The Platreef Project includes the underground Flatreef Deposit of thick, platinum-group elements (PGE), nickel and copper mineralization in the Northern Limb of the Bushveld Complex, approximately 280 kilometres northeast of Johannesburg.
In the Northern Limb, such mineralization 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 its original Platreef discovery, now known as the Flatreef Deposit, that potentially is amenable to underground mining methods. This area lies entirely on the Turfspruit and Macalacaskop properties.
In March 2013, Ivanplats received a new independent Technical Report in support of its February 6, 2013, news release that outlined a major expansion and upgrade of the previously declared mineral resources for the Flatreef Deposit. The Technical Report was prepared by AMEC in accordance with CIM Guidelines and directed by AMEC Technical Director Dr. Harry Parker.
The Flatreef Deposit is characterized by its very large vertical thicknesses of high-grade mineralization. The grade shells used to constrain mineralization in the indicated resource area have average true thicknesses of approximately 24 metres at a 2 g/t 3PE (platinum-palladium-gold) cut-off grade, with an equivalent average resource grade of 4.1 g/t 4PE (platinum-palladium-gold- rhodium) for a grade-thickness of 98 grams-metres per tonne and an average true thickness of approximately 17 metres at a 3 g/t 3PE cut-off grade with an equivalent average resource grade of 5.1 g/t 4PE for a grade-thickness of 87 grams-metres per tonne. In contrast, most of the world's platinum production comes from the Bushveld's Merensky and Upper Group 2 reefs, which average 4.0 to 10.0 g/t 4PE but have narrow thicknesses that average 0.4 to 1.5 metres, for a grade-thickness range of less than 5 to 15 grams-metres per tonne of PGE.
Ivanplats is focusing its Platreef Project development work on the Mineral Resources contained in the Flatreef Deposit. Given the thickness of Flatreef's mineralization, the company is investigating mining scenarios that concentrate on highly mechanized mining methods.
Mining Right Application filed in Q2 2013
Ivanplats filed the Platreef Mining Right Application (MRA) with the Department of Mineral Resources (DMR) on June 6, 2013, and received a letter of acceptance on July 17, 2013. This important step has allowed the company to initiate the Environmental and Social Impact Assessment (ESIA) process.
The MRA is comprised of a number of different reports, including a Mine Works Program, a Social and Labour Plan and the Broad-Based Black Economic Empowerment structure.
The approval of the company's Platreef Bulk Sample Application, which was filed with the DMR during September 2012, remains pending. South Africa-based Aveng Mining has been appointed as the sinking contractor for the initial exploration shaft in anticipation of the application's approval.
The Section 93 Directive, which was imposed by the DMR during Q4 2012, was lifted in Q2 2013 following extensive consultation with affected parties. Development drilling for the pre-feasibility and feasibility studies has resumed, with 11 rigs in operation. The development drill program for the remainder of 2013 involves infill, geotechnical, condemnation, variability and metallurgical drilling. Ivanplats also plans to complete four exploration step-out drill holes toward the southwest of the indicated resource.
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