UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule
13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the period of: April 21, 2015
Platinum Group Metals Ltd.
(SEC
File No. 001-33562)
Suite 788 550 Burrard Street, Vancouver BC, V6C 2B5,
CANADA
Address of Principal Executive Office
Indicate by check mark whether the registrant files or will file
annual reports under cover:
Form 20-F [ ] |
Form 40-F [X] |
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
Date: April 21,
2015 |
R.
Michael Jones |
|
R. MICHAEL JONES |
|
DIRECTOR & CEO |
|
|
|
|
EXHIBIT INDEX
|
788 550 Burrard Street
Vancouver, BC V6C 2B5 P: 604-899-5450 F: 604-484-4710 |
|
News Release
|
No. 15-300 |
April 20, 2015 |
Platinum Group Metals Reports Second Waterberg Extension
Intercept, 3.4 kilometers beyond the Resource
(Vancouver, British Columbia) Platinum Group Metals Ltd.
(PTM-TSX; PLG-NYSE MKT) (Platinum Group Metals or the Company)
announces a new intercept WE 049 located 3.4 kilometers northward beyond the
previous resource limit of the Waterberg deposit. The deposit remains open,
beyond the current strike length, for further expansion and all of the
intercepts will be considered in the resource update planned shortly.
Independent qualified person resource calculations and peer reviews are in
progress.
Step-out intercept WE 049 is very significant as it further
establishes the open potential northward along strike on the Waterberg Extension
property where Platinum Group Metals holds an effective 87% interest on the
Waterberg Extension property.
The Waterberg deposit has been divided into the Waterberg I,
II, III domains. Each domain represents approximately 5 kilometers of strike
length. The initial engineering work at Waterberg covered Waterberg I. The
current resource at Waterberg, prior to the update in progress, is 29 million
ounces over approximately 10 kilometers of strike length (100% basis, Inferred
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 Technical Report on SEDAR filed
December 19, 2014). Geophysical modelling suggests an extension target at
Waterberg III for 5 kilometers and further north.
A total of 71,000 meters of largely fill drilling has been
completed since the last resource estimate. One drill continues to prospect the
open strike and dip lengths looking for the best palladium and platinum grade
and thickness at Waterberg.
Details
Hole WE 049 has returned assays of 2.03 g/t 3E over 21.45
meters (1.42 g/t palladium, 0.54 g/t platinum and 0.07 g/t gold) from 1166.05 to
1187.5 meters including 3.04 g/t 3E over 6.83 meters (2.05 g/t palladium,
0.88 g/t platinum and 0.11g/t gold) from 1180.67 to 1187.5 meters.
The above intercepts are all from within a broader 56 meter
zone of elevated PGE mineralization from approximately 1159 to 1215 meters.
The true thicknesses of the above intercepts are estimated to
be approximately 79% of the widths reported herein. At a thickness of greater
than 3 meters the target deposit is modelled utilizing an efficient fully
mechanized mining approach.
Hole WE 049 was drilled on the Waterberg Extension
approximately 1.5 kilometers north of hole WE 046 D1, reported in a news
release on December 5, 2014, which returned assays of 6.03 g/t 3E over 4.52
meters (4.15 g/t palladium, 1.46 g/t platinum and 0.42 g/t gold ) from 1484.48
to 1489.00 meters.
|
788 550 Burrard Street
Vancouver, BC V6C 2B5 P: 604-899-5450 F: 604-484-4710 |
|
Details WE 049
ZONE |
FROM |
TO |
Length |
Pt |
Pd |
Au |
3E |
Cu |
Ni |
Pt:Pd:Au |
|
|
|
(m) |
(g/t) |
(g/t) |
(g/t) |
(g/t) |
(%) |
(%) |
|
F-ZONE |
1 166.05 |
1 187.5 |
21.45 |
0.54 |
1.42 |
0.07 |
2.03 |
0.06 |
0.19 |
27:70:3 |
INCLUDING |
1 180.67 |
1 187.5 |
6.83 |
0.88 |
2.05 |
0.11 |
3.04 |
0.08 |
0.22 |
29:67:4 |
Pre-Feasibility Study Continuing
A first priority for Waterberg in 2015 will be the completion
of resource update in May 2015, including recent drilling, followed by
Pre-Feasibility results in mid-2015. Engineering firm DRA is continuing with the
Pre-Feasibility Study, which is funded by the Company and Waterberg Joint
Venture partner JOGMEC (defined below).
