JOHANNESBURG (miningweekly.com) – Toronto- and New York-listed Platinum Group Metals on Monday said that Hole WB-99, at its South African joint venture (JV) project with Japan Oil, Gas and Metals National Corporation (Jogmec), had intersected 25.5 m of the T2 layer grading 6.4 g/t 3E (platinum, palladium and gold) over a core length of 25.5 m at a depth of 681 m to 706.5 m.

A higher-grade intercept of 2.5 m of 12.2 g/t 3E at 698.5 m to 701 m was also included. This intercept was located 800 m north-east along strike from the previous intercepts and 300 m northeast of the blocks in the current T2-layer resources.

The assays from WB-99 display the distinctive T-layer metal ratios of about 29% platinum, 50% palladium and 21% gold.

"This intercept is important because it's high grade, thick, relatively near surface, open up dip, is an 800 m step out from the most north-eastern intercept and it increases the potential of the best grade, best metallurgical recovery layer in the Waterberg deposit. The intercept is in position, at the predicted depth, with the signature 20% gold ratio in the precious metals basket, further confirming it to be T2," CEO Michael Jones said in a statement.

Drilling was continuing with a further 1.7 km northward step out from WB-99, again targeting the T mineralised layers. The WB-99 intercept was estimated to have a true thickness of 20.1 m and the deposit model was open on strike, up-dip and down-dip.

The T1 layer was also intersected in WB-99, adding to the confirmation of deposit continuity.

Platinum Group Metals further indicated that an update to the overall resources at Waterberg, including the T and F layers was on track for August. Drill spacing had been selected to allow for potential resource additions on both T and F layers.

The 10.1-million-ounce 3E Waterberg deposit comprising T1, T2, FP and FH layers was initially discovered by the company and its joint venture partners, including Jogmec.

The resource has expanded significantly during 2012, with a current inferred resource of 93-million tons 3E at 3.39 g/t, besides others.

The success rate in terms of intercepting the targeted mineralised layers so far was about 98%. The T2 layer also had the best average grade in the deposit and the layer was present from about 130 m below surface.