TORONTO (miningweekly.com) – Vancouver-based Platinum Group Metals (PTM) on Friday announced an updated ten-million-ounce platinum, palladium and gold (3E) inferred mineral resource estimate for the Waterberg joint venture property, located north of the known northern limb of South Africa’s Bushveld Igneous Complex.

The current resource covers only 250 m of influence up-dip and eastward into a new permit that was granted earlier in January. The deposit remains open along strike onto permits under application as well as up-dip. Drilling continues and has been ramped up from 10 to 15 drill rigs, mainly focused on the up-dip potential of the deposit.

The company said drilling during 2012 had increased the estimated resource by 51, the total deposit grade had increased “slightly” and the average thickness had increased from 4.1 m to 4.6 m thick on the four layers in the resource estimate. The 3E metal ratios remained generally consistent with the initial resource estimate in 2012.

The total resource currently contains 10.12-million ounces 3E in 92.93-million tons, with the shallowest part of the deposit in the T-zone at 124 m deep and the deposit cutoff at 1 000 m deep as a preliminary economic cutoff. The updated inferred mineral resource estimate covers the first 2.8 km of T-zone and 5.4 km of F-zone strike length.

PTM said the Waterberg deposit had excellent potential to be mined by highly efficient mechanised methods and the initial deposit depths are amenable to a decline ramp rather than vertical shafts.

PTM, which owns a 49.9% direct and indirect interest in the Waterberg property, made the discovery in partnership with the Japan Oil, Gas and Metals National Corporation (Jogmec), which holds a direct 37% interest in the Waterberg property and the project balance of about 13.1% held by black economic-empowerment interests.

While PTM is the operator of the project, Jogmec had approved its participation in an initial  $10-million exploration programme for this year.

The company’s TSX-listed stock traded at C$1.15 apiece on Friday.