Platinum Group Metals Sees Positive Drilling Results at Waterberg

Platinum Group Metals (TSX:PTM,NYSE:PLG) has declared positive results from additional drilling and mineral resource assessment at the Waterberg joint-venture project’s palladium dominant deposit.

The company’s newest drilling program has boosted confidence in the estimated mineral resources for the project, with 6.26 million 4E (palladium, platinum, rhodium and gold) ounces now recognized in the measured category.

As quoted in the release:

The updated measured and indicated mineral resource totaling 26.34 million 4E ounces is comprised of 63.04 percent palladium, 29.16 percent platinum, 6.37 percent gold and 1.43 percent rhodium (242.5 million tonnes at 3.38 grams per tonne 4E, versus 218.3 million tonnes grading 3.55 grams per tonne 4E indicated in the 2016 pre-feasibility study (the 2016 PFS) titled “Independent Technical Report on the Waterberg Project including Mineral Resource Update and Pre-Feasibility Study” dated October 19, 2016).

The T zone measured and indicated mineral resources have increased in grade from 3.88 grams per tonne 4E in 2016 to 4.51 grams per tonne 4E in 2018.

The new increased confidence level mineral resources are being used for detailed mine planning in an ongoing definitive feasibility study.

R. Michael Jones, CEO and co-founder, commented:

“Waterberg is characterized by thick, near surface mineralized zones, which are potentially amenable to low cost, safe, bulk mechanized mining methods. The deposit remains open at depth and to the northwest on strike. The rare palladium dominance of the deposit is well suited to current and projected demand trends for the catalytic converter needs of the global auto market.”

Click here to read the full press release.