JOHANNESBURG (miningweekly.com) ¬ TSX-listed Platinum Group Metals (PTM) on Tuesday announced an updated independent inferred resource estimate for its 49.9%-owned Waterberg joint venture (JV) platinum project, in Limpopo, of 167-million tonnes, grading 3.26 g/t of platinum, palladium and gold, amounting to a total of 17.5-million ounces with significant copper and nickel credits.

The previously announced resource for the project, held by PTM and JV partners, the Japan Oil, Gas and Metals National Corporation, and a private South African empowerment partner, was 10.3-million ounces.

The resource estimate included the T1, T2 and F layers in an extension of the Bushveld Complex that was discovered by the JV partners in 2011.

Mechanised mining methods, milling and infrastructure requirements for the Waterberg platinum deposit were being studied as part of a preliminary economic assessment (PEA) that was being conducted by South African engineering firm WorleyParsons TWP.

Estimated recoveries for platinum, palladium and gold in scoping flotation tests completed at SGS Laboratories averaged 88% for the T2 layer and 83% for the F layer.

The updated resource and the baseline metallurgical work would form the basis of the PEA that was expected to be completed by the end of this year, PTM stated.

Meanwhile, step-out drilling further north along strike from the current deposit area would be executed upon approval of the company’s completed environmental management plan over new extension prospecting rights, in which PTM held an 87% interest.

PTM added that drills were on standby at the property boundary to complete initial investigations.

“The interpretation of airborne gravity and magnetic surveys by the company provides a clear target for drilling northward over approximately a further 20 km,” the company said, adding that multiple boreholes along strike would be drilled simultaneously.