RNS Number:1266W
Platinum Australia Limited
22 December 2005
Platinum Australia Limited
22nd December, 2005
Resource Drilling Program Completed at Smokey Hills PGM Project
Platinum Australia Limited (ASX: PLA) is pleased to announce that it has
completed the resource definition drilling program for 2005 on the Smokey Hills
Project with results continuing to confirm our target of up to 1 million ounces
4E PGM* in UG2 reef.
The latest assay results for a further four diamond drill holes have now been
received with the following intersections:
SHDD-26 9.42 g/t 4E PGM over 0.51 m from 108.84 m
SHDD-27 10.06 g/t 4E PGM over 0.22 m from 8.94 m (Core loss due
to weathering)
SHDD-28 Results Pending
SHDD-29 Results Pending
SHDD-30 8.82 g/t 4E PGM over 0.59 m from 25.27 m
SHDD-31 10.62 g/t 4E PGM over 0.58 m from 41.45 m
A total of 56 holes as shown in the attached plan, have now been drilled on the
project, including 3 from the initial program. Results for the first 25 holes
have been previously released. It is anticipated that all results from the
drilling will be available by mid January and that the initial resource estimate
will be available in early February.
PLA Managing Director John Lewins said: "The completion of this resource
definition drilling program marks the first major step in the completion of the
Bankable Feasibility Study on the Smokey Hills Project. While we are still
awaiting a significant number of results, those received have been very
encouraging and have confirmed our view of the project in terms of continuity,
grade and thickness of the UG2 reef. We can now look forward to having the JORC
compliant resource completed in the New Year by our independent consultants,
Snowden."
PLA has also completed an extensive program of channel sampling on the outcrop
of both hills and from a slot cut into the southern hill, the results of which
are summarised below:
Northern Hill Average: 0.56 m @ 7.38 g/t 4E PGM
Southern Hill Average: 0.58 m @ 7.60 g/t 4E PGM
Slot Average: 0.56 g/t @ 7.69 g/t 4E PGM
In addition PLA has mined a small bulk sample from an adit in the southern hill
which was developed by the previous owners and provides approximately 30 metres
of exposure of UG2 reef some 40 metres below surface. This sample will be used
for the metallurgical test work program which has commenced at the Mintek
Metallurgical Laboratories in Johannesburg, South Africa.
The Smokey Hills target is based on previous mapping at the project which
identified six kilometres of outcropping PGM bearing UG2 reef. Sampling of the
reef outcrops and the results from three diamond drill holes have confirmed the
well-established continuity of the UG2 reef, which is mined over tens of
kilometres in numerous mines.
While this target is of a conceptual nature and does not imply that a mineral
resource has been or will be defined, the results from the current drilling have
significantly increased the confidence in the potential of the project.
Qualification Statement
We confirm that exploration results contained in this report are based on
information compiled by Tony Greenaway, Geology & Resources Manager of Platinum
Australia Limited, who is a member of The Australasian Institute of Mining and
Metallurgy.
Tony Greenaway has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity which
he is undertaking, to qualify as a competent person as defined in the 2004
edition of the 'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves'. Tony Greenaway consents to the inclusion in the
report of the matters based on his information in the form and context in which
it appears.
Paste the following link into your web browser to download the PDF document
related to this announcement:
-The End-
For further information:
John Lewins, MD, Platinum Australia +61 (08) 9324 1491,
0419 910 061
Media enquiries:
Ron Marshman/John Greenhalgh, City of London PR, +44 (020) 7628 5518
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