Platinum Group Metals Advances Drilling at Waterberg Project

Platinum Group Metals (TSX:PTM) continues to advance drilling at its Waterberg deposit in South Africa. Over 90 percent of infill drilling has successfully intercepted “T” and “F” target layers, and the deposit has been extended both up-dip and at depth.
As quoted in the press release:

New features from recent drilling include:

• Multiple High Grade “Super T zone” intercepts including 13.91 g/t platinum, palladium and gold (“3E”) over 11.87 meters; and
• Multiple “Super F zone” intercepts creating targets for shallow resources at less than 300 meters vertical from surface.

Confirmation drilling has delineated large scale F zone blocks at grades higher than the deposit average which can be separately modelled and prioritized for mining in an ongoing Pre-Feasibility Study. New high grade T zone blocks are also emerging at depth. Additional drilling to offset these new high grade T zone intercepts has been approved by the Waterberg Joint Venture and is now underway. The Japan Oil, Gas and Metals National Corporation (“JOGMEC”) is funding the current drilling and Pre-Feasibility engineering work.

Platinum Group Metals President and CEO, Michael Jones, said:

Definition drilling is allowing us to model Waterberg as a series of potential mining areas rather than as one 13 kilometer deposit. Given the scale of known resources, and being only 140 meters from surface, Waterberg is certainly big and shallow. The definition drilling results allow us to target the best grade in five large potential mining blocks, each at a scale typical of a stand-alone South African platinum mine shaft or decline complex. The new emerging high grade T zone adds a completely new dimension. Waterberg will now be considered a mining district to be prioritized rather than as a single deposit in the ongoing Pre-Feasibility Study.

Click here for the full press release.

Note: Platinum Group Metals subsequently issued a correction with regards to a comparison to a typical Merensky reef platinum mine.