Platinum Group Metals Ltd. announces that a new high grade intercept, received today, has confirmed the extension of the F Zone, 1.9 kilometers north of the known Waterberg deposit.
Hole WE 046 D1 on the Waterberg Extension property has returned assays of 6.03 g/t 3E over 4.52 meters (4.15 g/t palladium, 1.46 g/t platinum and 0.42 g/t gold ) from 1484.48 to 1489.00 meters. This step-out intercept is very significant because it establishes the open potential along strike on the Waterberg Extension property where Platinum Group Metals holds an effective 87% interest.
If a broader zone is considered in this intercept, the average grade is 3.13 g/t 3E over 11.35 meters (0.78 g/t platinum, 2.13 g/t palladium, 0.22 g/t gold). The true thickness of the 3.13 g/t 3E intercept is estimated at 8.94 meters and the true thickness of the 6.03 g/t 3E intercept is estimated at 3.56 meters. At a thickness of greater than 3 meters, the target deposit is modelled utilizing an efficient fully mechanized mining approach.
The F Zone can be drilled up-dip and eastward from this position for over 1 kilometer towards the shallow edge of the zone estimated to be approximately 250 to 300 meters from surface in this area. The extent of the F-zone in the area of WE-046 now remains open in all directions.
Waterberg III represents the target area for approximately 5 kilometers north of the current deposit model consisting of approximately 9 kilometers of strike length named Waterberg I and Waterberg II. (See attached map) This intercept confirms the extension of the Waterberg deposit at a grade thickness greater than that found in typical platinum mines in South Africa. Geophysical modelling confirms a clear extension target for 5 kilometers at Waterberg III and further north.
Rhodium, copper and nickel determinations are pending. The mother hole of WE-046 D0 was previously announced and confirmed the F Zone with low values. As a result of the coarse nature of the copper, nickel sulphide minerals associated with the deposit, local variations do occur within the well layered sequence. All intercepts are considered in deposit modelling.
Drilling on the Waterberg Joint Venture and on the Waterberg Extension has been completed on time and on budget for the 2014 program. Further assays are in progress with a resource update planned for early 2015.
Pre-Feasibility Study Continuing
Engineering firm DRA is continuing with the Pre-Feasibility Study. The Pre-Feasibility Study is funded by the Company and Waterberg Joint Venture partner JOGMEC and is targeted for completion in calendar Q2 2015.
The current inferred resources in the Waterberg I and II areas are estimated at 29 million ounces as announced in June 2014, (Inferred, 287 million tonnes grading 3.15 g/t 4E (0.94g/t Pt, 1.92 g/t Pd, 0.04 g/t Rh, 0.25 g/t Au)) with an exploration drilling update effective October 21, 2014, Report dated November 24, 2014 at www.sedar.com, ("Technical Report for the Update on Exploration Drilling at the Waterberg Joint Venture and Waterberg Extension Projects, South Africa (Latitude 23° 14' 11"S, Longitude 28° 54' 42"E)", Qualified Person Kenneth Lomberg, B.Sc. (Hons) Geology, B. Com., M. Eng. Pr.Sci.Nat. and Alan Goldschmidt, Pr.Sci.Nat., of Coffey Mining (SA) Pty Ltd. The deposit covers approximately 9 kilometers of strike length.
Plans for 2015
The first priority for 2015 will be a Waterberg resource update in calendar Q1 and the pre-feasibility results in Q2. The Company is in active discussions with its Joint Venture partners and others with respect to opportunities for outside funding for further drilling in the Waterberg II and III areas and further north on the 864 square kilometers of granted and applied for Prospecting Rights.
Qualified Person, Quality Control and Assurance
R. Michael Jones, P.Eng is the non-independent qualified person who has reviewed and verified the technical information disclosed in this press release. He has relevant experience in precious metals and platinum evaluations and has verified the data by reviewing the detailed assay and geological information on the Waterberg deposit and visiting the site and core yard many times from 2011 through 2014.
Base metals and other major elements were determined by multi acid digestion with ICP finish and PGEs were determined by conventional fire assay and ICP finish. Setpoint Laboratories is an experienced ISO 17025 SANAS accredited laboratory in assaying and have utilized a standard quality control system including the use of standards. Platinum Group Metals utilized a well-documented system of inserting blanks and standards into the assay stream and has a strict chain of custody and independent lab re-check system for quality control. These standards are detailed in the Technical Report dated November 24, 2014, referred to above.
Inferred mineral resource estimates, under the CIM guidelines, do not have demonstrated economic viability and may never achieve the confidence to be mineral reserve estimates or to be mined. An inferred resource has reasonably assumed continuity based on limited sampling but the geological and grade continuity has not been verified. The property is held under Prospecting Rights with the exclusive right to convert that right to a Mining Right. There can be no assurance that a Mining Right will be granted with-out extensive further work and an application to the Department of Mineral Resources of South Africa.
Source: http://www.platinumgroupmetals.net/