Platfields Limited, founded in 2002, is currently an unlisted South African precious metals exploration company, ± 27% black-owned, with two platinum group metals (PGM) exploration projects on the Eastern Limb of the Bushveld Complex, and one gold exploration project in the Transvaal Drakensberg gold field of Mpumalanga Province.
The company’s objective is to advance rapidly from its current status as an emerging precious metals explorer to become a developer and operator of precious metals mining operations in South Africa, taking full advantage of the opportunities presented by South Africa’s new, enabling minerals legislation and the sound long-term outlook for precious metals - PGMs and gold in particular.
While growth-focused in the longer term, Platfields’ short- to medium-term strategy is to rapidly advance its three highly attractive exploration projects. New order prospecting rights have been granted in respect of all three projects.
The company’s flagship project is the Berg PGM Project. Located near the southern end of the Eastern Limb of the Bushveld Complex, along strike from Anglo Platinum’s Der Brochen and Booysendal projects and Aquarius Platinum South Africa’s Everest South mining operation, the Berg Project covers approximately 6 000 hectares. The two most important platinum-bearing reefs are the UG2 Reef and the Merensky Reef. The UG2 outcrops in the north, pointing to prospects for early, open-pit mining. Exploration data to date indicates a mean exploration target of 10.65Moz of 4E PGE (platinum, palladium, rhodium and gold).
The Liger Project has two sections i.e. the Leeuwkop section, in which Platfields has an effective 41.25% holding, is a near-surface PGM target covering approximately 1100 hectares at the north-western end of the Eastern Limb of the Bushveld Complex, immediately west of Anglo Platinum’s Lebowa Platinum Mine and close to both Lonmin’s Limpopo Platinum Mine and Aquarius Platinum South Africa’s Bakgaga Project. As with the Berg Project, the principal targets are the Merensky and UG2 Reefs. Exploration data to date indicates a mean exploration target of up to 2.48Moz of 4E PGE on the farm Leeuwkop, 425kg attributable to Platfields. The farm Tigerpoort, a recent 100% acquisition by Platfields has not been included in this target and forms the second section of the Liger Project. In 2010 the exploration programme will primarily focus on the Tigerpoort section.
The near-surface Grootfonteinberg Project covers approximately 300 hectares in the Transvaal Drakensberg gold field, adjacent to Simmer & Jack’s Beta Gold Mine. Exploration data to date indicates a mean exploration target of up to 3.43Moz of gold.
Platfields intend to list on the Main Board of the JSE Limited depending on conducive market conditions and regulatory approvals.
While valuing its independence, Platfields will actively pursue collaborative opportunities with other like-minded companies, when and where it makes sound business sense to do so.
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