PTM granted prospecting rights for extension of Waterberg platinum deposit
South Africa’s Department of Mineral Resources has granted prospecting rights to TSX-listed Platinum Group Metals (PTM), allowing the company to start drilling on its 87%-owned Waterberg Extension project site.
The Waterberg Extension prospecting right covered about 530 km2 of land, directly adjacent and north of the newly discovered Waterberg joint venture (JV) project, in which PTM holds an effective 49.9% interest and the Japan Oil, Gas & Metals National Corporation and a private South African empowerment partner the balance. The JV project had a 17.5-million-ton inferred resource.
“A total of seven drills have been mobilised to start drilling targeting the potential extension of the Bushveld Complex and the Waterberg platinum deposit by drilling holes spaced 1 km or more apart over 20 km,” PTM said.
Detailed airborne differential gravity and magnetic surveys, along with ground follow-up surveys calibrated on the known Waterberg deposit, were being used to target the drilling on the extension permits.
Additional prospecting permit applications outside the currently targeted strike line were also being considered, PTM said.
In addition to its exploration at Waterberg, PTM is also working towards finalising a finance banking arrangement for the Western Bushveld JV Project 1 platinum mine, located on the western limb of the Bushveld Complex.
PTM owned 74% of this project with the remaining 26% being held by Wesizwe Platinum subsidiary Africa Wide Mineral Prospecting and Exploration.
About 1 000 people were on site doing construction work and production at the mine was targeted to start in mid-2015.
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