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Platinum Group Metals Ltd. Announces Increased Confidence in Large Scale, Palladium Dominant Deposit with Strong Gold Credit at Waterberg JV South Africa
Measured and Indicated Mineral Resources Increased by 1.46 million PGE Ounces to 26.34 Million Ounces New Measured Category Mineral Resource of 6.26 Million 4E
About this update from Platinum Group Metals Ltd.
[{"type":"text","content":" Measured and Indicated Mineral Resources Increased by 1.46 million PGE Ounces to 26.34 Million Ounces New Measured Category Mineral Resource of 6.26 Million 4E Ounces T Zone Measured and Indicated Grade Increased 16% VANCOUVER, British Columbia and JOHANNESBURG, South Africa, Oct. 25, 2018 (GLOBE NEWSWIRE) -- Platinum Group Metals Ltd. (PTM-TSX; PLG-NYSE.AMERICAN) (“Platinum Group” or the “Company”) announces positive results from additional drilling and mineral resource assessment on the Waterberg Project’s palladium dominant deposit. The 2018 drilling program has increased confidence in the estimated Mineral Resources for the project, with 6.26 million 4E ounces now recognized in the higher confidence Measured Category. Mineral Resources estimated in the combined Measured and Indicated Categories have increased by 1.46 million 4E ounces to 26.34 million 4E ounces. Inferred Mineral Resources are estimated at 7.0 million 4E ounces. All of the preceding estimated at a 2.5 g/t 4E (palladium, platinum, rhodium and gold) cut-off grade. See tables below. The updated Measured and Indicated Mineral Resource totaling 26.34 million 4E ounces is comprised of 63.04% palladium, 29.16% platinum, 6.37% gold and 1.43% rhodium (242.5 Million Tonnes at 3.38 g/t 4E, versus 218.3 Million Tonnes grading 3.55 g/t 4E Indicated in the 2016 Pre-feasibility Study (the “2016 PFS”) titled “Independent Technical Report on the Waterberg Project including Mineral Resource Update and Pre-Feasibility Study” dated October 19, 2016). The T zone Measured and Indicated Mineral Resources have increased in grade from 3.88 g/t 4E in 2016 to 4.51 g/t 4E in 2018. See tables below. The new increased confidence level Mineral Resources are being used for detailed mine planning in an ongoing Definitive Feasibility Study (the “DFS”). The DFS is being managed by Platinum Group and a Technical Committee including all partners of the project operating company Waterberg JV Resources Pty Ltd. (“Waterberg JV Co.”). The ongoing DFS is considering two large scale underground bulk mining and milling options of 600,000 tonnes per month and a more modest, but still large, first phase at 250,000 to 350,0000 tonnes per month. Platinum Group holds a 50.02% effective interest in Waterberg JV Co., with the Japan, Oil, Gas and Metals National Corporation (“JOG...