Platinum Australia secures prospecting licence for Rooderand project
24 November 2009
Australian mining outfit Platinum Australia has reported that a prospecting right has been issued for the Rooderand Platinum Project in South Africa, where it is set to acquire a 70% stake.
The prospecting right was issued to Atla Mining Resources and was the final hurdle in a Heads of Agreement signed between the two companies in May this year.
The Rooderand Platinum Project is located on the western Limb of the Bushveld Igneous Complex and will be the focus of a definitive feasibility study by Platinum Australia as part of its right to earn in to the project.
The company has now mobilised a drilling contractor to site to drill approximately 100 holes to enable the current inferred resources of 11.8 million tons at 5.39 g/t 4E PGMs (platinum, palladium, rhodium and gold) in the UG2 reef and 3.8 million tons at a grade of 7.99 g/t 4E PGMs in the Merensky Reef to be updated. This updated resource will form the basis of the new definitive feasibility study.
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