New drilling program for Rusina

05 April 2008 | 05:31 Code : 17000 Geoscience events
Rusina Mining NL is set to commence a new drilling program at its Acoje tenement...

  Rusina Mining NL is set to commence a new drilling program at its Acoje tenement for platinum group metals (PGM’s), chromite and nickel sulphides.The initial program will comprise approximately 10 diamond drill holes for 2,000m, which will target 6 high signature anomalies that were identified during the 2005 Induced Potential (IP) survey. In addition to the IP anomalies there are several targets which have been identified from the digitisation of old underground drill data.The PGM, chromite and nickel sulphide mineralisation’s are geographically separate from the surface nickel laterites and are excluded from the arrangements with nickel heap leach joint venture partner, European Nickel PLC. The PGM’s are hosted within the nickel sulphide mineralisation which occurs within the same dunite host rock as does the chromite mineralisation. Exploration success of minable PGM “pods” would augment the economics of an underground chromite mine and conversely, the chromite mineralisation could reduce the economic hurdle of a standalone PGM mine. The current outlook for these commodities is particularly strong given the power crisis affecting South Africa, one of the world’s major suppliers of chromite and platinum.Rusina’s Managing Director, Robert Gregory said: “It’s been important to first place the company in a strong cash flow position prior to committing to an ongoing PGM and chromite exploration program. “Acoje is a very large property with over 15km of strike zone where these minerals are hosted, and will require quite an extensive drilling and a geophysical program (in addition to this initial drill program) to fully explore the property.”He further stated: “Given the Acoje chromite mine closed not because it ran out of ore, but because of the need to put in a drainage tunnel, and that Acoje has produced commercial quantities of platinum in the past, this exploration program represents a very exciting time in the company’s development”

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