25th Apr 2005 15:42
Southern African Resources PLC25 April 2005 Southern African Resources PlcTicker: SFUIndex: AIMSector: Exploration SA RESOURCES ANNOUNCES FIRST DRILL RESULTS ON IMBASA AND ADDITIONAL RESULTS ONLEEUWKOP London, 25 April 2005 - London-listed platinum exploration and developmentcompany Southern African Resources Plc (SAR) is pleased to announce todaypositive drill results from its Imbasa project. The Imbasa project is next toSAR's flagship Leeuwkop project, on which it recently reported an updatedresource, as calculated by the independent consulting firm Snowden's, in excessof 50 million ounces of 4E platinum group metals (3PGEs plus gold). The Imbasa project consists of an east and a west portion that lie adjacent tothe Leeuwkop project where SAR has been drilling since November 2003. Two drillholes just completed in the centre of the Imbasa west portion have confirmed thecontinuity of both the Merensky and UG2 reefs in this area. As such, the totallateral extent of the mineralisation defined by SAR over its Bushveld projectarea is now believed to have increased by 50% from 6 kilometres to 9 kilometres. UG2 Reef - Imbasa(Preliminary grades reported over true width) Mother Depth Total UG2 zone UG2 Reef onlyHole Width Grade 3PGE+Au Width Grade 3PGE+Au SIB2 1 325.9m 147cm 4.03g/t 96cm 4.79g/tSIB3 1 999.1m 158cm 4.55g/t 79cm 6.32g/t Merensky Reef - Imbasa(Preliminary grades reported over true width) Mother Hole Depth Mineralised width Grade 3PGE+Au SIB2 1 096.0m 104cm 3.84g/tSIB3 1 841.6m 98cm 2.01g/t "The results from these two holes are very exciting for SAR for multiplereasons. First, they confirm the continuity of mineralisation that we expectedto see from the Leeuwkop project, and which now puts us well on our way ofreaching our goal of controlling in excess of 100 million ounces on our Bushveldplatinum resource base. Second, in addition to forming the platform for asubstantially increased resource, the results give additional substance to ourtarget of defining an orebody that is capable of producing 1 million ounces of4E platinum group metals per annum", said chief executive Roy Pitchford. Pitchford also highlighted the high-grade nature of the down dip intersectionthat intersected 79 cm at 6.32 g/t (4E) in the UG2 for a total mineralisedintercept of 158 cm at 4.55 g/t including the leader reef. "This intercept isparticularly pleasing due to its high grade and thickness which will support theproposed mechanised mining technique that is being pursued in the company'spre-feasibility study due for completion in the middle of this year," he said. A drill has been moved to the Imbasa east property and will betargeting the reef a further 4 kilometres to the east (SIB4). Results fromthis hole are expected in July 2005. In addition to the Imbasa holes, SAR has continued in-fill drilling on theLeeuwkop project. Additional results since the last announcement are as follows: UG2 Reef - Leeuwkop(Preliminary grades reported over true width) Mother Depth Total UG2 zone UG2 Reef onlyHole Width Grade 3PGE+Au Width Grade 3PGE+Au SNL21 1 417.0m 133cm 4.80g/t 94cm 5.54g/tSNL26 1 264.1m 123cm 4.38g/t 84cm 5.13g/t Merensky Reef - Leeuwkop(Preliminary grades reported over true width) Mother Hole Depth Mineralised width Grade 3PGE+Au SNL21 1 236.2m 96cm 3.74g/tSNL26 1 049.8m 96cm 3.43g/t Commenting on these results, Pitchford said: "The results from the Leeuwkopdrilling are just as we expected due to the regularity of this orebody and thefact that these holes fall within the indicated resources that we recentlyannounced. We now have only six holes left to complete in the Leeuwkopfeasibility study area which fits in with our overall planning for thecompletion of a bankable feasibility study in this area. After these holes, wewill focus our attention on the Imbasa and Inkosi areas as we pursue ourobjective of increasing our resource base to one which exceeds 100 millionounces 4E. We are encouraged that this effort has confirmed anew the fundamentalbasis of our multi-mine concept and positions SAR as the premier growth platinumcompany of the new millennium." SOUTHERN AFRICAN RESOURCES ENQUIRIES:Chief Executive - Roy Pitchford+27 82 419 2581 or +44 779 390 9985Investor & Media Relations - Helen McKane+27 11 728 4701 or +27 82 330 2034 (Mobile)platinum@dpapr.com Website: www.sar-plc.com DISCLAIMER: Investing in all equities, including natural resources-relatedequities, carries risks which should be taken into consideration when making aninvestment. This announcement contains forward-looking statements regardingSouthern African Resources Plc, including the development of its miningdevelopment projects. Actual results relating to any and all of these subjectsmay differ materially from those pre This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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