Platinum Group Metals Ltd. (TSX:PTM,NYSE:PLG) announced exploration results from drilling on the Sable joint venture property.
As quoted in the press release:
The Sable property was acquired by Permit Applications as part of Platinum Group’s successful new business initiative. The property is located at the eastern end of the Western Limb of the Bushveld Complex, at the urban edge of Pretoria, South Africa.
All exploration work to date on the Sable JV has been funded by Sable Platinum Holdings (Pty) Ltd, “Sable” and completed by Platinum Group Metals geologists and field crews. Sable has completed approximately Rand 9.57 million (CAD $1.19 million) of a Rand 42 million (CAD $5.2 million) obligation for 51%. Platinum Group is carried until Sable completes their obligation and retains a 23% interest in the property with a Black Economic Empowerment group holding a 26% interest.