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Altar

On its acquisition of Stillwater Mining Company (SWC) in May 2017, Sibanye-Stillwater has acquired the Altar exploration project located in the province of San Juan, Argentina. SWC had initially acquired Altar with its purchase of Peregrine Metals Ltd in October 2011. A limited exploration programme and baseline environmental monitoring activities are currently underway at Altar.

Altar, an exploration-stage project, is located in the Andes mountains, approximately 10km from the Argentina-Chile border, and approximately 180km west of the city of San Juan. It is a large porphyry copper-gold deposit, consisting of eight wholly-owned mining concessions and five optioned mining concessions, with potential for discrete peripheral gold system targets. Seven of these mining concessions are subject to production royalties, including a 1% net smelter royalty, and four other concessions are subject to a 2% net smelter royalty. The Altar deposit currently exhibits open mineralisation in most directions.

The field season in the Andes typically extends from December through to April. The 2014-2015 exploration programme was limited to surface mapping and the collection of baseline environmental data. During 2016, 4,931m were drilled in eight holes plus a one hole extension, resulting in the discovery of a new copper-gold porphyry stock southeast of the QDM gold resource.

The objectives for the 2017 exploration season include a limited (5,500-6,500m) programme of diamond drilling to further test the porphyry discovered in 2016, to test additional targets generated in prior years and to continue with surface mapping and the collection of baseline environmental data.

Alternatives for optimising the Altar mineral property are being reviewed. In 2016, $3.9 million was spent at the Altar property in Argentina. Future levels of exploration spending at Altar will be evaluated year by year.