Platinum Group Metals Confirms Waterberg Deposit Expansion And New
Platinum-Palladium Intercepts 16 kilometers Along Strike
VANCOUVER, BRITISH COLUMBIA and JOHANNESBURG, SOUTH
AFRICA--(Marketwired - Mar 4, 2014) - Platinum Group Metals Ltd.
(TSX:PTM)(NYSEMKT:PLG) ("Platinum Group" or the "Company")
announces new drill intercepts of the thick "Super F" "3E" platinum
palladium and gold mineralization extending the Waterberg deposit
and a new discovery 16 kilometers north from the Waterberg Joint
Venture in the northern part of the permit area.
Super F Deposit Extension Highlights are as
follows: |
|
|
|
WE-017: Super F layer intercept of |
|
22.71m assaying 2.69 g/t 3E |
|
|
Including |
|
9.50m assaying 4.31 g/t 3E |
|
|
|
WE-019: Super F Layer intercept of |
|
22.25m assaying 2.34 g/t 3E |
|
|
Including |
|
10.19 m assaying 3.76 g/t 3E |
|
|
|
WE-022: Super F layer intercept of |
|
56.02m assaying 3.18 g/t 3E |
|
|
Including |
|
22.00 m assaying 4.11 g/t 3E |
|
|
|
WE-024: Super F Layer intercept of |
|
37.00m assaying 2.08 g/t 3E |
(See details of prill splits grams per tonne 3E, platinum,
palladium and gold in the table below averaging approximately 30%
platinum, 65% palladium and 5% gold)
When the new intercepts reported above are averaged with
previously announced holes WE-001, WE-002 and WE-008, a strike
extension of 1,700 meters from the current deposit by a down dip
length of 750 meters returns an average grade thickness of 3.35 g/t
over 31 meters with a true thickness estimated at 24 meters.
These exploration results may affect the scale of the mine plans
outlined in the Preliminary Economic Assessment ("PEA") for the
Waterberg Joint Venture reported on February 14, 2014.
Exploration Highlights:
New Discovery - N-1 Layer: A new layer of mineralization has
been intercepted 16 kilomters north of the current resource in Hole
WE-014 a with assays of 4.01 meters grading 3.73 g/t 3E (1.43g/t
Pt, 2.22 g/t Pd, 0.08 g/t Au). Included is 2.66 meters of 5.05 g/t
3E (1.93g/t Pt, 3.03 g/t Pd,0.09 g/t Au). A 250 meter offset hole
has intercepted similar geology and has assays pending. Hole WE-012
may have also intersected similar mineralization with lower grades
over 13 meters approximately 4 kilometers to the south east. Given
the regional scale of the intercepts correlations are
preliminary.
Drilling in this area continues. F and T type intercepts typical
of the main Waterberg deposit have not yet been found in the
northern block. The northern area now has confirmed near surface
platinum, palladium and gold potential of its own type and this new
mineralization has thickness that is greater than that of the
classic Merensky and UG-2 reefs.
See the table below for the details of the holes reported for
this release.
Details
The Waterberg project is currently divided into four main
areas;
- The defined deposit resource in the 5.4 km long area of the
Waterberg Joint Venture;
- The F and Super F expansion on the 5 km area adjacent and north
of the current deposit, known as the Waterberg Extension;
- The large area of regional exploration from 15 km to 30 km
north of the current deposit area; and
- The area for more T layer exploration west of the current
deposit on the Waterberg Joint Venture area.
The approximately 5 km long area from 10 km to 15 km north of
the deposit area lays under thicker sedimentary cover. Geophysical
studies and geological modelling indicate good potential for
extension of the current deposit into this area. At present no
surface work is underway in this area.
1. Waterberg Joint Venture Deposit
The recently completed PEA recommended the project advance to
the Pre-feasibility stage. Budgets and programs for this work are
being developed by partners the Japan Oil, Gas and Metals National
Corporation ("JOGMEC"), Platinum Group Metals and Mnombo, a private
empowerment partner.
