Chief Executive Officer, has announced that the company has intersected mineralization containing 4.51 grams per tonne of platinum, palladium, rhodium and gold (4PGE) over 90.64 metres (297 feet) at a 1 g/t 3PE cut-off in a recently drilled hole at the underground Flatreef platinum, palladium, nickel, copper, gold and rhodium discovery, which is part of the company’s Platreef Project in South Africa’s Bushveld Complex.
The 90.64-metre intersection in Hole TMT006 also includes:
- a 40.79-metre (134-foot) section grading 6.88 grams per tonne 4PGE at a 3g/t 3PE cut-off;
- additional nickel and copper mineralization grading 0.37% nickel and 0.20% copper, plus a platinum-to-palladium ratio of approximately 1 to 1, over the entire 90-metre intersection.
“This is an extraordinary drill hole,” said Mr. Friedland. “The 90-metre thickness of the intercept, which roughly is the same height as a 30-storey building, is unprecedented at Flatreef and I believe it also is without precedent in an underground platinum discovery in South Africa.
“The scale of the mineralized intercept has obvious implications for the contained PGMs and base metals in the open-ended Flatreef poly-metallic discovery. The combined grade and thickness of the PGMs and base metals mineralization seen in this hole far exceeds anything we’ve previously encountered in all of our years of delineating resources on our Platreef Project.”
The gentle dips in the Flatreef Discovery area mean that the drilled thickness approximates true thickness.
3-D seismic survey to better define shape and size of Flatreef Discovery
Ivanhoe Mines will undertake a 3-D geophysical seismic survey over the Flatreef Discovery before beginning site preparation work for the bulk-sample shaft. The seismic survey is expected to begin later this week and be completed in early November 2013.
Mr. Johansson said that it has become standard practice at many South African mines to conduct 3-D seismic surveys prior to sinking new shafts or beginning major underground developments. The seismic survey will provide Ivanhoe’s engineers with high-resolution imaging of the Flatreef mineralized zones ahead of the planned mining development.
About the Platreef Project
The Platreef Project is a Tier One discovery of platinum-group elements, nickel, copper and gold that contains the Flatreef underground deposit, on the Bushveld’s Northern Limb, north of the town of Mokopane and approximately 280 kilometres northeast of Johannesburg. The project is located on two contiguous rights, Turfspruit and Macalacaskop, which adjoin Anglo Platinum’s Mogalakwena mining operations.
In June 2013, Ivanhoe Mines filed a Mining Right Application (MRA) for the Platreef Project with the Department of Mineral Resources. A Mining Right allows a company to mine and process minerals optimally from the mining area for a period of 30 years, which may be extended upon application.
The Flatreef Mineral Resource, with a strike length of six kilometres, predominantly lies within a flat to gently dipping portion of the Platreef mineralized belt at relatively shallow depths of approximately 700 to 1,100 metres below surface.
The Flatreef Deposit is characterized by its very large vertical thicknesses of high-grade mineralization and the platinum-to-palladium ratio of approximately 1:1, which is significantly higher than other PGM discoveries on the Bushveld’s Northern Limb. The grade shells used to constrain mineralization in the Flatreef Indicated Resource area have average true thicknesses of approximately 24 metres at a 2.0 grams per tonne (g/t) 3PE (platinum-palladium-gold) cut-off grade, with an equivalent average resource grade of 4.1 g/t 4PE (platinum-palladium-gold-rhodium), 0.34% nickel and 0.17% copper. Flatreef’s Indicated Mineral Resources of 214 million tonnes contain an estimated 28.5 million ounces of platinum, palladium, gold and rhodium, 1.6 billion pounds of nickel and 800 million pounds of copper.
At the same cut-off of 2.0 g/t 4PE, the latest Flatreef estimate includes Inferred Mineral Resources of 415 million tonnes grading 3.5 g/t 4PE, 0.33% nickel and 0.16% copper, containing an estimated additional 47.2 million ounces of platinum, palladium, gold and rhodium, 3.0 billion pounds of nickel and 1.5 billion pounds of copper. Inferred mineral resource estimates, under the CIM guidelines, do not have demonstrated economic viability and may never achieve the confidence to be mineral reserve estimates or to be mined.