Southern Palladium, which is listed on the JSE and Australian Stock Exchange, said on Wednesday that drill hole E062 at its Bengwenyama platinum group metal (PGM) project had intersected the first UG2 reef at 31.2m below the surface.
According to Southern Palladium, the mother hole was completed on September 1, with an end-of-hole depth of 119.8m and matches stratigraphic models.
Southern Palladium, the PGM company, said marking, logging and scanning of the drill hole were in progress.
A down-hole acoustic televiewer survey would be completed next and this will be followed by drilling two short non-directional deflections on the UG2 reef.
"Assaying of the reef will commence once all deflections, logging, and core scanning are complete," it said.
Managing director Johan Odendaal said: “Confirmation of the UG2 reef intersection is an important early barometer for the company as it advances the Phase 1a drill programme.
“The initial results provide further evidence that the position of the UG2 reef is in line with the geological model developed from historical information ... Pleasingly, the broader project infrastructure is also progressing well as the company continues to execute on its near-term operational targets."
He said the management team looked forward to providing additional updates once assaying gets underway, following the completion of the down-hole acoustic televiewer survey.
BUSINESS REPORT