Platinum Group Metals Reports the Waterberg Resource Increases
Significantly to 29 Million Ounces 4E-Platinum, Palladium, Rhodium
and Gold
VANCOUVER, BRITISH COLUMBIA and JOHANNESBURG, SOUTH
AFRICA--(Marketwired - Jun 12, 2014) - Platinum Group Metals Ltd.
(TSX:PTM)(NYSEMKT:PLG) ("Platinum Group" or the "Company")
announces an increase in the estimated Inferred Mineral Resource at
the Waterberg Joint Venture and adjacent Waterberg Extension to 29
Million ounces of platinum, palladium, rhodium and gold, ("4E").
Total inferred resources in the "T" and "F" layers are estimated at
287 million tonnes grading 3.15 g/t 4E (0.94g/t Pt, 1.92 g/t Pd,
0.04 g/t Rh, 0.25 g/t Au, 30%,61%,1%,8% respectively, See Table 1).
Included in the mineral resource estimate at Waterberg is the
initial inferred resource estimate on the Waterberg Extension
property of 6.8 million ounces (68.04 million tonnes grading 3.11
g/t 4E (0.93g/t Pt, 1.98 g/t Pd, 0.05 g/t Rh, 0.15 g/t Au, 30%,
64%, 2%, 4% respectively, See Table 3). The deposit has
demonstrated good continuity and remains open along strike and at
depth. Drilling is planned several kilometers north of the current
estimate.
The Waterberg deposit consists of discrete, layered and
continuous PGM bearing layers starting at 140 metres from surface
with a consistent westerly dip. The deposit has so far been drilled
for approximately 10.4 kilometres northwards on strike. Geophysical
surveys and drilling to date indicate the deposit remains open down
dip and on strike to the northwest. The observed deposit layers are
2.75 to 60 metres thick and have well identified and modeled rock
unit and geochemical markers. Drilling with 20 rigs continues at
this time.
The Waterberg deposit stands apart from conventional Merensky
Reef and UG2 Bushveld deposits as a result of its size, thickness,
proximity to surface and the opportunity to add even further scale
at shallow depths. The deposit is amenable to safe, efficient,
large scale mechanized underground mining methods. The expanded
mineral resources are in the same position and are of a similar
type and grade to those that were the basis for mining methods and
metallurgical recoveries in a Preliminary Economic Assessment
"PEA", by Independent Engineering firm Worley Parsons, announced
February 14, 2014. (See the March 13, 2014 Technical Report Filed
on www.Sedar.com) The updated deposit estimate reported here also
includes an estimated 1.107 billion pounds of nickel and 616
million pounds of copper.
The PEA on the Waterberg Joint Venture deposit, based on the
earlier, smaller 3E (platinum, palladium and gold) mineral resource
announced September 3, 2013, projects that the Waterberg deposit
will be one of the lowest cost PGM mines in the world. The
estimated cost of production, inclusive of base metal credits, is
$438 per 3E ounce. The preliminary economic assessment is
preliminary in nature, in that it includes only inferred mineral
resources that are considered too speculative geologically to have
the economic considerations applied to them that would enable them
to be categorized as mineral reserves, and there is no certainty
that the preliminary economic assessment will be realized.
The PEA was based on a fully mechanized mine plan with
metallurgical recoveries from test work and it assumes that the
Waterberg concentrate will be processed in a conventional, South
African, PGM smelter. The Waterberg mine plan is for steady state
production of 655,000 ounces 3E per year. The extended mineral
resource announced today was not considered in the PEA.
Platinum Group Metals holds a 49.9% effective interest in the
Waterberg Joint Venture and 87.0% of the Waterberg Extension
property. Resources attributable to Platinum Group Metals' interest
total approximately 17 million 4E ounces as detailed below.
Included in today's Inferred Mineral Resource is 219 million
tonnes, grading 3.17 g/t 4E, (See Table 2) which has increased from
167 million tonnes, announced in September, 2013, on the 49.9%
controlled Waterberg Joint Venture. The updated mineral resource
estimate encompasses both the Joint Venture and the Extension areas
to a depth of 1,250 metres. This is in line with other development
stage PGM assets on the Northern Limb. The change in applicable
cut-off depth for the deposit is the result of the very positive
economics demonstrated in the PEA. Metal Prices for platinum,
palladium and nickel have all moved higher than spot prices were at
the time of the PEA, further indicating the robust potential.
