Platinum Group Metals has reported exploration results from drilling carried out on a property covered in the Sable Joint Venture with the company.
Permit Applications purchased the Sable property as part of Platinum Group's new business initiative. The property is situated in the Western Limb of the Bushveld Complex in Pretoria, South Africa.
Sable Platinum has funded all exploration work concluded by field crews and geologists of Platinum Group Metals to date on the Sable joint venture. Sable has concluded roughly Rand 9.57 million of an obligation worth Rand 42 million for 51%. Platinum Group is continuing until Sable concludes its obligation and keeps a 23% interest in the asset with a Black Economic Empowerment group having a 26% interest. Sable now holds the operatorship of the project as Sable Platinum is in the course of going public in South Africa. Sable will fund further exploration as part of its obligation.
Diamond drilling of 6,400 m was concluded and intersection of a mineralized zone ‘New Reef’ was made at 129 m on the Sable joint venture asset with 4.25-m thickness and 1.96 g/tonne 3E grade comprising gold, palladium and platinum. The intersection of UG2 Reef was also at 1,945 m with 2.05-m thickness and an average grade of 2.64 g/tonne 3E. The layers seem to be shallow dipping, and thus the exact width is roughly 80% to 90% of the intercepts.
Source: http://www.platinumgroupmetals.net
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