Waterberg resource increased to 17.5Moz
TSX-listed Platinum Group Metals (PTM) last week 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 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 & Metals National Corpora- tion and a private South African empowerment partner, is 10.3-million ounces.
The resource estimate includes 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 are being studied as part of a preliminary economic assessment (PEA) that is 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 will form the basis of the PEA that is expected to be completed by the end of this year, PTM states.
Meanwhile, step-out drilling further north along strike from the current deposit area will be executed upon approval of the com- pany’s completed environmental management plan over new extension prospecting rights, in which PTM holds an 87% interest.
PTM adds that drills are 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 north- ward over approximately a further 20 km,” the company says, adding that multiple boreholes along strike will be drilled simultaneously.
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