TORONTO (miningweekly.com) – NYSE- and TSX-listed Platinum Group Metals (PTM) on Wednesday said initial test results from metallurgical samples of the T2 and F zones from the Waterberg platinum deposit was meeting or exceeding expectations.
PTM said estimated recoveries for platinum, palladium and gold in scoping flotation tests completed at SGS Laboratories, in South Africa, had averaged 88% for the T2 zone and 83% for the F zone.
The 10.1-million-ounce platinum, palladium and gold (3E) Waterberg deposit was discovered in November 2011 by PTM and its joint venture (JV) partners, including Jogmec of Japan.
The project currently had a Canadian National Instrument 43-101-compliant inferred resource of 93-million tons grading 3.39 g/t 3E, comprised 1.03 g/t platinum, 2.02 g/t palladium and 0.34 g/t gold.
"We are pleased with the initial results which are in line with or exceeding our expectations based on the character of the deposit. This is an important component of the preliminary economic assessment of the first block of the Waterberg project.
“We also look forward to an updated resource model for the assessment on the first 5.5 km of strike length by August and the opportunity to explore a further 25 km of untested potential, north from the JV property, during 2013 and 2014,” CEO Michael Jones said.
Drilling at the Waterberg project was currently progressing with 15 machines.