The Rooderand property on the Western Limb of the Bushveld Igneous Complex, some 60km north-west of the town of Rustenburg, has been owned and operated by Chrometco since 2004.
Chrome mineralisation occurs in the LG5, LG6, LG7, MG2, MG3 and MG4 reefs while platinum mineralisation is found on the UG2 and Merensky reefs that partially underlie the property. While Chrometco carried out a certain amount of exploration on the property, the only mining activity was via an open pit.
With the completion of Sail's acquisition of Chrometco, mining and exploration of the Rooderand property will be placed on a sound financial footing. Exploratory drilling over the past several years has disclosed an indicated and inferred resource of some 50Mt grading in the region of 36% Chrome on the various reefs, as well as 3.7Mt grading 3.8g/t 4E on the UG2 and Merensky reefs.
The controlling shareholding of the Rooderand Mine will transfer to Sail once the relevant JSE and Shareholder approvals are in place.