Table 1 |
Waterberg Project |
Inferred Mineral Resource Estimate |
12-Jun-14 |
|
Strati- graphic |
Tonnage |
Pt |
Pd |
Rh |
Au |
PGE +Au* |
Pt:Pd:Rh:Au |
PGE +Au* |
Cu |
Ni |
Thick- ness (m) |
Mt |
g/t |
g/t |
g/t |
g/t |
g/t |
|
koz |
% |
% |
T1 (Cut-off 2g/t) |
2.44 |
10.49 |
1.02 |
1.52 |
|
0.47 |
3.01 |
34:50:0:16 |
1,015 |
0.17 |
0.10 |
T2 |
3.87 |
43.57 |
1.14 |
1.99 |
|
0.82 |
3.95 |
29:50:0:21 |
5,540 |
0.17 |
0.09 |
T Total |
3.60 |
54.06 |
1.12 |
1.90 |
|
0.75 |
3.77 |
30:50:0:20 |
6,555 |
0.17 |
0.10 |
F (Cut-off=2g/t) |
2.75 to 60 |
232.82 |
0.90 |
1.93 |
0.05 |
0.14 |
3.01 |
30:64:2:4 |
22,529 |
0.08 |
0.19 |
Waterberg Total |
|
286.88 |
0.94 |
1.92 |
0.04 |
0.25 |
3.15 |
30:61:1:8 |
29,084 |
0.10 |
0.18 |
|
|
|
Pt |
Pd |
Rh |
Au |
|
|
|
Cu |
Ni |
Content |
|
(koz) |
8,652 |
17,741 |
341 |
2,350 |
|
|
kt |
280 |
502 |
* The T-zone is reported as 2PGE +Au and the F-zone is reported
as 3PGE +Au grade
Table 2 |
Waterberg JOGMEC JV 49.9% PLG/PTM Owned |
Inferred Mineral Resource Estimate |
12-Jun-14 |
|
Strati- graphic |
Tonnage |
Pt |
Pd |
Rh |
Au |
PGE +Au* |
Pt:Pd:Rh:Au |
PGE +Au* |
Cu |
Ni |
Thick- ness (m) |
Mt |
g/t |
g/t |
g/t |
g/t |
g/t |
|
koz |
% |
% |
T1 (Cut-off 2g/t) |
2.44 |
10.49 |
1.02 |
1.52 |
|
0.47 |
3.01 |
34:50:0:16 |
1,015 |
0.17 |
0.10 |
T2 |
3.87 |
43.57 |
1.14 |
1.99 |
|
0.82 |
3.95 |
29:50:0:21 |
5,540 |
0.17 |
0.09 |
T Total |
3.60 |
54.06 |
1.12 |
1.90 |
|
0.75 |
3.77 |
30:50:0:20 |
6,555 |
0.17 |
0.10 |
F (Cut-off=2g/t) |
2.75 to 60 |
164.58 |
0.88 |
1.91 |
0.05 |
0.13 |
2.97 |
30:64:2:4 |
15,713 |
0.07 |
0.18 |
JOGMEC JV |
|
218.64 |
0.94 |
1.91 |
0.03 |
0.29 |
3.17 |
30:60:1:9 |
22,268 |
0.09 |
0.16 |
|
|
|
Pt |
Pd |
Rh |
Au |
|
|
|
Cu |
Ni |
Content |
|
(koz) |
6,605 |
13,407 |
239 |
2,018 |
|
|
kt |
271 |
454 |
* The T-zone is reported as 2PGE +Au and the F-zone is reported
as 3PGE +Au grade
Table 3 |
Waterberg Extension 87% PLG/PTM owned |
Inferred Mineral Resource Estimate |
12-Jun-14 |
|
Strati- graphic |
Tonnage |
Pt |
Pd |
Rh |
Au |
3PGE +Au |
Pt:Pd:Rh:Au |
3PGE +Au |
Cu |
Ni |
Thick- ness (m) |
Mt |
g/t |
g/t |
g/t |
g/t |
g/t |
|
koz |
% |
% |
F (Cut-off=2g/t) |
2.75 to 60 |
68.04 |
0.93 |
1.98 |
0.05 |
0.15 |
3.11 |
30:64:2:4 |
6,802 |
0.11 |
0.23 |
|
|
|
Pt |
Pd |
Rh |
Au |
|
|
|
Cu |
Ni |
Content |
|
(koz) |
2.043 |
4,325 |
102 |
331 |
|
|
kt |
73 |
156 |
Totals reflected on these tables may not be exact because of
rounding.
Platinum Group Metals is the operator of the Waterberg Joint
Venture, which includes the Japan Oil, Gas and Metals National
Corporation ("JOGMEC") and a private empowerment partner. JOGMEC
continues to fund its share of Joint Venture Expenditures. A
potential sale of JOGMEC's 37% share in the Joint Venture has been
deferred while the larger resource is considered. Discussions are
also underway with JOGMEC regarding possible synergies from an
engineering perspective, if the Pre-feasibility now underway for
the Waterberg Joint Venture, were to consider the total Inferred
Mineral Resource. JOGMEC currently holds an interest only in the
Waterberg Joint Venture. The deepest Waterberg Extension deposit
extends to the west onto territory held by the Waterberg Joint
Venture.
