Sable Platinum - Introduction
Sable Platinum ("Sable") listed on the Main Board of the Johannesburg Stock Exchange on 23 November 2012 under the Platinum and Precious Metals sector with the share code SLP.
Sable is an exploration company with Prospecting Rights for Platinum Group Metals (“PGM’s”) across 63067 ha in the Gauteng, Northwest and Limpopo provinces of South Africa. Sable has five project areas in the Western Bushveld Complex, of which two are in previously unknown areas. Target resources are from surface down to 2 500m in vertical depth.
On four of these project areas the Vanadium Magnetite Reef is present. Sable had the Prospecting Right on the Syferfontein Project. This right is subject to a dispute with the BEE partner and prior to the right expiring, Sable applied for a Mining Right. A settlement with the BEE partner is anticipated this year. Sable has also applied for Prospecting Rights for Vanadium, Iron Ore and Rutile on the other three project areas.
Each project area has the potential to host a 2 million tonne per annum export mine for iron ore. The project areas are situated either on or close to a rail line.
Sable has also entered into an agreement, subject to due diligence, to acquire up to 26% of Global Initiatives (Pty) Ltd, a Botswanan company that has the rights to process the tailings and slag at BCL Limited, a nickel copper and cobalt mine at Selebi Phikwe in Botswana. This project is projected to produce 1.2 million tonnes per annum of pig iron from processing the slag dump.
Minxcon (Pty) Ltd, an independent competent person, assessed that Sable has a target attributable resource base of 70m target ounces of PGM’s shallower than 2500m. An exploration programme has been instituted that will have a minimum duration of two years.
The platinum market outlook remains positive, especially during the period 2013 to 2020. Higher platinum, rhodium and especially palladium prices are anticipated.
PGM’s are virtually assured in the Bushveld Complex provided the properties are inside the outcrop of the Merensky and UG2 reefs. To date Sable has intersected platinum bearing reefs on two of its properties.
Sable believes that further exploration of the platinum projects, the vanadium and iron ore projects, and the addition of the pig iron project will add significant value to shareholders in the coming year.
|Web page updated:
3 September, 2013
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