Platinum Group Metals expands budget to define resource
JOHANNESBURG (miningweekly.com) – As part of dual-listed Platinum Group Metals’ plans to delineate indicated category resources at its 59%-held Waterberg project, the company has moved funding forward from its next budget period.
The current budget, fully funded by joint venture partner the Japan Oil, Gas and Metals National Corporation (Jogmec), was adjusted from $8-million to $8.5-million, with $6-million spent to date.
This has enabled the company to start with new drilling targets immediately and to expand recently identified shallow F Zone mineralisation areas greater than 10 m in thickness.
Platinum Group further revealed that 12 drill rigs were being mobilised to the Waterberg site, in Limpopo. The expanded drill programme was expected to be completed by March 31, shortly followed by an updated resource calculation, which would be incorporated into a prefeasibility study already under way.
Platinum Group CEO R Michael Jones highlighted that Jogmec’s commitment enabled the company to execute one of the “most active” drill programmes in Southern Africa.
“The ongoing work programmes and large potential at Waterberg, combined with the commissioning of our first platinum mine at the Western Bushveld Joint Venture Project 1, demonstrate a level of business activity that contrasts with current market conditions. Project 1 is in hot commissioning now and is scheduled for first production shortly," he added.
The resource ounces estimated at Waterberg prior to the current drilling programme stood at 25.64-million ounces of platinum, palladium and gold.
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