West Perth-based Nkwe Platinum Ltd has signed a deal with Dyondisani Mining & Energy Pty Ltd and Bolotola Investment Holdings Pty Ltd to acquire a 100 per cent interest in the prospecting rights to two platinum group metal farms.
West Perth-based Nkwe Platinum Ltd has signed a deal with Dyondisani Mining & Energy Pty Ltd and Bolotola Investment Holdings Pty Ltd to acquire a 100 per cent interest in the prospecting rights to two platinum group metal farms.
Key terms of the MOU includes the payment of a exclusivity fee of AUD$120,000 to Dyondisani and Botola, due diligence and regulatory approvals and acquisition terms, to be negotiated following completion of the independent technical report Andre van der Merwe appointed as Project Manager
The full text of a company announcement is pasted belwo
- Further Positive Explorative Results for Nkwe
- Option to acquire adjacent farms
- Appointment of Key Project Manager
Exploration Results
The latest assay results from holes drilled on the farm Eerste Geluk 327 KT are summarised in Table 1(see Fig.2 for location).
- The Merensky Reef outcrops at surface over an average width of 2.13 m at an average grade of 3.01 g/t
- The UG2 reef averages 8.34 g/t over a width of 0.75 m.
- The two platinum bearing reefs are separated by approximately 250m.
More than 13,000 metres of core has been drilled on Eerste Geluk (>7,400m) and Nooitverwacht (>5,600m). These metres represent 13 completed holes, 9 holes in progress and 46 deflections.
In addition to the results from the current phase of the drilling program, good progress was made on clearing an historical adit located on the outcrop of the Merensky Reef on Eerste Geluk (Fig.1).
The adit will serve as early underground access to the Merensky Reef and will be useful in collecting a bulk sample and geotechnical data.
Road developments to drill sites on higher elevations and more rugged areas have commenced.
MOU signed for two additional farms
Nkwe is also pleased to announce that it has entered into a Memorandum of Understanding ("MOU") with 2 privately owned South African companies Dyondisani Mining & Energy (Pty) Ltd ("Dyondisani") and Bolotola Investment
Holdings (Pty) Ltd ("Bolotola") to acquire a 100% interest in the prospecting rights to two platinum group metal ("PGM") farms.
The two farms, Soupiana 325 KT and Hoogstepunt 290 KT, are located adjacent and contiguous to the recently acquired Genorah properties on the Eastern limb of the platiniferous Bushveld Complex in South Africa Eerste Geluk 327 KT, Nooitverwacht 324 KT and Hoepakrantz 291 KT (see Fig.2 below)
Given the position of the two properties and the latest information from Nkwe's drilling program on the farms Eerste Geluk 327 KT and Nooitverwacht 324 KT these farms are expected to be underlain by both the platinum-bearing Merensky Reef and UG2 chromite horizons, which account for 80% of the world's platinum production.
With the acquisition of these two farms, Nkwe's Garatouw-Eerstegeluk mineralised project area will increase by 25% to more than 13,000ha. Ownership of these two farms forms part of Nkwe's consolidation of its PGM interests on the Eastern Limb.
SRK Consulting has been commissioned to conduct an independent technical report and valuation of the properties.
Key terms of the MOU includes the payment of a exclusivity fee of AUD$120,000 to Dyondisani and Botola, due diligence and regulatory approvals and acquisition terms, to be negotiated following completion of the independent technical report Andre van der Merwe appointed as Project Manager
The board of Nkwe is pleased to announce that André van der Merwe has been contracted as Project Manager to manage and co-ordinate completion of the feasibility study on Nkwe's key PGM project on the Eastern Limb.
André has a long history of involvement in the mining industry, starting with JCI in the 1980s, and include his involvement as Regional Manager with consultancy group RSG Global and more recently SRK Consulting as Principal Geologist and Partner.
André's previous experience in managing feasibility programs brings valuable capacity to the team at Nkwe.
Nkwe also advices that Director Jack Griffin has resigned. The Board thanks Mr Griffin for his contribution and looks forward to announcing key board appointments shortly.
