Platinum Group Metals Ltd. (TSX:PTM)(NYSE MKT:PLG) ("Platinum
Group" or the "Company") announces an updated independent Inferred
Resource estimate for the Waterberg Joint Venture of 167 Million
tonnes grading 3.26 grams per tonne of platinum, palladium and gold
for a total of 17.5 million ounces with significant copper and
nickel credits. (See details and metal splits below).
The resource estimate includes the "T1", "T2" and "F" layers in
an extension of the Bushveld Complex discovered in late 2011 by the
Company in conjunction with its joint venture partners the Japan
Oil, Gas and Metals National Corporation ("JOGMEC") and a private
empowerment partner. Platinum Group owns an effective 49.9%
interest in the Joint Venture. The previously announced resource on
the Joint Venture was 10.3 million ounces.
The shallowest edge of the known deposit on Joint Venture
territory is on the T2 layer at 130 metres below surface. The
resource estimate has been restricted to 1,000 meters vertical as a
preliminary economic cut-off. The deposit is 5.5 kilometers long on
the Joint Venture property and is limited to the north by the Joint
Venture property boundary. The deposit remains open along strike to
the north beyond the Joint Venture boundary extending on to
Prospecting Right applications where Platinum Group holds an 87%
effective interest with the balance held by a private empowerment
partner.
Mechanized mining methods, milling and infrastructure
requirements for the Waterberg platinum deposit are all being
studied as part of a Preliminary Economic Assessment ("PEA") being
conducted by South African engineering firm WorleyParsons TWP. As
announced in May 2013, estimated recoveries for platinum, palladium
and gold (2PGE+Au) in scoping flotation tests completed at SGS Labs
in South Africa averaged 88% for the T2 layer and 83% for the F
layer. The resource update announced today and the baseline
metallurgical work will form the basis of the PEA due to be
completed at the end of 2013.
Step out drilling further northward along strike from the
current Joint Venture deposit area is to be executed immediately
upon final approval of the Company's completed environmental
management plan over the new extension Prospecting Rights. Drills
are on standby at the property boundary to complete initial
investigations on strike. Interpretation of airborne gravity and
magnetic surveys by the Company provide a clear target for drilling
northward over approximately a further 20 kilometers. Multiple
boreholes along strike are planned to be drilled
simultaneously.
Inferred 2PGE+Au Resource Estimate, September 2, 2013
----------------------------------------------------------------------------
Thickness Tonnes Pt Pd Au 2PGE+Au
M Mt (g/t) (g/t) (g/t) (g/t)
----------------------------------------------------------------------------
T1 2.30 8.50 1.04 1.55 0.47 3.06
----------------------------------------------------------------------------
T2 3.77 39.16 1.16 2.04 0.84 4.04
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T Total 3.38 47.66 1.14 1.95 0.77 3.86
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F Total 3.0 to 30.0 119.05 0.91 1.98 0.13 3.02
----------------------------------------------------------------------------
Total 166.71 0.98 1.97 0.32 3.26
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----------------------------------------------------------------------------
2PGE+Au Cu Ni Cu Ni
Pt:Pd:Au (koz) (%) (%) (t) (t)
----------------------------------------------------------------------------
T1 34:51:15 842 0.17 0.10 14,500 8,400
----------------------------------------------------------------------------
T2 29:50:21 5,107 0.18 0.10 69,400 37,600
----------------------------------------------------------------------------
T Total 30:50:20 5,948 0.18 0.10 83,900 46,000
----------------------------------------------------------------------------
F Total 30:65:5 11,575 0.07 0.17 78,800 202,200
----------------------------------------------------------------------------
Total 30:60:10 17,523 0.10 0.15 162,700 248,200
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Note: The T1 and F layers are reported with a 2g/t 2PGE+Au cut-off
The T2 layer is reported based on the selection of a mining cut of a
minimum of 2m consistently across all deflections
----------------------------------------------------------------------------
Resource Details
The resource was calculated using 111 bore holes with a total of
301 pierce points including deflections. The resource estimate was
undertaken by Coffey and a number of iterations were done to
confirm the validity of the estimate. The resource estimation was
completed using an Inverse Distance Weighted to the Power 2
methodology and examined at various cut-off grades. The previous
split of the FH and FP layers were merged into one F zone. The
average thickness was calculated for the T zones that have distinct
rock layer characteristics. The F zone is located consistently near
the floor of the Bushveld Complex and is associated with olivine
rich rocks with an average thickness of 3m to 30m. An area of F
layer related to an interpreted depression in the floor rocks where
thickness of the mineralization is greater than 12 meters has been
given the name "Super F". This zone will be considered separately
for larger scale underground mining methods in the ongoing PEA.
Estimation methodology
The estimate for the T Layer was based on cuts identified from
examination of the borehole core. The cut selection was based on a
combination of the stratigraphic position, minimum thickness of 2m
and consistency between the intersections from the motherhole and
the deflections. The estimation was restricted based on the
tenement, geological interpretation of the extent of the T layer
and a maximum depth of 1,000m below surface. A geological loss of
12.5% was applied based on the geological understanding of the
deposit which is informed by the regular drilling grid of
250mx250m.
