Anooraq Resources Corporation
TSX VENTURE : ARQ
AMEX : ANO

Anooraq Resources Corporation

January 18, 2006 13:11 ET

Drilling Intersects Significant PGM Values at Anooraq-Anglo Platinum Thusong Joint Venture

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 18, 2006) - Anooraq Resources Corporation (TSX VENTURE:ARQ)(AMEX:ANO) announces that significant platinum group metals ('PGM') mineralization was intersected in initial drilling on the farm Cyferkuil 1 JQ, one of three farms under the Thusong Joint Venture. The Joint Venture is between Anooraq's wholly owned subsidiary Plateau Resources (Pty) Ltd. (together "Anooraq"), and Rustenburg Platinum Mines Ltd., a wholly owned subsidiary of Anglo Platinum Limited (together "Anglo Platinum"). The Joint Venture was formed to explore and develop PGM, gold and nickel mineralization on the Thusong Joint Venture properties located on the western limb of the Bushveld Complex, 74 kilometres north of Rustenburg, South Africa. Anooraq can earn a 50% interest in the properties, and is the Black Economic Empowerment partner in the project.

Preliminary geological investigations in July 2005 followed up earlier aeromagnetic geophysical survey results, and sites were selected for drill holes to test UG2 chromitite and Merensky reef horizons. Both of these mineralized horizons are known to exist on adjacent properties to the south of the Thusong Joint Venture properties. For example, on the Sedibelo Project, Placer Dome Inc. has tested the Merensky, Pseudo, and UG2 reefs and outlined inferred resources of 42,818,000 tonnes of 5.77 g/t 4PGM (3.46 g/t Pt, 1.70 g/t Pd, 0.48 g/t Rh and 0.13 g/t Au), containing 7.95 million ounces of 4PGM (Placer Dome News Release December 8, 2005).

Anooraq has completed 713 metres of drilling in four vertical drill holes. Both the Merensky and UG2 reefs were intersected. In drill hole TH002, weathered Merensky reef was intersected at 23.3-24.2 metres with chromitite bands bounding the upper and lower contacts. The UG2 chromitite horizon, exhibiting a 25 degrees eastward dip, was encountered at 46.4-47.3 metres in depth. The results indicate the presence of near-surface mineralization potentially amenable to open pit mining. Significant intersections are tabulated below:



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Drill
Hole From To Intercept 4PGM(1) Pt Pd Rh Au
Number (m) (m) (m) g/t g/t g/t g/t g/t
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TH-002 32.00 32.56 0.56 4.440 2.960 1.085 0.390 0.005
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TH-002 38.32 39.00 0.68 4.175 2.600 1.148 0.423 0.005
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TH-002 44.61 45.00 0.39 1.343 1.006 0.155 0.176 0.005
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TH-002 46.41 47.31 0.90 4.298 3.058 0.828 0.407 0.005
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TH-003 32.50 33.00 0.50 2.170 1.515 0.435 0.215 0.005
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TH-003 39.60 43.00 3.40 3.922 2.558 1.051 0.304 0.009
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TH-003 Incl. 41.80 42.25 0.45 7.613 4.602 2.488 0.518 0.005
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TH-003 47.27 47.47 0.20 7.350 5.440 1.345 0.550 0.015
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TH-004 216.39 217.22 0.83 1.108 0.681 0.282 0.140 0.005
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(1) 4PGM equals Platinum + Palladium + Rhodium + Gold
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A detailed geophysical survey is planned, to be followed up by further exploration drilling, with the objective of outlining mineral resources in both horizons.

Keith Roberts, M.Sc., Ph.D., P.Geo., is Anooraq's qualified person for the drilling program. Rigorous QA/QC procedures, designed and supervised by qualified persons, are integrated into Anooraq's exploration programs. The procedure for the Thusong drilling program is as follows: core samples are sent to Set Point Laboratories in Mokopane, South Africa, for preparation (drying, crushing and pulverizing), then an 180 gram pulp from each sample is shipped to Acme Analytical Laboratories (an ISO 9001:2001 accredited laboratory) in Vancouver, British Columbia for analysis. Samples are analyzed by Fire Assay (FA) fusion with an Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-ES) finish for Pt, Pd and Au, and Aqua Regia ICP-ES for 36 elements. A stringent quality assurance program is in place with standards, blanks and duplicate samples making up 10% of the samples processed. A duplicate of one in every 20 samples is sent to Set Point Laboratories in Johannesburg, South Africa for checks of the FA analyses.

Anooraq is actively engaged in the advancement of major PGM projects and has attractive mineral holdings throughout South Africa's Bushveld Complex, the world's premier PGM environment. It is also the only Black Economic Empowerment ("BEE") company with a primary listing on a North American stock exchange. The combination of its significant PGM assets, status as a BEE and direct access to financing opportunities on North American and European markets, positions Anooraq to become a leading PGM company.

Tumelo Motsisi, Deputy CEO

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's annual Form 20-F filing with the United States Securities Commission and its home jurisdiction filings that are available at www.sedar.com.

The TSX Venture Exchange and the American Stock Exchange have neither approved nor disapproved of the contents of this press release.

Contact Information

  • Anooraq Resources Corporation - Vancouver, Canada
    Investor Relations
    (604) 684-6365 or Toll Free: 1-800-667-2114
    (604) 684-8092 (FAX)
    or
    Anooraq Resources Corporation - Johannesburg, South Africa
    Phumzile Langeni
    Executive Director, Investor Relations
    +27 (11) 883-0831
    www.anooraqresources.com