mining news
17
06.13
Drilling at the Waterberg project. The discovery of the deposit has effec-
tively extended the Northern Limb of the Bushveld Complex (photo: PTM).
Waterberg step out hole
returns excellent grades
Reporting on its Waterberg project north of Mokopane, Platinum
Group Metals (PTM), based in Vancouver and Johannesburg, says
that Hole WB-99 has intersected 25,5 m of the T2 platinum layer
grading 6,4 g/t 3E (1,86 g/t platinum, 3,20 g/t palladium and 1,37 g/t
gold, 0,34 % copper, 0,17 % nickel) over a core length of 25,5 m at
a depth of 681,0 m to 706,5 m. Included is a higher grade intercept
of 2,5 m of 12,2 g/t 3E at 698,5 m to 701,0 m.
This intercept is located 800 m north-east along strike from the
previous intercepts and 300 m north-east of the blocks in the cur-
rent T2 layer resources. The assays from WB-99 display the dis-
tinctive T layer metal ratios of approximately 29 % platinum, 50 %
palladium and 21 % gold.
Comments R. Michael Jones, CEO of PTM: “This intercept is im-
portant 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 pre-
cious metals basket, further confirming it to be T2.”
Drilling is continuing with a further 1,7 km northward step out
from WB-99, again targeting the T mineralised layers. The WB-99
intercept is estimated to have a true thickness of 20,1 m and the
deposit model is open on strike, up-dip and down-dip. The T1 layer
was also intersected in WB-99, adding to the confirmation of de-
posit continuity.
The 10,1 million ounce Waterberg deposit – consisting of T1, T2,
FP and FH layers – was initially discovered by PTM and joint venture
partners, including JOGMEC of Japan, in November 2011.
Some 110 holes plus deflections on the mineralised layers have
been completed or are in progress to date at the project. The suc-
cess rate in terms of intercepting the targeted mineralised layers so
far is approximately 98 %.
