Platinum Group Metals Reports 89 Percent Increase in Indicated Resources at Waterberg

Platinum Group Metals (TSX:PTM) has released an updated resource estimate for its 58.65 percent owned Waterberg joint venture in South Africa’s Bushveld Complex. The company also stated that a prefeasibility study for the project is still on track to be completed in July 2016.
As quoted in the press release:

Mineral resources in the “T” and “F” zones at Waterberg (100% project basis) have increased to an estimated 23.894 million ounces 4E in the indicated category plus 11.710 million ounces 4E in the inferred category:

• Indicated 209.559 million tonnes grading 3.55 g/t 4E (1.07 g/t Pt, 2.19 g/t Pd, 0.26 g/t Au, 0.03 g/t Rh, 2.5 g/t cut-off)
• Inferred 105.918 million tonnes grading 3.44 g/t 4E (1.04 g/t Pt, 2.09 g/t Pd, 0.28 g/t Au, 0.03 g/t Rh, 2.5 g/t cut-off)

R. Michael Jones, P.Eng., President, CEO and co-founder of Platinum Group Metals said “We have been very successful in almost doubling indicated resources to 24 million ounces. Waterberg is an extraordinary deposit that we have not yet found the limits to. Starting at 140 meters from surface, with zones 3 to 70 meters thick and an overall proven strike length of 13 km so far, Waterberg stands apart from conventional platinum mines in South Africa. The increased F zone grade combined with improved deposit definition allows for the targeting of best grade thickness in early mine scheduling, which is changing the project significantly from our earlier engineering work. We are looking at a series of adjacent mine plans, each at the scale of a typical stand-alone mine, to be prioritized and processed at a single central plant.”
The resource estimate includes sampling and data from 294 diamond drill boreholes with 459 deflections for a total of 584 intersections into the deposit from a total of approximately 293,538 meters of core drilling. The deposit model is a kriged estimate from Data Mine geological wireframes.

Click here for the full press release.