Anooraq Resources says it is confident that its Drenthe platinum group metal resource, which it operates in conjunction with Angloplat, will yield significant returns as it is developed.

The firm announced details of additional assay results from the on-going drilling program at the site on the northern limb of the Bushveld Complex, as part of its Boikgantsho Platinum Mine joint venture agreement with Angloplat.

Anooraq says that the near-surface deposit is a potential open pit mine, with initial estimates identifying an inferred resource of 99.4 million tonnes at 1.31 g/t of combined pgms.

A total of 153 drill holes have been made as of the middle of October, with step-out and infill holes on the Drenthe and Witrivier farms, and portions of the Overysel farm.

The platinum firm is now seeking to ascertain the known resource as it expands the deposit.

In a statement the firm said that the 2004 program "has been very successful, with a significant number of holes encountering mineralized intervals of equal or higher grade than the previously outlined resource".

The Drenthe deposit lies just a few miles north of the Angloplat Sandsloot open pit mine, which boasts an annual pgm production of around 350,000 ounces.