2. Waterberg Deposit and Super F Expanded
Drilling is continuing with 12 machines and the F and Super F
layers have been intersected in numerous drill holes along 5
kilometers of strike north from the Waterberg deposit on the
Waterberg Extension. The results from 4 offset holes to hole WE-08
(53.22 meters grading 5.25 g/t 3E (1.40 g/t Pt, 3.59g/t Pd, 0.27
g/t Au) have confirmed a significant "Super F" extension with
similar widths to the Super F region in the main Waterberg Deposit.
The Extension Intercepts have consistent layering, geology, metal
ratios and base metals credits to the main Super F layers.
3. New Thick Platinum Palladium Mineralization 15 kilometers
north of Waterberg Deposit
The N-1 layer (first mineralized layer identified in the
northern part of the project) in Hole WE-014, and potentially drill
hole WE-012, is a new type of platinum and palladium mineralization
for the Waterberg region that is located higher in the Bushveld
sequence as compared to the T and F layers. The geological layering
and sulphide mineralization in the initial N-1 intercept has been
repeated in a 250 meter step out hole (WE-027) along strike and
assays are pending from this intercept. The geology of the northern
area, 10 kilometers and more north of the current resource, appears
to be different than the main Waterberg Joint Venture area and the
first 5 kilometers of the Waterberg Extension Permits north of the
deposit. Holes WE-9, 10, 11, 13 and 15 all intersected Bushveld
Complex rocks but did not intersect significant mineralization.
These regional exploration holes tested a portion of the northern
block over a 10 km strike length and appear to have been too far
eastward to have tested the section of the Bushveld Complex hosting
the newly discovered mineralization.
The N-1 layer if confirmed with further drilling represents a
new type of thick mineralization for the project. The N-1
mineralization has anorthosite (light coloured unit) and Troctolite
(dark spotted unit) markers like the T2 layer in the main deposit,
but does not have the 20% gold content typical of the T2 layer.
Interestingly, below the N-1 mineralization in Hole WE-014 is
sulphide mineralization of 0.94 g/t 3E (0.22 g/t Pt, 0.35g/t Pd,
0.37 g/t Au) over 5.2 meters at 39% gold. To the south the F layer
on the Joint Venture and the Extension areas also has significant
zones of 0.2 to 0.5 g/t 3E material around the main mineralization.
The endowment of 3E in large volumes of rock at Waterberg is in
contrast to the Eastern and Western Limbs of the Bushveld Complex
where the average 1 meter thick Merensky and UG2 Reefs are quite
discrete and the mineralization does not extend much beyond the
reef layers themselves. The Waterberg region is being explored for
the first time for platinum group elements and has significant new
deposit type potential.
4. T layer Extension Hunting
The known T zone of the main Waterberg Joint Venture deposit
remains open along strike and down dip. A step out drill hole
approximately 3.4 kilometers north and slightly west of the known T
deposit limit is in progress targeting the extension of the T
zone.
Ownership Background
Platinum Group Metals holds a 49.9% effective interest in the
Waterberg Joint Venture with JOGMEC holding 37% and the balance
being owned by a private empowerment company in South Africa. This
Joint Venture covers the initial resource of 167 million tonnes
grading 3.26 grams per tonne of platinum, palladium and gold for a
total of 17.5 million ounces.(0.98 g/t Pt, 1.97 g/t Pd, 0.32 g/t
Au) Ken Lomberg, QP See Technical Reports on www.sedar.com.
The 37% interest held by JOGMEC in the Waterberg Joint Venture
has been nominated for purchase by a Japanese trading house. The
interest is in a competitive tender process with strong interest
and the Company and its engineers have recently participated in a
positive due diligence process in Tokyo, Japan. The Company regards
the potential near term involvement of a Japanese integrated firm
into the Waterberg Joint Venture as a positive strategic step for
the project and potentially the region.
