🕐03.11.11 - 14:27 Uhr
ANNOUNCEMENT: VILLAGES EXTENDED DRILLING PROGRAMME AT LESEGO CONTINUES TO REVEAL CONSISTENT GRADES AND WIDTHS BUT AT SIGNIFICANTLY SHALLOWER DEPTHS
Press Announcement
3 November 2011
Villages extended drilling programme at Lesego continues to reveal
consistent grades and widths but at significantly shallower depths
- 12 additional holes drilled, with 6 remaining holes to complete the
shallow drilling programme
- Potential to increase mineable ore body between depths of 350m and
700m
- Corresponding reduction in capex, opex and time to production
- High recoveries reported from initial testwork for Merensky and UG2
Village is pleased to announce that the extended shallow drilling campaign
at the Lesego Platinum Project (Lesego) has produced similar quality
grades and consistency of widths as reported at levels below 700m.
A further
12 holes were drilled, along a strike length of 1.2km, between depths of
300m and 700m.
Average grades for 3 PGE + gold of about 6 g/t over widths of
up to 1.4m have been confirmed.
These findings should result in a mineable ore body between depths of 350m
and 700m, the depth at which the current ore body has been declared and will
result in greater economic viability as capex and opex can expected to be
lower.
Drill intersections from drill holes LES024, LES034 and LES035 with assay
results are presented below.
Drill hole
Reef
Depth below Surface
Width
3PGE + Au
LES034M0
Merensky Reef
322 m
1.00 m
5.97 g/t
LES034M1
Merensky Reef
322 m
1.04 m
5.69 g/t
LES034M1
Merensky Reef
322 m
1.00 m
6.18 g/t
LES034U0
UG2 Chromitite
537 m
1.47 m
6.00 g/t
LES034U3
UG2 Chromitite
537 m
1.50 m
5.89 g/t
LES034U0
UG2 Chromitite
537 m
1.47 m
5.40 g/t
LES024M0
Merensky Reef
591 m
0.90 m
4.58 g/t
LES024M4
Merensky Reef
590 m
0.92 m
4.17 g/t
LES024M5
Merensky Reef
590 m
0.90 m
2.99 g/t
LES035U0
UG2 Chromitite
450 m
0.98 m
4.74 g/t
LES035U1
UG2 Chromitite
450 m
0.97 m
2.93 g/t
LES035U2
UG2 Chromitite
450 m
1.08 m
3.82 g/t
Further to these results, on-going drilling with 6 diamond drill rigs has
resulted in further intersections of Merensky at depths of between 360m and
780m and UG2 at depths of between 550m and 1,031m.
Initial metallurgical testwork performed on reef material from 14 boreholes
in the initial area to be mined totalling approximately 160 kg has shown
that expected recoveries on the Merensky Reef are in excess of 85%, whilst
testwork has shown a recovery range of 82% to 87% on the UG2 Chromitite.
Standard tests and optimisation work using extra depressant has shown to be
beneficial to the Merensky Reef and the UG2 is expected to respond well to
optimisation testwork.
CEO of Village, Bernard Swanepoel, commented: "The depths of these shallower
intersections confirm our geological model for the project.
This recent
drilling is proving that the reefs are continuous along strike with very
little structural disturbance and also that grades remain excellent at
shallow depths.
The high recoveries received from testwork on Merensky and
UG2 is also in line with expectations for reefs in that area".
ENDS
Contacts:
Village CEO | Bernard Swanepoel | | 083 303
9922
Vestor | Media and Investor Relations | Louise Brugman |
| 011 787 3015 | 083 504 1186
Note to editors
About the Lesego Project
Village controls a 77% interest in the Lesego project with the Industrial
Development Corporation (IDC) owning the remaining 23%.
Situated near
Burgersfort, South Africa, Lesego is fully funded to bankable feasibility
study by the IDC, to the tune of R142 million
The orebody at the Phosiri dome consists of both the UG2 Chromitite and the
Merensky Reef, which occur as distinct layers of contrasting rock type to
the surrounding rocks.
They are part of a 3 to 6 km layered package known as
the Rustenburg Layered Suite, which forms part of the Bushveld Igneous
Complex.
The Bushveld Igneous Complex formed from molten rock injected into
the sedimentary rocks of the Transvaal Supergroup about 2,055 million years
ago, and which crystallised into distinct layers, a few of which contain
concentrations of valuable metals.
The Bushveld Complex therefore contains
the greatest concentration of known mineral wealth on the planet and
includes platinum group element (PGE) ores, base metals such as chromium,
iron, tin, titanium and vanadium and industrial minerals such as andelusite,
dimension stone and magnesite.
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media & investor relations
louise brugman
managing director
T: +27 (0) 11 787 3015
C: +27 (0) 83 504 1186
skype louise.brugman
E:
www.vestor.co.za
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