Additional 44.0 Million Ounces in Inferred Mineral Resources, at a 2.0 g/t 4PE Cutoff
Flatreef averages 24 metres in true thickness and is potentially amenable to large-scale, mechanized underground mining
Indicated and Inferred Resources also include substantial nickel and copper credits
Flatreef mineralization remains open for expansion, with approximately 37.5 square kilometres of property untested
Robert Friedland, Executive Chairman of Ivanplats (TSX:IVP), announced that an intensive drilling program during 2011 and 2012 at the company’s Flatreef Discovery in the Northern Limb of the Bushveld Complex in South Africa has dramatically expanded and upgraded the Flatreef precious- and base-metal mineral resources.
Speaking in a keynote address at the Investing in African Mining Indaba Conference, Mr. Friedland said that a new mineral resource model based on drilling results audited by AMEC E&C Services of Reno, Nevada, has upgraded more than 220 million tonnes of the Flatreef Discovery’s previously declared Inferred Mineral Resources into the higher-confidence classification of Indicated Mineral Resources.
“Flatreef is distinguished from other Bushveld projects by its tremendous size, the remarkable thickness of the polymetallic mineralized reef and its potential for significant by-product credits of nickel and copper,” Mr. Friedland said.
“The successful upgrading and expansion of the selective high-grade underground resources advance the definition of the initial mine plan in which we intend to incorporate safe, efficient, large-scale, mechanized mining methods.
“Given that the cumulative true thickness of the two mineralized zones in the currently defined Indicated Resources is 24 metres at a two-gram-per-tonne 4PE cut-off, we firmly believe that the Flatreef Discovery will enhance the future of underground platinum mining in South Africa.”
The Indicated Mineral Resource covers an area of 2.8 square kilometres, which at a 2.0 g/t 4PE cutoff corresponds to an average of more than 10 million ounces of precious metals per square kilometre. At a 1 g/t 4PE cutoff, the Indicated Mineral Resource contains on average more than 14 million ounces per square kilometre.
Major expansion and upgrade of resources
Flatreef’s Indicated Mineral Resources now total 223 million tonnes grading 4.1 grams per tonne (g/t) 4PE (platinum, palladium, gold and rhodium), 0.34% nickel and 0.16% copper, at a 2.0 g/t 4PE cut-off grade and at a cumulative, average true thickness of 24.3 metres. The Indicated resources contain an estimated 29.2 million ounces of platinum, palladium, gold and rhodium, 1.7 billion pounds of nickel and 800 million pounds of copper.
In addition, the latest estimate includes Inferred Mineral Resources of 410 million tonnes grading 3.3 g/t 4PE, 0.32% nickel and 0.18% copper, at an average true thickness of 18.0 metres. The Inferred resources contain an estimated, additional 44.0 million ounces of platinum, palladium, gold and rhodium, 2.9 billion pounds of nickel and 1.6 billion pounds of copper.
At a higher cut-off grade of 3.0 g/t 4PE, Flatreef’s newly reported Indicated Mineral Resources total 138 million tonnes grading 5.0 g/t 4PE, 0.38% nickel and 0.17% copper, at an average vertical thickness of 17.1 metres. At the same cut-off grade, Inferred Mineral Resources now total an additional 181 million tonnes grading 4.4 g/t 4PE, 0.38% nickel and 0.17% copper, at an average true thickness of 12.9 metres.
The new resource estimate substantially increases and upgrades the previous March 2011 Flatreef estimate reported for Ivanplats’ Initial Public Offering in October last year, which was based only on Inferred Mineral Resources that totalled 320 million tonnes grading 3.65 g/t 3PE and containing 37.6 million ounces of PGEs, at a 2.0 g/t 3PE cut-off grade.
The new resource estimate incorporates the results from approximately 345,000 metres of drilling completed by a fleet of 30 rigs from March 2011 to August 2012. It was prepared in accordance with 2010 CIM Definition Standards and Best-practice Guidelines and National Instrument 43-101 standards. The underlying geological interpretation, drill hole and assay databases, drill hole co-ordinates and QA/QC were audited by AMEC under the direction of Technical Director Dr. Harry Parker.
Mineralization remains open for expansion along the southern and western boundaries of the Flatreef deposit.
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