A joint venture agreement was signed with international group Falconbridge Inc during the year and exploration continued at the Kennedy’s Vale, Birch Lake and River Valley projects in North America.

The Insizwa joint venture project was terminated during the year.

Bushveld Complex exploration

Kennedy’s Vale
The Kennedy’s Vale project, located on the Eastern Limb of the Bushveld Complex, is 100% held by JSE-listed Barplats Investments Limited, which in turn is 83% held by Implats. This mothballed operation has an existing vertical, but unequipped shaft system to a depth of some 900 metres. The original plans allow for a decline shaft system to access deeper reserves. Infill drilling was undertaken during the year to confirm grades and geological structures, with initial results of an indicated resource of some 233 million tons.

A 3-D seismic survey commenced in May 2001 and the interpretation of information from this survey should be completed by mid-2002. An investigation of adjacent properties and surface drilling of more complex geological areas will be undertaken during the next year and it is likely that a feasibility study will commence by mid 2002.

International exploration

Birch Lake
Implats has the right to earn a 60% interest in the Birch Lake project, located on the Duluth Complex in Minnesota, USA, for a maximum expenditure of US$5 million over a period of five years. In collaboration with joint venture partners, Beaver Bay and Lehmann Exploration Inc, 11 boreholes were completed during the year. Of these, five intersected mineralisation and the results were sufficiently encouraging to continue with the evaluation of the deposit against potential mining and processing methods. Limited infill drilling is underway to evaluate the variability and continuity of the ore horizon. A decision on whether or not to proceed with extensive evaluation of this early stage project is expected in 2002.

River Valley
The River Valley Project is a joint venture with Toronto Stock Exchange-listed Mustang Minerals Corp on the River Valley Complex, some 50 kilometres from Sudbury in Canada’s Ontario province. For a maximum expenditure of C$6 million over five years Implats will be entitled to a 60% interest in the project. The exploration target is primary pgm mineralisation, with associated base metals. The exploration property covers more than 600 mining claim units and 28 kilometres of prospective stratigraphy along the north and south margins of the Complex.

During the year field mapping, ground geophysics and rock chip sampling identified a zone of mineralisation stretching some 5.5 kilometres on the eastern side of the property and some 2.4 kilometres in the south. Diamond drilling commenced in November 2000 and, to date, some 66 shallow boreholes, including stratigraphic holes, have been completed. Although the project is still at a very early stage, preliminary results have been encouraging with two prospective targets having being identified. Detailed fieldwork in these areas of interest is underway prior to the commencement of follow-up drilling. A decision to continue or otherwise will be made by the end of 2001.