NEWS Platinum Group Metals Updates the Waterberg Joint Venture and Waterberg Extension Projects
Ticker Symbol: C:PTM U:PLG
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/21/14
Platinum Group Metals Ltd. (TSX:PTM)(NYSE MKT:PLG) ("Platinum Group Metals" or the "Company") announces the completion of approximately 71,000 meters of vertical core drilling on budget at the Waterberg Joint Venture and Waterberg Extension projects (collectively the Waterberg Projects) since June 2014 utilizing 24 machines. The drilling program has been successful at expanding and detailing the Waterberg T, F and Super F Zones as part of an ongoing Pre-Feasibility Study. Waterberg represents a new deposit type in the Northern Limb of Bushveld Complex of South Africa amenable to mechanized mining.
Intercepts include hole WB123 on the Waterberg Joint Venture property returning an 80 meter intercept of 4.80 g/t 3E (1.41 g/t platinum, 3.18 g/t palladium, 0.21 g/t gold, 0.10 % Cu and 0.23 % Ni) from 370 to 450 meters. The true thickness of this intercept is estimated at 63 meters. Rhodium determinations are pending. This hole is up-dip of the previously defined "Super F" Zone and further drilling shallower along the layer is in progress. Also included in the Super F Zone in-fill holes, within the area of the June 2014 resource estimate, is hole WB161, on the Waterberg Joint Venture property and announced here, which intersected 46.79 meters of 3.76 g/t 3E (1.06 g/t platinum, 2.51 g/t palladium, 0.19 g/t gold, 0.10 % Cu and 0.19 % Ni). The true thickness of this intercept is estimated at 37 meters. The core Super F Zone from the Waterberg Joint Venture resource area has been confirmed and expanded.
Highlights from the confirmation drilling on the T Zone include hole WB126 on the Waterberg Joint Venture which returned a 9 meter intercept of 6.23 g/t 3E (1.61 g/t platinum, 3.64 g/t palladium and 0.98 g/t gold) from 236 to 245 meters. Lithological and grade continuity has been confirmed with this drilling program.
There are approximately 6,000 assays outstanding from the ongoing drilling program.
A new T Zone intersection in hole WE048 on the Waterberg Extension (Waterberg II) returned a 2.9 meter intercept of 3.12 g/t 3E (0.88 g/t platinum, 2.10 g/t palladium and 0.14 g/t gold). This intersection confirmed the extension of the T Zone towards the north.
The Waterberg III area on the Waterberg Extension property has now been confirmed by drilling as a target area for extension of the Waterberg mineralized zones. Approximately 1.9 kilometers north of the current resource, both the T Zone and F Zone have been confirmed in a single borehole, (WE046) with a lower grade F Zone intercept including 2.5m at 2.00 g/t 3E (0.61 g/t platinum, 1.33 g/t palladium, 0.06 g/t gold). The T zone at this location was geochemically elevated only and the zone was identified in rock types. The geological model for Waterberg indicates that low grade zones do occur. The presence of the Waterberg deposit northward onto the Waterberg III (Waterberg Extension) area is a positive development. Deflections are in progress on this first Waterberg III drill hole. Based on a reinterpretation of airborne gravity surveys, taking into consideration the latest drill hole results, additional drilling along strike is planned.
Pre-Feasibility Study On Track
An updated resource estimate for Waterberg is to be completed by Coffey prior to the completion of updated mine and project designs for the ongoing Pre-Feasibility Study. Engineering firm DRA has commenced work and is on track with the Pre-Feasibility Study. The Pre-Feasibility Study is funded by the Company and Waterberg Joint Venture partner JOGMEC and is targeted for completion in calendar Q2 2015. The study of expanded opportunities considering the implications of the resources beyond the Waterberg Joint Venture on to the Waterberg Extension, downstream smelter options, synergies with regional projects and marketing have been added to the scope of the Pre-Feasibility Study. DRA and other specialists will work closely with JOGMEC metallurgists with regard to concentrator processes and concentrate specifications. Specialists on power, water and other infrastructure are also involved in the Pre-Feasibility Study and have identified options for bulk infrastructure requirements.
As a result of the expansion of estimated platinum group element resources from 17 million ounces to 29 million ounces in June 2014, (Inferred, 287 million tonnes grading 3.15 g/t 4E (0.94g/t Pt, 1.92 g/t Pd, 0.04 g/t Rh, 0.25 g/t Au)) the Preliminary Economic Assessment for the Waterberg Projects is outdated and no longer valid and the current NI 43-101 technical report for the Waterberg Projects is the updated resource report filed on July 25, 2014. The resource was announced June 12, 2014 and was prepared by Kenneth Lomberg, B.Sc. (Hons) Geology, B. Com., M. Eng. Pr.Sci.Nat. and Alan Goldschmidt, Pr.Sci.Nat., of Coffey Mining (South Africa) Pty Ltd
The Company looks forward to the advancement and further exploration of the Waterberg Projects.
Detailed Drill Results Waterberg Joint Venture
T-Zone Intercepts