Platinum Group Metals to Start Exploring at Waterberg Extension Rights

Platinum Group Metals Ltd. (TSX:PTM,NYSEMKT:PLG) announced that South Africa’s Department of Mineral Resources has granted it “Prospecting Rights and consent for prospecting to commence” at the Waterberg Extension Rights, which cover about 530 square kilometers near the company’s Waterberg platinum and palladium deposit.

As quoted in the press release:

A total of 7 drills have been mobilized today to commence drilling targeting the potential extension of the Bushveld Complex and the Waterberg Platinum deposit by drilling holes spaced 1 kilometer or more apart over approximately 20 kilometers.

The Company holds an effective 87% interest in the Waterberg Extension Prospecting Rights. The Extension Rights adjoin immediately to the north of the Waterberg Joint Venture where the Company holds an effective 49.9% interest with JOGMEC, the Japanese State Company, and a private empowerment partner holding the balance.

Recent detailed airborne gravity and magnetic surveys completed by the Company over the known deposit and the Extension Permits provide signatures that clearly correlate to the shallow edge of the Waterberg deposit and provide obvious shallow targets along strike from the current northern edge of the drilled off deposit.

Click here to read the full Platinum Group Metals Ltd. (TSX:PTM,NYSEMKT:PLG) press release.