Platinum Group Metals (PGM) announced that there is a new high-grade intercept confirms the extension of the F Zone, a 1.9-kilometer extension north of the Waterberg deposit.
The current focus on the “North Limb” of the Bushveld Complex consists of the Waterberg Joint Venture Project with JOGMEC (Japan Oil and Gas Mineral Exploration Corporation) a state owned company, and the Waterberg Extension Project.
The Waterberg extension area has had inferred resources of 6.8 million ounces and this high grade intercept has returned assays of 6.03 g/t 3E over 4.52 meters from 1484 to 1489 meters (4.15 g/t palladium, 1.46 g/t platinum and 0.42 g/t gold).
Open potential along the strike
PGM holds an effective 87% interest on the Waterberg Extension property and the step out intercept is significant because it establishes the open potential along the strike.
The F Zone can be drilled up-dip and eastward from this position for over 1 kilometer towards the shallow edge of the zone estimated to be approximately 250 to 300 meters from surface in this area. The extent of the F-zone in the area of WE-046 now remains open in all directions.
Fully mechanised efficiency planned
If a broader zone is considered in this intercept, the average grade is 3.13 g/t 3E over 11.35 meters. At a thickness of greater than 3 meters, the target deposit is modelled utilizing an efficient fully mechanized mining approach. The true thickness of the 3.13 g/t 3E intercept is estimated at 8.94 meters and the true thickness of the 6.03 g/t 3E intercept is estimated at 3.56 meters.
Clear Extension target for Waterberg 111
Waterberg III represents the target area for approximately 5 kilometers north of the current deposit model consisting of approximately 9 kilometers of strike length named Waterberg I and Waterberg II. This intercept confirms the extension of the Waterberg deposit at a grade thickness greater than that found in typical platinum mines in South Africa. Geophysical modelling confirms a clear extension target for 5 kilometers at Waterberg III and further north.
Rhodium, copper and nickel determinations are pending.
Platinum Group Metals is based in Vancouver and Johannesburg. The company was formed in 2000 and holds significant mineral rights in the Bushveld Igneous Complex of South Africa, host to over 70% of the world’s platinum production.
Drilling on the Waterberg Joint Venture and on the Waterberg Extension has been completed on time and on budget for the 2014 program. Further assays are in progress with a resource update planned for early 2015.