Monday, October 31, 2005 11:44:56 PM
AfriOre intersects very high PGM grades in drilling at its Akanani Platinum Project
10/31/05
ROAD TOWN, Tortola, British Virgin Islands, Oct. 31, 2005 (Canada NewsWire via COMTEX) --
AfriOre Limited (TSX/AIM: AFO) ("AfriOre") is pleased to report that drill hole ZF11 has intersected very high grade platinum group metal ("PGM") mineralization over wide zones at its Akanani Platinum Project on the Northern Limb of South Africa's Bushveld Complex. These high grade zones within the Platreef are associated with significant nickel and copper mineralization, further strengthening AfriOre's confidence in the project.
Drill hole ZF11, situated within the southern priority area, intersected PGM mineralization in a down-the-hole interval of:
29.00 metres at a grade of 7.82g/t 4E, 0.38% Ni and 0.22% Cu including a selected, higher grade interval of: 4.97 metres at a grade of 21.57g/t 4E, 0.52% Ni and 0.22% Cu.
These results support the positive results returned by previous drill holes in the area and are some of the highest PGM grades over wide mineralized zones returned to date on the project. These previous drill holes include ZF1, ZF2 and ZF9, which all intersected wide, high grade PGM mineralization in the vicinity of ZF11. The position of the mineralized zones in ZF11 towards the upper contact of the Platreef unit also is consistent with that encountered in the majority of AfriOre's "upper mineralized zone" drilling intersections (refer to press release dated September 8, 2005), lending additional confidence in the development of this zone throughout the area drilled.
<< Analytical results for drill hole ZF11 ------------------------------------------------------------------------- Inter- Depth section 4E Pt Pd Rh Au Ni Cu (metres) (metres) g/t g/t g/t g/t g/t % % ------------------------------------------------------------------------- 1,098.00 - 1,127.00 29.00 7.82 3.61 3.57 0.28 0.36 0.38 0.22 ------------------------------------------------------------------------- Including ------------------------------------------------------------------------- 1,098.00 - 1,104.74 6.74 17.07 9.01 6.89 0.68 0.49 0.43 0.19 ------------------------------------------------------------------------- Including ------------------------------------------------------------------------- 1,099.03 - 1,104.00 4.97 21.57 11.35 8.78 0.85 0.59 0.52 0.22 ------------------------------------------------------------------------- Including ------------------------------------------------------------------------- 1,108.63 - 1,126.00 17.37 5.76 2.23 2.97 0.19 0.37 0.40 0.25 ------------------------------------------------------------------------- Notes on the above tables for ZF11: 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). Intersection widths are uncorrected for dip of the Platreef. True widths will be calculated when sufficient drilling has been carried out to allow detailed modeling of the mineralized zones.
Drill hole ZF11 was collared vertically in the southern part of the Akanani project area, approximately 470 metres downdip of drill hole ZF2, and 470 and 480 metres along strike from drill holes ZF9 and ZF10 respectively. ZF11 penetrated a typical hanging wall succession of Main Zone gabbro-norites, followed by pyroxenitic and feldspathic pyroxenitic rocks of the Platreef unit from 1,078 to 1,318 metres, before terminating in foot wall granites at a depth of 1,327 metres. AfriOre's drilling in this area has shown a marked reduction in the dip of the Platreef unit from approximately 45 degrees westwards near the outcrop in Anglo American Platinum Corporation's adjacent mining area, to less than 20 degrees westwards into the Akanani project area, indicating the potential for development of shallower than anticipated PGM mineralization within at least this part of the project area (refer to AfriOre's press release dated October 12, 2005).
Drill hole ZF11 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 were carried out under the supervision of Liana Spies (MSc Geology, Pr.Sci.Nat.) and 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.
AfriOre's second phase, 31,000 metre drilling program is in progress, aimed at calculation of a mineral resource on the project area by mid-2006 and the planned commencement of pre-feasibility studies thereafter. In the interim, mining and metallurgical scoping studies are being carried out to assist AfriOre in its preliminary assessment of the project and to highlight areas for detailed investigation.
AfriOre's President and CEO, Mike van Aswegen is the qualified person 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, Mali, Namibia and Kenya and the Akanani platinum group metal properties in South Africa.
The Company has 40,099,377 shares outstanding (47,270,203 fully diluted) and cash of approximately CAD 6.4 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.
SOURCE: AfriOre Limited
please contact: Alan Friedman, Tel: (416) 361-9636, Fax: (416) 361-0330, Email: friedman@taucapital.com
Copyright (C) 2005 CNW Group. All rights reserved.
