Sylvania Resources Ltd (“Sylvania”) is pleased to announce that the old order prospecting rights held by Aquarius Platinum Ltd (“Aquarius”) at Everest North ( the farm Vygenhoek 10JT ) have now been converted to new order prospecting rights. As per agreement, Aquarius will nominate Sylvania as the applicant for the new order mining right once the bankable feasibility has been completed.
Diamond drilling of the UG2 reef horizon by Sylvania at Everest North to upgrade the deposit to the measured category continues to progress well. To date, 14 drillholes have been completed, each with two deflections; all holes have intersected a competent and composite type UG2 reef. Only assays for the first six holes (plus deflections) are currently available returning excellent results as follows:-
On the basis of using 4E ( Pt,Pd,Rh, and Au) grades only, the average grade drilled to date is 5.30g/t over 1.37 metres. The metal split is 56% Pt, 32% Pd, 11% Rh, and 1% Au.
On the basis of using 6E (Pt,Pd,Rh,Au,Ir,Ru) grades, the average grade rises to 6.45g/t over 1.37 metres.
The UG2 reef outcrops at surface along its entire perimeter and dips shallowly between 5 and 15 degrees; the depth of the orebody ranges from 0 to 150m below surface. The orebody is easily accessible and will be mined using both opencast and underground methods. The combination of a shallow depth and excellent reef width lends itself readily to mechanized mining. Access to the orebody will be by shallow decline shafts developed while the opencast mining is in progress.
For further information please contact:
In South Africa Terence McConnachie, CEO Sylvania Resources Limited (+27 11) 803 7214
In Australia Grant Button, Executive Director Sylvania Resources Limited (+618) 9481 8711 In United Kingdom Richard Brown Ambrian Partners Limited (+44) 20 7776 6417
