Sylvania enters into R25m PGM, chrome rights acquisition agreement
Aim-listed Sylvania Platinum has entered into a binding R25-million agreement to acquire the rights to platinum group-metals- (PGMs-) and chrome-bearing minerals on certain key portions of the Grasvally and Zoetveld farms to which it already owned the surface rights.
The relevant portions of the Grasvally and Zoetveld farms are adjacent to Sylvania’s existing Volspruit PGM project, 16 km south of Mokopane, in Limpopo.
“This acquisition potentially adds to the resource base of the Volspruit project and also brings a modest, but attractive, chromite ore production opportunity into consideration for the company,” Sylvania says.
The R25-million will be paid in two tranches. The first R5-million will be paid within 14 days after the lodgement of the application for Ministerial consent to transfer the rights to Sylvania, which is expected to take place in January 2014, with the remaining R20-million to be paid on the registration of the transfer of the mineral rights, which is expected to take place in early or mid-2015.
The acquired rights cover an area on which prior mining and exploration for PGMs and chrome had been done.
Published geological maps indicate that the Volspruit pyroxenite, which is host to the PGM mineralisation in the North pit of the Volspruit project, extends up to about 150 m across the farm boundary into Zoetveld; how- ever, further drilling and trenching are required to allow for a meaningful resource estimation.
In addition to the added PGM potential for the Volspruit project, the acquired rights likely also encompass significant amounts of chrome ore.
The company states that, while it remains focused on its core business as a PGMs producer, the directors believe there is sig- nificant value in both the PGM and chrome minerals and that the acquisition has the potential to deliver significant returns for shareholders.
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