Platinum Group Metals Ltd holds an 87% effective interest in 487
square kilometers of Prospecting Permits outside of the Waterberg
Joint Venture. Drilling is targeting a 30 kilometer projected
strike extension of the Bushveld Complex.
Platinum Group Metals holds the Waterberg Extension permits with
its private empowerment partner.
The extension of the F zone and the N-1 intercepts reported
herein are all on the 87% owned Waterberg Extension Property.
Intercept Assay Details
The attached map shows the location of the holes updated below.
The shallow edge of the F zone on the Waterberg deposit is
approximately 200 from surface below the Waterberg sediments. The
shallow edge of the T zone is at approximately 140 meters deep.
Hole ID |
Area |
|
From (m) |
|
To (m) |
|
Layer |
|
Length (m) |
|
Pt (g/t) |
|
Pd (g/t) |
|
Au (g/t) |
|
3E (g/t) |
|
Pt:Pd:Au |
|
Cu (%) |
|
NI (%) |
WE012D0 |
North New, N-1(?) |
|
628.66 |
|
642.00 |
|
N-1 |
|
13.34 |
|
0.27 |
|
0.90 |
|
0.05 |
|
1.22 |
|
22:74:4 |
|
0.15 |
|
0.14 |
WE014D0 |
North New N-1 |
|
735.49 |
|
739.50 |
|
N-1 |
|
4.01 |
|
1.43 |
|
2.22 |
|
0.08 |
|
3.73 |
|
38:60:2 |
|
0.02 |
|
0.04 |
WE017D0 |
Super F |
|
809.00 |
|
831.71 |
|
SUPER-F |
|
22.71 |
|
0.81 |
|
1.75 |
|
0.13 |
|
2.69 |
|
30:65:5 |
|
0.05 |
|
0.12 |
WE017D0 |
Super F |
|
809.00 |
|
818.50 |
|
Including |
|
9.50 |
|
1.33 |
|
2.80 |
|
0.18 |
|
4.31 |
|
31:65:4 |
|
0.07 |
|
0.17 |
WE019D0 |
Super F |
|
445.62 |
|
467.87 |
|
SUPER-F |
|
22.25 |
|
0.68 |
|
1.53 |
|
0.13 |
|
2.34 |
|
29:66:6 |
|
0.08 |
|
0.09 |
WE019D0 |
Super F |
|
449.00 |
|
459.19 |
|
Including |
|
10.19 |
|
1.13 |
|
2.43 |
|
0.20 |
|
3.76 |
|
30:65:5 |
|
0.10 |
|
0.10 |
WE022D0 |
Super F |
|
583.48 |
|
639.50 |
|
SUPER-F |
|
56.02 |
|
0.87 |
|
2.13 |
|
0.18 |
|
3.18 |
|
28:67:6 |
|
0.11 |
|
0.23 |
WE022D0 |
Super F |
|
586.00 |
|
608.00 |
|
Including |
|
22.00 |
|
1.16 |
|
2.72 |
|
0.23 |
|
4.11 |
|
28:66:6 |
|
0.15 |
|
0.31 |
WE023D0 |
Super F(dyke cutoff) |
|
431.00 |
|
435.00 |
|
SUPER-F |
|
4.00 |
|
1.52 |
|
3.57 |
|
0.27 |
|
5.36 |
|
28:67:5 |
|
0.17 |
|
0.29 |
WE024D0 |
Super F |
|
599.00 |
|
636.00 |
|
SUPER-F |
|
37.00 |
|
0.65 |
|
1.32 |
|
0.11 |
|
2.08 |
|
31:63:6 |
|
0.09 |
|
0.20 |
WE024D0 |
F |
|
599.00 |
|
602.00 |
|
Including |
|
3.00 |
|
1.50 |
|
2.70 |
|
0.12 |
|
4.32 |
|
35:62:3 |
|
0.07 |
|
0.23 |
Note: Drill Holes WE-009, WE-010, WE-011, WE013, WE015 were
drilled in the region of the New PGE mineralization 15km north area
but were collared the east of the subcrop position of the
mineralized layer.
