AfriOre Announces Further Mineralized Drill Intersections for the
Akanani Platinum Project
TSX/AIM:AFO
ROAD TOWN, TORTOLA, British Virgin Islands, June 29 /CNW/ - AfriOre
Limited ("AfriOre" or "the Company") (TSX/AIM:AFO) is pleased to announce
results for a further four drill holes for the P2 unit in the Southern
Priority Area ("SPA") on the Company's 74%-owned Akanani Platinum Project
("Akanani" or the "Project"), located on the Northern Limb of South Africa's
Bushveld Complex.
Assay results have been received for drill holes ZF16, ZF22, ZF26 and
ZF28 for the P2 unit; the P2 unit is the well-developed upper mineralized zone
in the Platreef. Assay results for these holes yield good to excellent
platinum group metal ("PGM"), gold ("Au"), nickel ("Ni") and copper ("Cu")
mineralization. Highlights include:
- 19.04 m of 6.49 g/t 3PGM + Au(x) and 0.35% Ni,
including 6.04 m of 7.88 g/t 3PGM + Au and 0.30% Ni
and 8.00 m of 7.97 g/t 3PGM + Au and 0.46% Ni in ZF28
- 10.40 m of 4.07 g/t 3PGM + Au
including 4.44 m of 4.96 g/t 3PGM + Au in ZF26
- 6.68 m of 5.38 g/t 3PGM + Au
including 2.45 m of 9.31 g/t 3PGM + Au in ZF22
((x) g/t 3PGM + Au (equal sign) grams of platinum, palladium, rhodium
plus gold per tonne)
The positive results for drill holes ZF22, ZF26 and ZF28 all exceed
AfriOre's initial minimum exploration target of 4 g/t 3PGM + Au over widths of
5 m. The high grades reported herein, impressive widths of mineralization and
continuity of the P2 unit continue to indicate potential for the SPA to host a
large resource of PGMs and Au, with associated Ni and Cu, as indicated by the
initial inferred mineral resource estimate for the SPA of 183.0 million tonnes
("Mt") at a grade of 4.5 g/t 3PGM + Au, which equates to 26.4 million ounces
of 3PGM plus Au, as well as 0.24% Ni and 0.14% Cu over an estimated average
true thickness of 16.6 m, as reported in an AfriOre news release dated May 11,
2006.
All four holes reported here were collared vertically in the SPA and
their collar positions are shown in the attached diagram. A summary of
analytical results from the P2 unit in the four holes is as follows:
-------------------------------------------------------------------------
Drill Hole ZF28
-------------------------------------------------------------------------
Starting Drill 3PGM Pt Pd Rh Au Ni Cu
Depth indicated + Au (g/t) (g/t) (g/t) (g/t) (%) (%)
(m) width (g/t)
(m)
-------------------------------------------------------------------------
1,336.96 19.04 6.49 3.09 2.74 0.28 0.38 0.35 0.15
-------------------------------------------------------------------------
Incl.
-------------------------------------------------------------------------
1,336.96 6.04 7.88 4.38 2.81 0.34 0.35 0.30 0.10
-------------------------------------------------------------------------
&
-------------------------------------------------------------------------
1,347.00 8.00 7.97 3.33 3.77 0.34 0.53 0.46 0.24
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Drill Hole ZF26
-------------------------------------------------------------------------
Starting Drill 3PGM Pt Pd Rh Au Ni Cu
Depth indicated + Au (g/t) (g/t) (g/t) (g/t) (%) (%)
(m) width (g/t)
(m)
-------------------------------------------------------------------------
1,003.18 10.40 4.07 1.74 1.93 0.15 0.25 0.28 0.17
-------------------------------------------------------------------------
Incl.
