Further drilling results have now been received from diamond drilling of the UG2 horizon by Sylvania at Everest North, the drilling is to upgrade the deposit to the measured category. To date, 16 holes have been completed, each with two deflections; all holes have intersected a competent and composite type UG2 reef.
Prior to drilling, Sylvania estimated an inferred ‘in-situ’ resource of 4.2 million tones grading 5.87g/t for approximately 790 000 ounces of 4E PGM’s (Pt, Pd, Rh, and Au).
The drilling results have now allowed Sylvania’s consulting geologists to geostatistically model the UG2 horizon at Everest North to produce an indicated ‘in-situ’ resource of 5 265 925 tonnes grading 4.92 g/t for approximately 832 760 ounces of PGM’s. This comprises of 3 842 365 tonnes on the ‘main seam’ grading 6.04 g/t 4E, and 1 423 560 tonnes on the ‘leader seam’ grading 1.90 g/t 4E. Expected geological losses due to dykes and potholes have been accounted for. The assayed metal split is Pt 54%, Pd 34%, Rh 11%, and Au 1%. The orebody outcrops at surface.
The results to date are very encouraging and in line with expectations. Sylvania will report final drilling results which are expected in June 2007.
The technical exploration and mining information contained in this report was compiled by Mr Ed Nealon, a Sylvania Resources Ltd director. Mr Nealon provides consulting services via his company Athlone International Pty Ltd. Mr Nealon is a member of the Australasian Institute of Mining and Metallurgy and is considered to be a Competent Person in his respective area of expertise pursuant to the Australasian Code for Reporting of Mineral Resources and Ore Reserves. Mr Nealon consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
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