10/31/05
ROAD TOWN, Tortola, British Virgin Islands, Oct. 31, 2005 (Canada NewsWire via COMTEX) --
AfriOre Limited (TSX/AIM: AFO) ("AfriOre") is pleased to report that drill hole ZF11 has intersected very high grade platinum group metal ("PGM") mineralization over wide zones at its Akanani Platinum Project on the Northern Limb of South Africa's Bushveld Complex. These high grade zones within the Platreef are associated with significant nickel and copper mineralization, further strengthening AfriOre's confidence in the project.
Drill hole ZF11, situated within the southern priority area, intersected PGM mineralization in a down-the-hole interval of:
29.00 metres at a grade of 7.82g/t 4E, 0.38% Ni and 0.22% Cu including a selected, higher grade interval of: 4.97 metres at a grade of 21.57g/t 4E, 0.52% Ni and 0.22% Cu.
These results support the positive results returned by previous drill holes in the area and are some of the highest PGM grades over wide mineralized zones returned to date on the project. These previous drill holes include ZF1, ZF2 and ZF9, which all intersected wide, high grade PGM mineralization in the vicinity of ZF11. The position of the mineralized zones in ZF11 towards the upper contact of the Platreef unit also is consistent with that encountered in the majority of AfriOre's "upper mineralized zone" drilling intersections (refer to press release dated September 8, 2005), lending additional confidence in the development of this zone throughout the area drilled.
<< Analytical results for drill hole ZF11 ------------------------------------------------------------------------- Inter- Depth section 4E Pt Pd Rh Au Ni Cu (metres) (metres) g/t g/t g/t g/t g/t % % ------------------------------------------------------------------------- 1,098.00 - 1,127.00 29.00 7.82 3.61 3.57 0.28 0.36 0.38 0.22 ------------------------------------------------------------------------- Including ------------------------------------------------------------------------- 1,098.00 - 1,104.74 6.74 17.07 9.01 6.89 0.68 0.49 0.43 0.19 ------------------------------------------------------------------------- Including ------------------------------------------------------------------------- 1,099.03 - 1,104.00 4.97 21.57 11.35 8.78 0.85 0.59 0.52 0.22 ------------------------------------------------------------------------- Including ------------------------------------------------------------------------- 1,108.63 - 1,126.00 17.37 5.76 2.23 2.97 0.19 0.37 0.40 0.25 ------------------------------------------------------------------------- Notes on the above tables for ZF11: 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). Intersection widths are uncorrected for dip of the Platreef. True widths will be calculated when sufficient drilling has been carried out to allow detailed modeling of the mineralized zones.
Drill hole ZF11 was collared vertically in the southern part of the Akanani project area, approximately 470 metres downdip of drill hole ZF2, and 470 and 480 metres along strike from drill holes ZF9 and ZF10 respectively. ZF11 penetrated a typical hanging wall succession of Main Zone gabbro-norites, followed by pyroxenitic and feldspathic pyroxenitic rocks of the Platreef unit from 1,078 to 1,318 metres, before terminating in foot wall granites at a depth of 1,327 metres. AfriOre's drilling in this area has shown a marked reduction in the dip of the Platreef unit from approximately 45 degrees westwards near the outcrop in Anglo American Platinum Corporation's adjacent mining area, to less than 20 degrees westwards into the Akanani project area, indicating the potential for development of shallower than anticipated PGM mineralization within at least this part of the project area (refer to AfriOre's press release dated October 12, 2005).
Drill hole ZF11 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 were carried out under the supervision of Liana Spies (MSc Geology, Pr.Sci.Nat.) and 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.
AfriOre's second phase, 31,000 metre drilling program is in progress, aimed at calculation of a mineral resource on the project area by mid-2006 and the planned commencement of pre-feasibility studies thereafter. In the interim, mining and metallurgical scoping studies are being carried out to assist AfriOre in its preliminary assessment of the project and to highlight areas for detailed investigation.
AfriOre's President and CEO, Mike van Aswegen is the qualified person 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, Mali, Namibia and Kenya and the Akanani platinum group metal properties in South Africa.
The Company has 40,099,377 shares outstanding (47,270,203 fully diluted) and cash of approximately CAD 6.4 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.
SOURCE: AfriOre Limited
please contact: Alan Friedman, Tel: (416) 361-9636, Fax: (416) 361-0330, Email: friedman@taucapital.com
Copyright (C) 2005 CNW Group. All rights reserved.
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