Surprised no one caught this article...Any comments on this?
https://minesite.com/archives/features_archive/2004/june-2004/pgm140604.htm
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Feature Story
Date : June 14, 2004
It Is Not Just The Name, But The Prospective PGM Portfolio in Canada And South Africa, Which Highlights Platinum Group Metals.
Whatever the reasons given by Robert Friedland for seeking platinum group metals rather than gold in South Africa – something to do with fashion tastes of Chinese ladies - there was some solid sense mixed with soundbite in the comment and he has certainly stuck to his guns. Industrial demand for platinum group metals is still rising and platinum itself is nearly twice the price of gold. The northern limb of the Bushveld Complex seems to be his chosen battle field and he has been sniping at Australian listed Pan Palladium ever since its two joint venture partners in the region, Impala Platinum and Randgold Resources, declined a threesome with his company. Now he has built an 8 per cent in the Canadian company, Platinum Group Metals, since it added the War Springs property near Potgietersrus on the northern limb to its other two properties , Onderstepoort and Tweespalk.
War Springs is located 17 kilometres along trend to the south of Anglo Platinum's big PPRust open pit platinum mine and 9 kilometres along trend to the south of Robert Friedland's African Minerals property along the Platreef Contact of the northern limb. An ideal spot, and the deal brought in not one, but two black empowerment partners which should do the company no harm during its dealings with the South African government.. This resulted from a legal dispute over the property which was settled when black empowerment companies, Africa Wide Mining and Taung Minerals Pty , each received a 15 per cent project interest carried until the completion of a bankable feasibility study, after which time each partner must participate pro-rata to their working interest in the project.
No drilling had ever taken place on the Tweespalk property, which is also on the northern limb, until Platinum Group Metals got going last October. The property is surrounded by the Anooraq.- Anglo Platinum joint venture and two rigs are now continuing the phase 2 drilling programme. They are stepping out 250 – 350 metres from the first hole which intersected 1.09 g/t platinum, palladium and gold over 27.99 metres and included 4.04 metres grading 4.4 g/t. The same layered cycles of the Bushveld Complex observed in this hole have also been observed in subsequent holes and assays from these will be announced shortly.
Initial prospecting permits have also now been granted for Onderstepoort which is in the western limb of the Complex and lies along the projected strike of the UG2 and Merensky reefs from the Bafokeng Rasimone mine. This is a joint venture between Anglo American Platinum and Royal Bafokeng Resources which is only 4 kms south east of Onderstepoort and the same two partners are involved in another project 5 kms to the east which is expected to come into production in 2006 at a rate of 250,000 ozs PGMs. Platinum Group Metals is now planned to drill these reefs towards the down dip portions of the property in order to verify their presence, location and continuity. A joint venture has also been agreed with Africa Wide on this property whereby it can maintain a 26 per cent interest by paying its share of exploration costs.
Michael Jones, the president and CEO is too shrewd to put all his eggs in the South African basket and has maintained a very useful Canadian portfolio..Back at home in Canada the company has a 19.5 per cent interest in a joint venture with Anglo Platinum and Pacific North West on the Agnew Lake property near Sudbury. Approval is awaited for the 2004 drilling programme following work on two electro magnetic conductors near the contact with the Agnew intrusion. Some very encouraging news has also been received recently from the Lakemount project near Wawa north of Thunder Bay in Ontario. One of the holes in Phase 11 intersected 1.54% nickel, 0.89% copper and 1.17 g/t platinum and palladium plus gold and evidence of massive nickel copper sulphides was observed. Down hole UTEM geophysics has taken place and the results will be announced shortly, as will the assay results from other holes. If solid massive sulphides are discovered the grades could be high so a number of industry specialists are watching this company closely.
It will not be lost on them either that Platinum Group Metals has a big land position around Canada’s only palladium mine at Lac Des Isles to the west of Thunder Bay. This is in the Nipigon Plate area of Ontario which is interpreted to be favourable for Norilsk type platinum group metals and the company is following up on the Stinger zone discovered back in 2001. Robert Friedland is not the only person keeping a close eye on the company’s highly prospective portfolio.
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