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Platinum Group Metals Ltd. (TSX:PTM,NYSEMKT:PLG) provided an updated independent inferred resource estimate for its Waterberg joint venture, noting that the new estimate is 167 million tonnes grading 3.26 grams per tonne of platinum, palladium and gold for a total of 17.5 million ounces. It also includes “significant” copper and nickel credits.
Platinum Group Metals Ltd. (TSX:PTM,NYSEMKT:PLG) provided an updated independent inferred resource estimate for its Waterberg joint venture, noting that the new estimate is 167 million tonnes grading 3.26 grams per tonne of platinum, palladium and gold for a total of 17.5 million ounces. It also includes “significant” copper and nickel credits.
As quoted in the press release:
The resource estimate includes the ‘T1′, ‘T2′ and ‘F’ layers in an extension of the Bushveld Complex discovered in late 2011 by the Company in conjunction with its joint venture partners the Japan Oil, Gas and Metals National Corporation (‘JOGMEC’) and a private empowerment partner. Platinum Group owns an effective 49.9% interest in the Joint Venture. The previously announced resource on the Joint Venture was 10.3 million ounces.
The shallowest edge of the known deposit on Joint Venture territory is on the T2 layer at 130 metres below surface. The resource estimate has been restricted to 1,000 meters vertical as a preliminary economic cut-off. The deposit is 5.5 kilometers long on the Joint Venture property and is limited to the north by the Joint Venture property boundary. The deposit remains open along strike to the north beyond the Joint Venture boundary extending on to Prospecting Right applications where Platinum Group holds an 87% effective interest with the balance held by a private empowerment partner.
Click here to read the full Platinum Group Metals Ltd. (TSX:PTM,NYSEMKT:PLG) press release.