-------------------------------------------------------------------------
1,008.03 4.44 4.96 2.18 2.35 0.18 0.25 0.31 0.18
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Drill Hole ZF22
-------------------------------------------------------------------------
Starting Drill 3PGM Pt Pd Rh Au Ni Cu
Depth indicated + Au (g/t) (g/t) (g/t) (g/t) (%) (%)
(m) width (g/t)
(m)
-------------------------------------------------------------------------
1,640.70 3.30 4.35 1.78 2.12 0.18 0.27 0.27 0.17
-------------------------------------------------------------------------
1,660.77 6.68 5.38 2.12 2.77 0.23 0.26 0.21 0.11
-------------------------------------------------------------------------
Incl.
-------------------------------------------------------------------------
1,664.00 2.45 9.31 3.79 4.65 0.41 0.46 0.34 0.18
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Drill Hole ZF16
-------------------------------------------------------------------------
Starting Drill 3PGM Pt Pd Rh Au Ni Cu
Depth indicated + Au (g/t) (g/t) (g/t) (g/t) (%) (%)
(m) width (g/t)
(m)
-------------------------------------------------------------------------
1,460.44 10.56 2.34 0.81 1.35 0.06 0.12 0.18 0.12
-------------------------------------------------------------------------
Incl.
-------------------------------------------------------------------------
1,467.00 3.00 3.30 1.18 1.90 0.10 0.12 0.22 0.13
-------------------------------------------------------------------------
Notes to the above tables:
Pt, Pd, Rh, Au, Ni and Cu mean platinum, palladium, rhodium, gold, nickel
and copper respectively.
3PGM+Au means Pt+Pd+Rh+Au.
Mean grades are weighted using mass factors (intersection width times
specific gravity).
The reported interval widths are uncorrected for the dip of the Platreef.
Calculation of true widths will be carried out when further modeling is
carried out for mineral resource estimation of the mineralized zones.
-------------------------------------------------------------------------
Hole ZF28 is an in-fill hole within the 350 m spaced SPA grid, lying in
the approximate centre of drill holes ZF10, ZF21, ZF22 and ZF18, which form
part of the initial 500 m spaced grid. ZF28 traversed the Main Zone gabbro-
norites before intersecting a disturbed hangingwall sequence to the main
Platreef unit at 1,203.47m, with more typical pyroxenites being encountered
below 1,310.03 m. The drill hole was completed at a down-the-hole depth of
1,463.61 m in fine grained chill rocks close to the granofels footwall. In
addition to high PGM grades, this hole encountered high Ni values within the
wide mineralized intercept.
Hole ZF26 is also an in-fill hole within the 350 m spaced SPA grid. This
hole was collared in the approximate centre of drill holes ZF5, ZF6, ZF10 and
ZF18, which form part of the initial 500 m spaced grid. ZF26 traversed the
Main Zone gabbro-norites before intersecting Platreef unit pyroxenites from
983.58 to 1,015.16 m. This hole was completed at a down-the-hole depth of
1,057.24 m in granofels footwall.
Drill hole ZF22 was collared along the most westerly line drilled to date
in the SPA. This hole traversed the Main Zone gabbro-norites before
intersecting Platreef unit pyroxenites from 1,627.40 to 1,837.79 m. The drill
hole was completed at a down-the-hole depth of 1,861.90 m in granofels
footwall.
Drill hole ZF16, collared near the northern end of the SPA, traversed the
Main Zone gabbro-norites before intersecting Platreef unit pyroxenites from
1,460.44 to 1,681.06 m. This hole was completed at a down-the-hole depth of
1,696.61 m in chill margin rocks. Core from ZF22 and ZF16 show localized
interaction zones between the P2 unit and hangingwall strata as a result of
magma mixing. This process appears to have resulted in localized dilution of
grade in drill hole ZF16.
Quality Assurance/Quality Control
Drill holes ZF16, ZF22, ZF26 and ZF28 were drilled in BQ size core (36mm
diameter); half-core samples for assay were cut by means of a diamond blade
saw. Geological logging, sampling and core handling procedures were carried
out under the supervision of Mr. Jeff White (B.Sc. Geology, Pr.Sci.Nat.) and
Mr. Henri Lombard (B.Sc. (Hons) Geology, Pr.Sci.Nat.), independent consultants
to AfriOre. Samples were prepared at Set Point Technology's sample preparation
facility in Mokopane, South Africa and analyzed for Pt, Pd, Rh, Au, Ni, Cu and
cobalt ("Co") 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;
Ni, Co and Co analyses were carried out using aqua regia digestion/ICP and
reflect acid-soluble metal content. 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. Results from these control samples indicate acceptable consistency
of the Set Point Technology analyses.