The F layer estimation was undertaken on a flattened model
utilizing the base of the F layer as a stratigraphic marker. The
block size was selected as 125mx125mx3m (Northing, Easting, RL). A
grade tonnage profile was utilised with a grade cut off of 2g/t
2PGE+Au for resource declaration. Prior to the estimation domains
within the F layer were determined based on the geology and grade
characteristics. These domains were independently estimated. The
estimation was restricted based on the tenement, geological
interpretation of the extent of the F layer and a maximum depth of
1,000m below surface. A geological loss of 12.5% was also applied
to the F layer estimate.
Qualified Person, Quality Control and Assurance
The independent Qualified Person ("QP"), under the definitions
in NI 43-101, for this Press Release is Ken Lomberg of Coffey. He
has a Master's degree in engineering and has 27 years of relevant
experience in precious metals and PGM evaluations. He has verified
the data by reviewing the detailed assay and geological information
on the Waterberg deposit and visiting the site and core yard many
times in 2013. He is satisfied that the data is appropriate for the
resource estimate by reviewing the core, assay certificates and
quality control information as well as reviewing the procedures on
sampling, chain of custody and data base records of the Platinum
Group exploration team.
Base metals and other major elements were determined by multi
acid digestion with ICP finish and PGE's were determined by
conventional fire assay and ICP finish. Setpoint Laboratories is an
experienced ISO 17025 SANAS accredited laboratory in assaying and
have utilized a standard quality control system including the use
of standards. Platinum Group utilized a well-documented system of
inserting blanks and standards into the assay stream and has a
strict chain of custody and independent lab re-check system for
quality control.
Inferred mineral resource estimates, under the CIM guidelines,
do not have demonstrated 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.
To view the figure accompanying this press release, please visit
the following link:
http://file.marketwire.com/release/895829.pdf
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 acquired the
Waterberg Project by filing Prospecting Right applications
following a focussed new business study conducted for the Company
by academic, Company and consulting geologists. JOGMEC and Platinum
Group have been collaborating in exploration in South Africa for
more than five years.
Platinum Group is listed as PLG on the NYSE MKT and PTM on the
TSX in Toronto.
On behalf of the Board of
Platinum Group Metals Ltd.
"R. Michael Jones"
The Toronto Stock Exchange and the NYSE MKT have not reviewed
and do not accept responsibility for the accuracy or adequacy of
this news release, which has been prepared by management.
This press release contains forward-looking information within
the meaning of Canadian securities laws and forward-looking
statements within the meaning of U.S. securities laws
("forward-looking statements"). Forward-looking statements are
typically identified by words such as: believe, expect, anticipate,
intend, estimate, plans, postulate and similar expressions, or are
those, which, by their nature, refer to future events. All
statements that are not statements of historical fact are
forward-looking statements. Forward-looking statements in this
press release include, without limitation, statements regarding the
Company's plans to construct the WBJV Project 1 platinum mine and
conduct further exploration and studies on the Company's
properties. Although the Company believes the forward-looking
statements in this press release are reasonable, it can give no
assurance that the expectations and assumptions in such statements
will prove to be correct. The Company cautions investors that any
forward-looking statements by the Company are not guarantees of
future results or performance, and that actual results may differ
materially from those in forward looking statements as a result of
various factors, including, but not limited to, variations in
market conditions; the nature, quality and quantity of any mineral
deposits that may be locate;, the Company's ability to obtain any
necessary permits, consents or authorizations required for its
activities; the Company's ability to successfully complete hedging
establishment and project banking ; the Company's ability to
produce minerals from its properties successfully or profitably, to
continue its projected growth, or to be fully able to implement its
business strategies and other risk factors described in the
Company's Form 40-F annual report, annual information form and
other filings with the SEC and Canadian securities regulators,
which may be viewed at www.sec.gov and www.sedar.com,
respectively.
Cautionary Note to U.S. Investors Regarding Estimates of
Inferred Mineral Resources
This press release uses the terms "inferred mineral resources."
We advise U.S. investors that while these terms are recognized and
required by Canadian regulations, the SEC does not recognize them.
"Inferred mineral resources" have a great amount of uncertainty as
to their existence, and great uncertainty as to their economic and
legal feasibility. It cannot be assumed that all or any part of an
"inferred mineral resource" will ever be upgraded to a higher
category. Under Canadian rules, estimates of "inferred mineral
resources" may not form the basis of a feasibility study or
prefeasibility studies, except in rare cases. The SEC normally only
permits issuers to report mineralization that does not constitute
"reserves" as in-place tonnage and grade without reference to unit
measures. U.S. investors are cautioned not to assume that any part
or all of an inferred resource exists or is economically or legally
mineable.
Contacts: R. Michael Jones, President Platinum Group Metals
Ltd., Vancouver (604) 899-5450 / Toll Free: (866) 899-5450 Kris
Begic, VP, Corporate Development Platinum Group Metals Ltd.,
Vancouver (604) 899-5450 / Toll Free: (866) 899-5450
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