ASX-listed Southern Palladium has updated investors on the on-going exploration programme and PFS work now underway at the Bengwenyama project. The company also announces its first interim combined Mineral Resource update for the MR and UG2 at the Bengwenyama Platinum Group Metal (PGM) project, located on the Eastern Limb of the world class Bushveld Complex, South Africa.
The total Mineral Resource (Indicated and Inferred) for the project has now increased from a 3PGE+Au Inferred Resource of 18.80Moz to a 6PGE+Au Indicated and Inferred Resource of 25.12Moz, comprising 5.11Moz Indicated and 20.01Moz Inferred – an overall increase of 34% since drilling began. These Mineral Resources include 14.62Moz indicated and inferred for the UG2 reef.
Managing Director Johan Odendaal, said: “We are pleased to report the interim Mineral Resource update for the shallower Merensky Reef at Bengwenyama which, in combination with the UG2 has contributed to an impressive increase in the broader resource compared to the figures presented in Southern Palladium’s 2022 IPO prospectus. The combined Mineral Resource presented clearly illustrated the broader potential of the project, with prospective mineralisation in both the UG2 and the shallower Merensky Reef. Near-term, the drill programme will continue to focus on the defined UG2 Payback Area – the shallow eastern portion of the Bengwenyama project which has been assessed as the approximate resource quantum for the UG2 Reef that can achieve capital payback of the project.”