Platinum Group Metals Ltd.: Waterberg Extension Project Drilling
Intersects 53.22 Metres Grading 5.26 g/t Platinum Palladium and
Gold
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 9, 2013) -
Platinum Group Metals Ltd. (TSX:PTM)(NYSEMKT:PLG) ("Platinum Group"
or the "Company") is pleased to announce that assays from drilling
on the Waterberg Extension Project, where the Company holds an
effective 87% ownership interest, continue to confirm the extension
of the F and Super F zones along strike. Hole WE 08 at the
Waterberg Extension Project has returned preliminary assay values
of 5.26 grams/tonne "3E" platinum, palladium and gold (1.40g/t Pt,
3.59 g/t Pd and 0.27 g/t Au) over 53.22 metres (from 555.50m to
608.72m, estimated true thickness of approximately 44 metres).
The 87% owned Waterberg Extension Project is distinct from the
adjacent Waterberg Joint Venture Project, where the Company holds a
49% effective interest and a stand-alone Preliminary Economic
Assessment and mine plan is in progress on the current inferred
resource at the Waterberg Joint Venture Project by an independent
engineering firm.
Hole WE 08 is located approximately 340 metres northward along
strike from previously announced hole WE 02 at the Waterberg
Extension Project (15.63 metres grading 3.16 g/t 3E, 1.11 Pt g/t,
1.92 g/t Pd, 0.13 g/t Au) and approximately 1,600 metres directly
along strike from the Waterberg Joint Venture Project deposit. The
mineralization in WE 08 has geological units and layering that is
consistent with the deposit to the south. Assays from WE 08
directly below the intercept reported are pending at this time. The
intercept is open for expansion along strike and up and down dip. A
total of 8 holes have been completed in the first 4.7 kilometres of
the F zone type target on the Waterberg Extension Project and 5 of
these have successfully intersected the F zone style of
mineralization.
R. Michael Jones, President and CEO of the Company, said, "The
scale and continuity of the Waterberg Extension Project
mineralization continues to impress our geologists and engineers.
Clearly we have a significant exploration opportunity for 2014 on
the Waterberg Extension Project."
Also commenting on the recent passing of Nelson Mandela, R.
Michael Jones said, "We offer our condolences to Mr. Mandela's
family, friends and countrymen. We also celebrate his message and
legacy. Over 1,000 people at our Western Bushveld Project 1 mine
construction site and people at our offices all stopped work for a
few minutes on Friday, December 6th to honour Madiba. It has been
wonderful to see all South Africans gather united to honour his
legacy."
Details
Holes WE 01, 02, 06, 07 and 08 have all successfully confirmed
the presence of F zone type layers at their borehole locations.
Holes WE 01 and 02 have been reported previously.
Hole WE 07 is located 4.7 kilometres from the Waterberg Joint
Venture Project deposit and returned assays from F zone
mineralization and layers of 2.72 metres grading 2.58g/t 3E (0.78
g/t Pt, 1.67 g/t Pd, 0.14 g/t Au, from 740.59m to 743.31m). This
result is within the variance range of the deposit model and
establishing the F zone mineralization this far north is a
significant project milestone. Interestingly, the intercept in WE
07 is located within a 50.91 metre envelope of lower grade
platinum, palladium and gold mineralization (0.95g/t 3E, Pt 0.26
g/t, Pd 0.63 g/t Au 0.05 g/t, 740.59 metres to 791.5 metres).
Further drilling to determine an average grade in this area is an
immediate continued exploration target.
Hole WE 06 was drilled on the eastern edge of the F zone and
returned values of 2.44 metres grading 1.88 g/t 3E (0.57 g/t Pt,
1.22 g/t Pd, 0.09 g/t Au, from 457.80m to 460.24m) within a 13.45
metre envelope grading 0.84 g/t 3E (0.24 g/t Pt, 0.55 g/t Pd, 0.05
g/t Au, 457.80 metres to 471.25 metres).
Holes WE 03 and 04 were terminated due to faulting and did not
successfully test for the F type target. Further drilling is
planned to test this area. Hole WE 05 was drilled to test the
eastern extent of the Bushveld Complex and was drilled directly
into basement lithology.
Drilling is continuing at this time with 4 machines in the
northern block of the Waterberg Extension Permits from
approximately 16 kilometres to 30 kilometres north of the Waterberg
Joint Venture Project deposit. Hole WE 09, a 17 kilometre step out
from the Waterberg Joint Venture Project, on the Waterberg
Extension Project permits, intersected the Bushveld Complex and
disseminated sulphides interpreted to be the transition zone at the
base of the Complex. Based on the layering pattern identified in
the Waterberg region, the F zone target is interpreted to be to the
west and further drilling is in progress in this area.
Qualified Person, Quality Control and Assurance
R. Michael Jones, P. Eng., is the non-independent qualified
person responsible for this press release. The technical data has
been verified by Mr. Jones' direct involvement in supervision of
the technical work on the Waterberg Projects. Mr. Jones has
verified the technical data sufficiently for this release and
reference is made to the significant project risks and
qualifications in the independent qualified person reports at
www.sedar.com. Mr. Jones has relevant experience in the evaluation
of platinum and palladium projects over the past 14 years and
precious metals deposits and mines over the past 29 years.
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
has utilized a standard quality control system including the use of
standards. Platinum Group Metals qualified geologists supervised
the drilling and sampling work and have utilized a quality control
program in addition to the laboratory including checks,
documentation, chain of custody and the insertion of standards and
blanks into the sample assay batches.
About Platinum Group Metals Ltd.
Platinum Group Metals Ltd. is listed as PLG on the NYSEMKT and
as PTM on the Toronto Stock Exchange.
The Company is based in Vancouver, Canada and Johannesburg,
South Africa. Platinum Group Metals was founded in 2002 and has
focused on the discovery and development of platinum and palladium
deposits. The Company founders and management in Canada and South
Africa have a track record of precious metals discovery,
development and operations.
On behalf of the
Board of Platinum Group Metals Ltd.
R. Michael Jones,
President and CEO
The Toronto Stock Exchange and the NYSEMKT 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 complete further drilling and exploration on the
Company's Waterberg Joint Venture Project and the Waterberg
Extension Project and the preparation of a Preliminary Economic
Assessment and mine plan for the Waterberg Joint Venture Project
deposit. In addition, estimates of inferred mineral resources
constitute forward-looking statements because they represent
estimates of mineralization that may be discovered upon further
drilling and development. 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 located; metal
prices; other prices and costs; currency exchange rates; the
Company's ability to obtain any necessary permits, consents or
authorizations required for its activities; the Company's ability
to access further funding and 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.
to view the map accompanying this press release, please visit
the following link:
http://media3.marketwire.com/docs/916568i.jpg.
Platinum Group Metals Ltd.R. Michael JonesPresident(604)
899-5450 or Toll Free: (866) 899-5450Platinum Group Metals Ltd.Kris
BegicVP, Corporate Development(604) 899-5450 or Toll Free: (866)
899-5450
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