Sylvania Platinum Ltd announced fresh updates on three of its projects, including the results of its latest scoping study.
Sylvania’s Northern Limb minerals assets consist of ‘various’ exploration projects in the Northern Limb of South Africa’s Bushveld Igneous Complex.
The South Africa-focused platinum group metals producer and developer said the Volspruit project’s mineral resource estimate was updated this year. It now includes resources from the south body, and estimates for rhodium and ruthenium.
The new MRE, Sylvania said, includes 28.2 million tonnes gross in-situ or 2.36 grams per tonne of platinum, palladium, rhodium and gold.
Sylvania also said the project’s pretax net present value has increased to R 1.2 billion, or $69.0 million, up from R 464 million in 2022. Peak funding requirements have also increased, to R 4.3 billion from R 2.5 billion.
At the Hacra project, Sylvania said it has defined a new exploration target of between 20 million and 22.5 million tonnes, at an estimated 4E grade of between 2.18 and 3.32 grams.
However, it noted that these ranges ‘are conceptual in nature as there has been insufficient exploration to estimate a Mineral Resource’.
Finally, over on the Aurora project, Sylvania has completed reinterpretation of historic information following its initial 2022 MRE for the La Pucella target area.
‘This enables the definition of a future work programme aimed at increasing knowledge over the project’s entire strike length with the aim of increasing the resources for the total Aurora project,’ Sylvania explained.
‘While we have slowed down some of our exploration studies during the past year, to align spend with the current PGM price environment, I am pleased with the steady progress we have made to improve the understanding of our respective exploration assets and to further optimise future potential,’ commented Chief Executive Officer Jaco Prinsloo.
He continued: ‘The results from the recently completed and ongoing studies continue to improve our understanding of the occurrence and value of resources at our respective exploration assets and provide guidance on where future efforts need to be focussed to optimise future value for the company and all of its stakeholders.’
Shares in Sylvania Platinum traded 2.5% lower at 55.70 pence late on Tuesday morning in London.
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