Vancouver-based Platinum Group Metals (PTM) has scheduled to complete the prefeasibility study (PFS) for its Waterberg joint venture (JV) project in the first quarter of 2015.

Speaking during the Geology Society of South Africa’s African Exploration Showcase last month, PTM adviser Gordon Chunnett indicated that the Waterberg JV project, situated in Limpopo, within the Bushveld Igneous Complex, is one of the top palladium/platinum deposits in the world owing to its multiple thick layers and near-surface mechanised potential.

“Owing to this, the Waterberg JV project will be one of the ‘game changers’ for the platinum industry in South Africa as the completed preliminary economic assessment indicated robust economies,” he said.

The palladium/platinum at the Waterberg JV is found to be 3 m to 80 m thick and 150 m from surface. The deposit has so far seen 223 drill holes and 581 intersections, which is the result of project delivery and the effort of consulting services company WorleyParsons’ multidisciplinary project management group, DRA, multinational testing and verification company SGS, the Japan Oil, Gas & Metals National Corporation (Jogmec) and the University of the Witwatersrand (Wits).

Based on the findings, Chunnett stated that, so far, concentrates of over 100 g/t of palladium/platinum could be produced, which had been confirmed by Jogmec and Wits.

In line with completing the PFS by early 2015, Chunnett highlighted that more work was in progress with the DRA and analytical services company Mintek, and Jogmec was still conducting work on the project.

In July, Mining Weekly reported that PTM had indicated that production of palladium/platinum would likely start in 2018.

PTM aimed to spend the remainder of 2014 completing the PFS on the proposed project.

The R100-million study, which is ongoing, includes additional exploration drilling, geological modelling, metallurgical testwork, an environmental-impact assessment, permitting and improving the business case, besides others.

By 2015, the TSX- and NYSE-listed exploration group, which hiked the estimated inferred mineral resources of its 49.9%-owned deposit to 29-million ounces of platinum, palladium, rhodium and gold in June, aimed to file a mining right application and embark on a feasibility study.

Project construction was set to start in 2015, with first production in 2018.

The project was expected to cost about R11.8-billion to full production of 600 000 t/m by 2020, while sustaining capital was expected to reach R6-billion.