Resource Details
The Inferred Mineral Resource was estimated using 138 bore holes
with a total of 363 pierce points including deflections. The
resource estimate was undertaken by Coffey and a number of
iterations were performed 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 previously merged F Zone has now been modelled as individual
geological units FH1 to FH6 and FP, with minimum layer thicknesses
of 3 metres and a maximum resource thickness of 60 metres. The
three dimensional continuity confidence of the original modeled FH
and FP zones has increased significantly as a result of the
identification of geological units and geochemical markers that
demarcate specific sill pulses or layers. The Geological Department
at the University of the Witwatersrand has worked closely with the
company on the geological understanding of the new Waterberg
deposit. Further confirmation drilling with the objective of moving
sections of the mineral resource into the Indicated category is in
progress. The average thickness for the T layers was determined for
zones that have distinct geological layer characteristics.
The F Zone is located consistently near the floor of the
Bushveld Complex and is associated with olivine rich rocks. An area
of F Zone related to an interpreted depression in the floor rocks
where thickness of the mineralization is greater than 10 metres has
been given the name "Super F". The Super F regions generally
correlate to embayments in the footwall geology.
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, a minimum thickness of 2
metres and the level of consistency between mother hole
intersections and deflections. The estimation was restricted based
on the tenement, geological interpretation of the extent of the T
Layer and a maximum depth of 1,250 metres 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.
A geological model was developed in conjunction with PTM, based
on the identified pulses or units for the F Zone. These units are
characterised by specific geochemical signatures and lithological
context. The F Zone estimation was undertaken on each of the
identified geological units (FH1 to FH6 and FP) using a dynamic
ellipse in 3D space. The F Zone geological units were constructed
in CAE Strata3D modeling software. These geological units were
independently estimated. The estimation was restricted based on the
tenement, geological interpretation of the extent of the F Zone and
a maximum depth of 1,250 metres below surface. The block size was
selected as 100 metre x 100 metre x 3 metre (Northing, Easting,
RL). A geological loss of 12.5% was also applied to the F Zone
estimate on the Waterberg Joint Venture area and 12.5% up to 25% on
part of the Waterberg Extension area. A grade tonnage curve was
utilized with a grade cut off of 2g/t 3PGE+Au for mineral resource
declaration.
Conference Call and Webcast
Platinum Group Metals will hold a conference call and webcast in
conjunction with today's press release where senior management will
discuss the contents of this press release and respond to any
questions. The conference call and webcast will begin today,
Thursday, June 12, 2014 at 7:00 am Pacific Standard Time / 10:00 am
Eastern Standard Time. Investors are invited to access a live
webcast of the conference call via a link on the home page of the
Platinum Group Metals website at www.platinumgroupmetals.net.
The event will be archived and available for replay.
Conference Call and Webcast Details:
Date: |
Thursday, June 12, 2014 |
Time: |
7:00
am PDT / 10:00 am EDT |
Webcast: |
http://www.platinumgroupmetals.net/ |
Dial
in: |
1-877-201-0168 or
647-788-7901 |
CONF
#: |
59826342 |
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 29 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 and 2014. 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 PGEs 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 Metals 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 Prospecting Rights 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.
Company Qualified Person
R. Michael Jones, P.Eng., the Company's President, Chief
Executive Officer and a significant shareholder of the Company, is
a non-independent qualified person as defined in National
Instrument 43-101 Standards of Disclosure for Mineral
Projects and is responsible for preparing the technical
information contained in this news release for the Company and the
release has been approved by the Independent Qualified Person. The
Company plans to file a technical report on www.sedar.com within
the required time.
About Platinum Group Metals Ltd.
Platinum Group is based in Johannesburg, South Africa and
Vancouver, Canada. The Company's business is currently focused on
the construction of the WBJV Project 1 (Maseve) platinum mine and
the exploration and initial engineering on the newly discovered
Waterberg platinum deposit, where the Company is the operator of
the Waterberg JV Project with JOGMEC and Mnombo. The Company has
also expanded its exploration northward on to the Waterberg
Extension Project.
On behalf of the Board of Platinum Group Metals Ltd.
R. Michael Jones, President, CEO and Director
The Toronto Stock Exchange and the NYSEMKT LLC 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
completion of the WBJV Project 1mine (Maseve), the Company's
ability to secure further financing, the Company's plans with
respect to future exploration at Waterberg, development and
production on the Company's projects including mine construction at
WBJV Project 1 mine (Maseve), and all technical details of the
Waterberg PEA. 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.
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.
To view the images accompanying this press release, click on the
following link: http://media3.marketwire.com/docs/PGM612.pdf
Platinum Group Metals Ltd.R. Michael JonesPresident(604)
899-5450 / Toll Free: (866) 899-5450Platinum Group Metals Ltd.Kris
BegicVP, Corporate Development(604) 899-5450 / Toll Free: (866)
899-5450www.platinumgroupmetals.net
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