South Africa – Platinum Group Metals has announced a new intercept located 3.4 km northward beyond the previous resource limit of its Waterberg deposit.
The deposit remains open, beyond the current strike length, for further expansion and all of the intercepts will be considered in the resource update planned shortly. Independent qualified person resource calculations and peer reviews are in progress.
Step-out intercept WE 049 is very significant as it further establishes the open potential northward along strike on the Waterberg Extension property where Platinum Group Metals holds an effective 87% interest on the Waterberg Extension property.
The Waterberg deposit has been divided into the Waterberg I, II, III domains. Each domain represents approximately 5 km of strike length. The initial engineering work at Waterberg covered Waterberg I. The current resource at Waterberg, prior to the update in progress, is 29 Moz over approximately 10 km of strike length (100% basis, Inferred 287 Mt grading 3.15 g/t 4E) respectively. Geophysical modelling suggests an extension target at Waterberg III for 5 km and further north.
A total of 71 000 m of largely fill drilling has been completed since the last resource estimate. One drill continues to prospect the open strike and dip lengths looking for the best palladium and platinum grade and thickness at Waterberg.
Hole WE 049 has returned assays of 2.03 g/t 3E over 21.45 m.
Pre-Feasibility Study Continuing
A first priority for Waterberg in 2015 will be the completion of resource update in May 2015, including recent drilling, followed by Pre-Feasibility results in mid-2015. Engineering firm DRA is continuing with the Pre-Feasibility Study, which is funded by the company and Waterberg Joint Venture partner JOGMEC
About the Waterberg Projects
The Waterberg Joint Venture is 49.9% effectively held by Platinum Group Metals directly and indirectly. The Japan Oil, Gas and Metals National Corporation (JOGMEC), a state owned mining company from Japan, is an active participant in the Waterberg Joint Venture along with Platinum Group Metals and South African empowerment partner Mnombo Wethu Consultants.
The Waterberg deposit was discovered in late 2011 by the joint venture partners and has grown dramatically over the past few years to be a globally significant deposit. The Waterberg Extension is held 87% by Platinum Group Metals directly and indirectly and is located adjacent and to the north of the Waterberg Joint Venture within a regional scale set of prospecting rights granted to the company.
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