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PTM appoints DRA Mineral Projects as ‘qualified person’ for Waterberg PFS

PTM appoints DRA Mineral Projects as ‘qualified person’ for Waterberg PFS

Photo by Reuters

22nd July 2014

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – TSX- and NYSE-listed Platinum Group Metals (PTM) on Tuesday awarded the ‘independent qualified person’ role for the ongoing Waterberg prefeasibility study to South Africa-based global engineering firm DRA Mineral Projects.

“We are very pleased to be working with DRA at Waterberg. DRA had a compelling bid for the work and we know the company very well as our engineering, procurement and construction manager for the ongoing build at our WBJV [Western Bushveld Joint Venture] Project 1 platinum mine, where about C$300-million in construction and development has been completed so far. DRA has done an excellent job managing to budget and schedule,” PTM president and CEO Michael Jones said in a statement.

He noted that current site activities at Project 1 included mine construction and underground development involving more than 1 600 people with planned production in the fourth quarter 2015. “DRA has a strong team with local experience on the north limb of the Bushveld and we know they have the ability to perform well at a large scale, as required at Waterberg, all the way into project execution,” Jones added.

The Waterberg project had emerged as one of the world's largest undeveloped palladium discoveries. The current combined resource stands at 29-million ounces platinum, palladium, rhodium and gold (4E) of which 17.74-million ounces were palladium, 61% of the current inferred resource.

Palladium has been one of the top-performing commodities over the last year, recently skirting $900/oz, as a combination of strong global auto demand, supply disruptions stemming from strike activity in South Africa and potential economic sanctions against Russia, the world's largest palladium producer, drove the price higher. Spot palladium on Tuesday traded at $872/oz in New York.

Based on a March preliminary economic assessment for the Waterberg Joint Venture (JV), first output is planned for 2018. At steady state the project will produce 397 000 oz/y of palladium over a more-than-20-year mine life, along with platinum, gold, rhodium and significant nickel and copper by-products.

As global demand for palladium continues to grow, the Waterberg project is well positioned in terms of timing and scale.

PTM also on Tuesday announced an acceleration of drilling programmes on the Waterberg JV, in which it has a 49.9% effective interest and the Waterberg Extension property, in which it has an 87% effective interest, with a total of 24 drill rigs now in operation. Including drilling contractors under the company's supervision, about 180 people were involved in the activities at Waterberg.

The Waterberg programme is focused on infill drilling with the objective of delineating indicated resources on the Waterberg JV using 20 machines, while drilling with four machines to expand known resources northward for several kilometres on the extension.

At present, the compliant inferred resource for the Waterberg deposit stands at 29-million ounces of 4E, comprising 287-million tonnes, grading 3.15 g/t 4E or 0.94 g/t platinum, 1.92 g/t palladium, 0.04 g/t rhodium and 0.25 g/t gold, found in a ration of 30%, 61%, 1% and 8% respectively

PTM pointed out that the deposit remained open, with current drilling in progress across the JV area and directly north on the Waterberg Extension along strike beyond the 8-km-long published resource.

Edited by Tracy Hancock
Creamer Media Contributing Editor

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