Platinum Group Metals Ltd. ("Platinum Group Metals" or the "Company") reports new platinum, palladium and gold ("3E") assay results for recent drill intercepts completed on the Waterberg Project subsequent to the updated independent resource estimate announced on April 19, 2016. Assay results for two new drill intercepts on the Super T layer have been received as follows:
- Hole WB208 - 9.05 g/t 3E (2.16 g/t Pt, 5.32 g/t Pd, 1.57 g/t Au) over 5.5 meters from 1006.5 meters to 1012 meters vertical depth.
- Hole WB209 - 4.40 g/t 3E (1.12 g/t Pt, 2.97 g/t Pd, 0.31 g/t Au) over 5.72 meters from 1061 meters to 1066.72 meters vertical depth.
Previously announced holes up dip from WB208 and WB209 include WB195 (13.91 g/t 3E over 11.87 meters from 895.63 meters to 907.5 meters vertical) and WB200 (5.92 g/t 3E over 7.56 meters from 938.44 meters to 946 meters vertical.
On the Super F central layer new infill drilling assay results have been received as follows:
- Hole WB206 - 3.56 g/t 3E (1.15 g/t Pt, 2.35 g/t Pd, 0.06 g/t Au) over 6.0 meters from 403.5 meters to 409.5 meters vertical.
- Hole WB207 - 3.75 g/t 3E (1.10 g/t Pt, 2.42 g/t Pd, 0.23 g/t Au) over 6.5 meters from 328.5 meters to 335.0 meters vertical.
On the Super F boundary layer new infill drilling assay results have been received as follows:
- Hole WB202 - 4.00 g/t 3E (1.24 g/t Pt, 2.65 g/t Pd, 0.11 g/t Au) over 7.91 meters from 245.09 meters to 253 meters vertical.
- Hole WB204 - 4.01 g/t 3E (1.07g/t Pt, 2.74g/t Pd, 0.20 g/t Au) over 8.84 meters from 275.66 meters to 284.5 meters vertical.
True thickness of the intercepts described above is estimated at 70% of vertical thickness on both the T and F layers.
R. Michael Jones, P.Eng., CEO of Platinum Group Metals Ltd said, "These new intercepts continue to demonstrate the extraordinary nature in grade and thickness of the T and F layers at Waterberg compared to most platinum mines in South Africa. The Super F and the T layers are also extremely shallow (140 meters) as compared to another recent underground discovery on the North Limb. There remains excellent potential to increase the size of the Waterberg deposit and to further define the new Super T area. We continue to work closely with our partner the Japan Oil, Gas and Metals National Corporation ("JOGMEC") to expand and delineate the Waterberg Project. A Pre-Feasibility Study for the project is in progress and on track for completion later this year."
The Company holds a 58.62% effective interest in the Waterberg Project, located on the North Limb of the Bushveld Igneous Complex, South Africa. Engineering work related to an ongoing Pre-Feasibility Study continues for fully mechanized mining plans as recommended in an NI 43-101 Technical report filed on April 29, 2016. Drilling and engineering work is being funded 100% at this time by the Japan Oil, Gas and Metals National Corporation ("JOGMEC") under a US$ 20 million firm commitment to the Joint Venture. The Joint Venture technical committee will be meeting in June to discuss ongoing work in addition to the approved Pre-Feasibility Study.
The Waterberg deposit is still open to the north and down dip. Surface exploration work up to 15 kilometers north of the known deposit area is now re-commencing northward on Joint Venture licenses to define the extent of this newly discovered lobe of the famous Bushveld Complex.
Waterberg Resources (April 2016)
Mineral resources in the T and F layers 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)
- Note Inferred resources have a high degree of uncertainty and resources may never be converted to reserves.
To view the maps accompanying this press release please click on the following link: http://media3.marketwire.com/docs/1057074m.pdf.
Qualified Person Data Verification and Quality Control and Assurance
Scientific and Technical Information in this Press Release related to mineral resources has been approved in a filed technical report by Charles J Muller, (BScHons) Pr Sci Nat (Reg. No 400201/04), an independent consulting geologist and resource estimator of CJM Consulting, an independent qualified person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("N1 43-101"). See technical report at www.sedar.com entitled "Mineral Resource Update on the Waterberg Project Located in the Bushveld Igneous Complex, South Africa" dated April 29, 2016.
This press release has been reviewed and approved by R. Michael Jones, P.Eng., a non-independent Qualified Person and the CEO of the Company. He has verified the technical information for disclosure in this press release by reviewing the work of experienced Company geologists, visiting the site and the ongoing project database.
Assays have been assured for quality through a chain of custody protocol, check assay process and the blind insertion of blanks and standards in the assay sample stream in accordance with the Company procedures. Assays are completed by fire assay and ICP finish in an ISO 17025 accredited lab.
On behalf of the Board of Platinum Group Metals Ltd.,
R. Michael Jones, CEO and Co-founder