About AfriOre Limited
AfriOre is a TSX- and AIM-listed company focused on its 74%-owned,
4,095 ha Akanani Platinum Project, located on the Northern Limb of South
Africa's Bushveld Complex. AfriOre's Exploration and Management Team has
extensive experience in platinum projects in South Africa, where the Company
maintains aggressive exploration and acquisition programs. AfriOre's
Management has a successful history of creating shareholder value through the
exploration and advancement of projects.
Exploration at Akanani is being conducted under the supervision of Mr.
Mike van Aswegen, COO of AfriOre and the Company's Qualified Person, as
defined under National Instrument 43-101. Mr. van Aswegen is responsible for
the technical material in this release, excluding the mineral resource
estimate, and has verified the data disclosed in this release, including the
sampling and analytical data underlying the drill results. The initial mineral
resource estimate for the Project is included in an independent technical
report entitled "AfriOre Limited: Akanani Platinum Project, Limpopo Province,
South Africa, Project No. J883" dated May 29, 2006. The technical report has
been filed on SEDAR and may be accessed at www.sedar.com. The technical report
was prepared by Mr. J.C. Witley (B.Sc. Hons., Mining Geology), a registered
Professional Natural Scientist with the South African Council for Natural
Scientific Professions (SACNASP) and an employee of Snowden Mining Industry
Consultants.
AfriOre has a treasury of approximately CDN$ 22.4M. The Company has
50,783,368 shares outstanding and 57,098,402 shares fully diluted.
To view map of the Akanani Platinum Project please visit:
http://files.newswire.ca/495/akanani_260606.jpg
Forward-Looking Statements
This press release contains certain "forward-looking statements". All
statements, other than statements of historical fact, that address activities,
events or developments that the Company believes, expects or anticipates will
or may occur in the future (including, without limitation, statements
regarding the estimation of mineral resources, potential mineralization and
resources, exploration results and the Company's exploration and development
plans with respect to the Akanani Platinum Project) are forward-looking
statements. These forward-looking statements reflect the current expectations
or beliefs of the Company based on information currently available to the
Company. Forward-looking statements are subject to a number of risks and
uncertainties that may cause the actual results of the Company to differ
materially from those discussed in the forward-looking statements, and even if
such actual results are realized or substantially realized, there can be no
assurance that they will have the expected consequences to, or effects on the
Company. Factors that could cause actual results or events to differ
materially from current expectations include, among other things, changes in
commodity prices, changes in equity markets, failure to establish estimated
mineral resources (the inferred mineral resource figures disclosed in this
press release are estimates and no assurance can be given that the indicated
levels of minerals will be produced), political risks arising from operating
in Africa, changes to regulations affecting the Company's activities, delays
in obtaining or failures to obtain required regulatory approvals,
uncertainties relating to the availability and costs of financing needed in
the future, the uncertainties involved in interpreting drilling results and
other ecological data, and the other risks involved in the mineral exploration
and development industry. Any forward-looking statement speaks only as of the
date on which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information, future
events or results or otherwise. Although the Company believes that the
assumptions inherent in the forward-looking statements are reasonable, forward-
looking statements are not guarantees of future performance and accordingly
undue reliance should not be put on such statements due to the inherent
uncertainty therein.
For further information: on AfriOre and its projects visit the Company's
website at www.afriore.com or contact: Fiona Childe, Ph.D., P.Geo., VP
Corporate Communications, Tau Capital Corp., Tel: (416) 361-9636 x 227, Email:
fchilde(at)taucapital.com
(AFO.)
END
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