intersected the Platreef unit before
terminating in basement granitic rocks. Drill hole ZF2 is part of an
initial 13,000 meter drilling program (refer to diagram in AfriOre press
release April 18, 2005) being conducted by AfriOre in the Project area
on the Northern Limb of South Africa's Bushveld Complex. All holes in
the current program are collared vertically, and are located in close
proximity to the eastern boundary of the Project area.
Drill hole ZF2 was collared near the eastern boundary of the farm
Zwartfontein 814, some 500 meters from the southeastern corner of the
Project area, where drill hole ZF1 was completed (see AfriOre's press
release dated March 31, 2005), and approximately 2000 meters south of
drill hole ZF4. ZF2 encountered norites and anorthosites of the Main
Zone of the Bushveld Complex before intersecting pyroxenitic rocks of
the Platreef unit from 929 to 1,152 meters and ending in footwall
granitic rocks at a depth of 1,166 meters.
Detailed analytical results for Drill Hole ZF2 are given in the
following table:
Detailed Analytical Results For Drill Hole ZF2
----------------------------------------------
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Depth Interval 4E Pt Pd Rh Au Ni Cu
(meters) (meters) g/t g/t g/t g/t g/t % %
---------------------------------------------------------------------
929.39 -
940.00 10.61 2.62 0.99 1.43 0.07 0.13 0.19 0.11
---------------------------------------------------------------------
971.98 -
1,047.19 75.21 4.36 1.74 2.22 0.13 0.27 0.23 0.16
Including
971.98 -
1,030.00 58.02 4.99 1.98 2.55 0.15 0.31 0.27 0.18
Including
971.98 -
979.61 7.63 6.64 2.63 3.23 0.21 0.57 0.39 0.25
996.00 -
1,008.95 12.95 6.40 2.32 3.54 0.23 0.31 0.39 0.23
1,015.00 -
1,030.00 15.00 5.39 2.26 2.69 0.13 0.31 0.25 0.18
Including
1,024.59 -
1,027.15 2.56 11.90 4.96 5.97 0.30 0.67 0.53 0.35
---------------------------------------------------------------------
1,061.80 -
1,067.00 5.20 5.81 2.05 3.28 0.20 0.28 0.17 0.32
---------------------------------------------------------------------
1,071.00 -
1,086.00 15.00 3.12 1.15 1.72 0.14 0.11 0.08 0.18
---------------------------------------------------------------------
1,118.00 -
1,123.00 5.00 6.00 2.63 2.92 0.13 0.32 0.19 0.31
---------------------------------------------------------------------
1,134.00 -
1,149.31 15.31 2.60 0.87 1.44 0.03 0.26 0.14 0.17
Including
1,147.20 -
1,149.31 2.11 9.35 3.66 4.34 0.03 1.32 0.46 0.32
---------------------------------------------------------------------
Notes on the above table:
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 (intercept width x specific gravity).
........
The reported interval widths are uncorrected for the dip of the
Platreef, which is estimated to be approximately 45§ to the west in the
ZF2 area. True widths, which may vary from the reported widths, will be
determined when sufficient drilling has been carried out to allow
detailed modelling of the mineralization.
Drill hole ZF2 was 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 to ensure the integrity of
samples, were carried out under the supervision of Mr. Jonathan Woolfe
(MSc Geology, Pr.Sci.Nat.), an independent consultant 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 Pb collection/ICP. Rh fire
assays used Pd collection/ICP. Nickel, copper and cobalt analyses were
carried out using aqua regia digestion/ICP and reflect acid-soluble
metal content. QA/QC procedures included the submission by AfriOre of
systematic duplicate, blank 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 robust mineralized zones and high grade platinum group metal assay
results encountered in drill hole ZF2, together with their attendant
nickel and copper grades, support the significance of the wide and high
grade intersections returned by drill hole ZF1, some 500 meters to the
south. Both of these holes indicate that well mineralized, wide zones of
Platreef extend down-dip from the adjacent current mining operations on
Anglo American Platinum Corporation's mining lease area, into the
Akanani Project area. In particular, zones such as the drilled interval
of 58.02 meters at a grade of 4.99g/t 4E in drill hole ZF2 support
previous drilling indications of the potential for bulk mineable PGM
mineralization in this area.
AfriOre's President and CEO, Mike van Aswegen, is the qualified person
overseeing the exploration programs.
About AfriOre
AfriOre is engaged in the search for, and acquisition, exploration and
development of gold and platinum exploration properties in Africa. It
currently has gold exploration properties in South Africa, Mali, Namibia
and Kenya and rights to the Akanani properties in South Africa.
The company has 34,966,549 shares outstanding; 39,221,914 fully diluted
shares and cash and receivables of approx. CDN $6.5 million
AfriOre is listed in Standard & Poor's Corporation Records SEC 12g
3-2(b) exemption 82-4514.
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.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
AfriOre Limited
Alan Friedman
(416) 361-9636
(416) 361-0330 (FAX)
friedman@taucapital.com
www.afriore.com