On the Waterberg deposit and Super F expanded area holes WE-016,
WE-018, WE-020 and WE-021 all intersected F-Zone rock types and
assay results are pending for these intercepts.
Qualified Person, Quality Control and Assurance
The non-independent Qualified Person for this Press Release is
R. Michael Jones P.Eng. He has relevant experience in precious
metals and PGM evaluations and 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 since 2011.
He is the Company CEO and is a shareholder.
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. SGS is an experienced ISO
9001 accredited laboratory in assaying and metallurgical studies
and have utilized a standard quality control system including the
use of standards. Ken Lomberg is the independent qualified person
for the resources on Waterberg Joint Venture deposit and he has
reviewed the references to resources in this press release.
Update on WBJV Project 1 Mine Construction
Construction and development by subsidiary operating company
Maseve Investments 11 (pty) Ltd. ("Maseve") on WBJV Project 1 is
proceeding well. Since January 2014 activities have been ramping
up. There are approximately 1,300 persons on site with a 500 person
underground development team active on the project. Development
continues on accessing Merensky reef blocks. Recent milestones
include the completion and commissioning of two vent raises, the
advancement of mill foundations above ground and the ordering of
mill structural steel. Procurement and delivery of major components
is on schedule.
As a result of continued project advancement the shareholders of
Maseve have been given a second cash call. Platinum Group reports
that Wesizwe Platinum Ltd. ("Wesizwe") will suffer further dilution
to their holdings in the WBJV Project 1 Platinum Mine as a result
of a failure to pay their pro-rata share of an approved six-month
cash call. The cash call was issued on February 17, 2014 requiring
Wesizwe to pay R 234.6 million (approximately CAD $ 24.3 million)
into Maseve by March 3, 2014. This cash call is the second missed
by Wesizwe in a six month period. After acquiring the undisputed
dilution as a result of Wesizwe missing their first cash call in
October 2013, and before any accounting for the second round of
dilution, the Company today owns a 77.5% interest in Maseve. As a
result of the second cash call Platinum Group will hold between
82.9% and 80.8% interest depending on the outcome of an ongoing
binding arbitration on the dilution formula.
Wesizwe has entered into a funding arrangement with Jinchuan
Group Ltd. of China and is now controlled by Jinchuan. Platinum
Group is advancing specific plans to vend the diluted Maseve
interests formerly held by Wesizwe into a quality Black Economic
Empowerment company. Platinum Group plans to have Mnombo Wethu
Consultants (pty) Ltd. ("Mnombo"), the empowerment company on
Waterberg, acquire the diluted points in the WBJV Project 1.
Platinum Group owns a 49% interest in Mnombo. This acquisition by
Mnombo of Wesizwe's diluted interests in Maseve, when completed,
will increase the empowerment standing of Maseve from that set in
the original Mining Right. As a result of the ownership of Platinum
Group in Mnombo the transaction is anticipated to be accretive to
Platinum Group.
To view the map associated with this press release, please visit
the following link:
http://file.marketwire.com/release/ptm_map.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
has an experience management team is discovery mine development and
operations. Platinum Group Metals Ltd is based in Johannesburg,
South Africa and Vancouver Canada.
Platinum Group is listed as PLG on the NYSEMKT 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 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 for Waterberg drilling and other exploration and
engineering. 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 add to resources;
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.
Platinum Group Metals Ltd., VancouverR. Michael
JonesPresident(604) 899-5450 / Toll Free: (866) 899-5450Platinum
Group Metals Ltd., VancouverKris BegicVP, Corporate
Development(604) 899-5450 / Toll Free: (866) 899-5450
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