Platinum Group Metals continues to significantly expand Waterberg platinum discovery
Platinum Group Metals Ltd.(TSX:PTM)(NYSE MKT:PLG) (“Platinum Group” or the “Company”) announces that results from shallow step out holes up-dip and in-fill holes within the 10.1 million ounce platinum, palladium and gold inferred resource continue to significantly expand and confirm the discovery. The F layer has now been confirmed on sections up dip to within 200 meters of surface and earlier drilling has found the T layers to within 130 meters of surface. 15 drill rigs continue to operate at Waterberg and the deposit is open.
New intercepts reported include WB 046 at 22 meters thick grading 4.54 g/t platinum, palladium and gold (“3E”) and WB 053 at 8 meters thick grading 4.23 g/t 3E. The average F layer thickness based on just the 27 new FH and FP intercepts reported herein is 5.04 meters and the weighted average grade of these intercepts is 3.45 g/t 3E. This new average thickness is remarkably consistent with the published inferred resource F layer average of 5.24 meters with an average grade of 3.29 g/t 3E. (10.1 M ounces, 92.93 Mt at 3.39 g/t 3E, Technical Report, Ken Lomberg QP, Filed March 18, 2013, www.sedar.com). Of the 15 new holes and 27 new intercepts drilled along 5 kilometers of strike length and reported below, only 4 FP intercepts were not well developed, indicating very good continuity.
Metallurgical test work on the T2 and F-zones is in progress and results are expected soon. A preliminary economic assessment of the Waterberg deposit is in process with a fully mechanized mine design.
Drilling along the north edge of the current deposit confirms the potential to the north on to prospecting permit applications, 87 % held by the Company. Initial data from the recently completed 3,200 line kilometer airborne differential gravity and magnetic survey correlates well with the known deposit and indicates excellent potential along strike. The filing of the environmental management plans for drilling on the accepted extension prospecting permit applications has been completed and final approvals are expected soon. Drilling on the extension Prospecting Permit applications is planned for calendar Q2 or Q3 2013.
Platinum Group, with a 49.9% direct and indirect interest in the Waterberg Joint Venture property, made the discovery in partnership with the Japan Oil, Gas and Metals National Corporation (“JOGMEC”). JOGMEC holds a direct 37% interest in the Waterberg Joint Venture property with a balance of approximately 13.1% of the project being held by black empowerment interests. Platinum Group is the operator of the project. JOGMEC is participating in an initial USD $10.0 million exploration program for 2013.
Qualified Person, Quality Control, Assurance, Verification, Inferred Resources
The non-independent qualified person for the intercepts reported in this release is R. Michael Jones, P. Eng the Company President. He has more than 20 years of relevant experience and he has verified the data by ensuring that qualified geologists are involved in collection and compilation of the data, and that a system of quality control and chain of custody records are maintained and he has visited the property several times and reviewed the detailed data. He is satisfied with the verification of the data.
Quality control and assurance was completed in the normal process for Platinum Group Metals RSA Pty Ltd. Standards, duplicates and blanks were inserted regularly in every assay batch. These assay results were checked and any results outside of two standard deviations were re-assayed. Strict control and documentation on the core from the drill rig to the site and the assay samples to the lab were maintained at all times under a chain of custody sign off system. The platinum group elements were assayed by fire assay using a nickel sulphide collection method at Setpoint Laboratories, Johannesburg, a SANAS accredited laboratory.
Inferred mineral resource estimates, under the CIM guidelines, do not have to demonstrate economic viability and may never achieve the confidence to be mineral reserve estimates or to be mined. An inferred resource has reasonably assumed continuity based on limited sampling but the geological and grade continuity has not been verified. The property is held under a Prospecting Right with the exclusive right to convert that right to a Mining Right. There can be no assurance that a Mining Right will be granted with-out extensive further work and an Application to the Department of Mineral Resources of South Africa.
About Platinum Group Metals Ltd.
Platinum Group is building the WBJV Project 1 Platinum mine in the Western Limb of the Bushveld Complex, South Africa. The Company owns 74% of the WBJV Project 1 Mine and 26% is owned by Africa Wide Prospecting and Exploration (Pty) Limited, a wholly owned subsidiary of Wesizwe Platinum Ltd. Platinum Group is also currently drilling with 15 machines at the Waterberg Project in partnership with JOGMEC, a Japanese state company and a private empowerment company. Platinum Group is listed as PLG on the NYSE MKT and PTM on the TSX in Toronto.