Platinum Group Metals Ups Waterberg Mineral Resource to 25.64 Million Ounces

Platinum Group Metals (TSX:PTM,NYSE MKT:PLG) reported an updated resource estimate for its 58.62 percent owned Waterberg joint venture in South Africa. The resource estimate increased to to 12.61 million ounces of platinum, palladium and gold in the Indicated category and to 25.64 million ounces of platinum palladium and gold in the Inferred category.
As quoted in the publication:

Drilling is continuing at Waterberg with 10 drill rigs and the deposit is still open for expansion. Drilling and engineering work is being funded at this time 100% by the Japan Oil, Gas and Metals National Corporation (“JOGMEC”) under a US$20 million firm commitment to the Joint Venture.
The shallowest T zone intersection is at 140 m below surface. Expanding the shallow T zone resource for prefeasibility planning is an objective of the current on-going drill program. Super F zones within the resource near surface where thickness exceeds 15 meters are also a focus of current drilling. The thicker zones have potential to add significantly to early mine plans for bulk mining considered in the on-going prefeasibility study.
The prefeasibility work is being completed by project teams from DRA, a global independent mining engineering firm, and Platinum Group on behalf of the Waterberg Joint Venture. Metallurgical work, plant designs, metal marketing studies, costing, engineering, servitude layouts for water and power and project planning is advancing as drilling continues for further resource expansion and definition.

Click here for the full press release.