Drilling during Q4 2012 focused on programs related to pre-feasibility studies, including civil geotechnical and condemnation drilling for mine infrastructure, hydrogeological pump testing, resource infill drilling in Kamoa Ouest and Kansoko Centrale and metallurgical drilling for the variability program. A total of 9,394 metres were drilled during the quarter, including 5,187 metres of infill resource drilling, 664 metres of condemnation drilling, 200 metres for civil geotechnical planning and 3,343 metres for metallurgical (variability) purposes. Pump testing was completed during the quarter on eight hydrogeology boreholes.
Additional studies are underway to further advance the geotechnical, engineering and metallurgical understanding of Kamoa in support of a pre-feasibility study, including work on the mine, smelter and concentrator. Further hydrological drilling and testing will begin in the second half of 2013 to improve the hydrological models for Kamoa.
Platreef Project90%-owned by IvanplatsSouth Africa
New independent estimate boosts resources at Flatreef Deposit
The Platreef Project, in South Africa's Limpopo province, is 90%-owned by Ivanplats and 10%-owned by a Japanese consortium of Itochu Corporation, Japan Oil, Gas and Metals National Corporation (JOGMEC) and JGC Corporation. The Japanese consortium's 10% interest in the Platreef Project was acquired in two tranches for a total investment of $290 million.
The Platreef Project includes a recently discovered, underground deposit of thick, PGE-nickel-copper mineralization in the Northern Limb of the Bushveld Complex, approximately 280 kilometres northeast of Johannesburg.
PGE-nickel-copper mineralization in the Northern Limb primarily is hosted within the Platreef, a mineralized sequence that is traced more than 30 kilometres along strike. Ivanplats' Platreef Project, within the southern sector of the Platreef, is comprised of three contiguous properties: Turfspruit, Macalacaskop and Rietfontein. The northernmost property, Turfspruit, is contiguous with, and along strike from, Anglo Platinum's Mogalakwena group of properties and mining operations.
Since 2007, Ivanplats has focused its exploration activities on defining and advancing the down-dip extension of the Platreef Deposit that is potentially amenable to underground mining methods. This area lies entirely on the Turfspruit and Macalacaskop properties. Ivanplats has named this new area of mineralization the Flatreef Deposit.
In March 2013, the Company received a new independent Technical Report in support of the Company's February 6, 2013, news release that outlined a major expansion and upgrade of the previously declared underground mineral resources for its Flatreef Deposit. The Technical Report was prepared by AMEC E&C Services of Reno, Nevada, in accordance with CIM Definition Standards and Best-Practice Guidelines and National Instrument 43-101 standards, under the direction of AMEC Technical Director Dr. Parker.
At a 2.0-gram-per-tonne (g/t) 4PE cut-off grade, AMEC estimated that the Flatreef Deposit contains Indicated Mineral Resources of 214 million tonnes grading 4.1 g/t platinum, palladium gold and rhodium (4PE), 0.34% nickel and 0.17% copper, containing an estimated 28.5 million ounces of platinum, palladium, gold and rhodium, 1.61 billion pounds of nickel and 794 million pounds of copper. At the same cut-off of 2.0 g/t 4PE, Inferred Mineral Resources total 415 million tonnes grading 3.5 g/t 4PE, 0.33% nickel and 0.16% copper, containing an estimated additional 47.2 million ounces of platinum, palladium, gold and rhodium, 3.0 billion pounds of nickel and 1.5 billion pounds of copper.