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Conclusion of Strategic Review of Iron Ore Assets
Conclusion of Strategic Review of Iron Ore Assets.
About this update from Sylvania Platinum Ltd.
[{"type":"text","content":"\n \nRNS Number : 0337K Sylvania Platinum Limited 08 July 2011 \n \n\nSylvania Platinum Limited\n(\"Sylvania Platinum\" or the \"Company\")\n(ASX: SLP, AIM: SLP)\nConclusion of Strategic Review- Bushveld Magnetite Iron Ore Assets\nSylvania Platinum Limited (Sylvania Platinum or the Company), the low cost Platinum Group Metal (PGM) producer and developer, today announces the conclusion of a strategic review regarding its iron assets, which are located on the Northern limb of the Bushveld Complex in South Africa. \n \nThe iron assets are currently held by the Company's wholly owned subsidiary, SA Metals Ltd (formerly Pan Palladium Limited) (SA Metals), which was acquired by the Company in September 2009. Subject to the receipt of any necessary shareholder or regulatory approvals, the Board proposes to dispose of these assets, in a way that would be beneficial to its shareholders.\n \nThe magnetite layers, and in particular the main magnetite layer, of the Bushveld Complex are mined for iron ore and vanadium. The layers occur in the hanging wall of and generally parallel to the platinum and chrome layers across the Bushveld complex.\n \nIn 2007, SA Metals identified the occurrence of the main magnetite layer on the farm Nonnenwerth 421 LR which formed part of SA Metals' Aurora Project. Assays of 13 grab samples of the various surface exposures was reported by SA Metals in 2008 as being Fe2O3 ranging from 74.1% to 77.8%; V2O5 ranging from 0.72% to 1.03% and TiO2 from 16.3% to 19.2%. (P2O5 was <0.01% and SiO2 averaged 1.4%. \n \nIn early 2008, SA Metals excavated 4 trenches on the magnetite layers and assay results of 8 samples were reported in 2008 as 72.6% Fe2O3, 1.34% V2O5 and 18.6% TiO2. In 2009, SA Metals completed a 22 hole probe drilling program using percussion drilling to test the grades and presence of the magnetite layers and it was found that 5 intersections of the assumed main magnetite layer on the farm Nonnenwerth returned an average grade of 72.2% Fe2O3, 1.16% V2O5 and 15.43% TiO2. The deleterious elements were within acceptable levels for all samples. \n \nThe grades stated above are conceptual in nature and to date there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the determination of a mineral resource.\n&nbs...