Qualified Person, Quality Control and Assurance
R. Michael Jones, P.Eng. is the non-independent qualified
person who has reviewed and verified the technical information disclosed in this
press release. He has relevant experience in precious metals and platinum
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 from 2011 through 2014.
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. These standards are detailed in the Technical Report dated
December 19, 2014, referred to above.
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.
About the Waterberg Projects
The Waterberg Joint Venture is 49.9% effectively held by
Platinum Group Metals directly and indirectly. The Japan Oil, Gas and Metals
National Corporation ("JOGMEC"), a state owned mining company from Japan, is an
active participant in the Waterberg Joint Venture along with Platinum Group
Metals and South African empowerment partner Mnombo Wethu Consultants (Pty) Ltd.
The Waterberg deposit was discovered in late 2011 by the joint venture partners
and has grown dramatically over the past few years to be a globally significant
deposit. The Waterberg Extension is held 87% by Platinum Group Metals directly
and indirectly and is located adjacent and to the north of the Waterberg Joint
Venture within a regional scale set of prospecting rights granted to the
Company.
|
788 550 Burrard Street
Vancouver, BC V6C 2B5 P: 604-899-5450 F: 604-484-4710 |
|
About Platinum Group Metals Ltd.
Platinum Group Metals is based in Johannesburg, South Africa
and Vancouver, Canada. The Companys business is currently focused on the
construction of the 82% owned WBJV Project 1 (Maseve) platinum mine, targeted
for production in Q4 2015 and the exploration and prefeasibility engineering on
the Waterberg platinum deposit.
On behalf of the Board of
Platinum Group Metals
Ltd.
R. Michael Jones
President and CEO
For further information contact:
R. Michael Jones,
President
or Kris Begic, VP, Corporate Development
Platinum Group Metals
Ltd., Vancouver
Tel: (604) 899-5450 / Toll Free: (866) 899-5450
www.platinumgroupmetals.net
Disclosure
The Toronto Stock Exchange and the NYSE MKT 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 potential or planned exploration, studies, analyses,
development, operations and other future occurrences affecting the Companys
projects, including the potential for updates to the resource estimates for the
Waterberg Projects, the planned pre-feasibility study for the Waterberg Projects
and the development of the Project 1 platinum mine. In addition, estimates of
mineral resource are forward-looking statements because they represent estimates
of mineralization that may be encountered if a mine is developed. 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 Companys ability to obtain any necessary permits,
consents or authorizations required for its activities; the Companys 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 Companys 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.
|
788 550 Burrard Street
Vancouver, BC V6C 2B5 P: 604-899-5450 F: 604-484-4710 |
|
Cautionary Note to U.S. Investors Regarding Estimates of
Inferred Mineral Resources
The disclosure in this press release regarding mineral
properties was prepared in accordance with Canadian National Instrument 43-101
(NI 43-101), which differ significantly from the mineral reserve disclosure
requirements of the U.S. Securities and Exchange Commission (SEC) set out in
Industry Guide 7.Under NI 43-101, companies are permitted and required to
disclose mineral resources, which are not reserves. U.S. companies subject
to the disclosure requirements of the SEC are not normally permitted to disclose
mineralization unless they constitute reserves by U.S. standards in documents
filed with the SEC. Investors are specifically cautioned not to assume that any
part or all of measured mineral resources, indicated mineral resources or
inferred mineral resources will ever be converted into SEC defined mineral
reserves. 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 exist or 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. In addition,
the definitions of reserves and related terms under NI 43-101 and the SECs
Industry Guide 7 differ significantly. Accordingly, any reserves disclosed in
this press release may not constitute reserves under SEC standards. Under SEC
standards, mineralization may not be classified as a reserve unless the
determination has been made that the mineralization could be economically and
legally produced or extracted at the time the reserve determination is made.
Among other things, all necessary permits would be required to be in hand or
issuance imminent in order to classify mineralized material as reserves under
the SEC standards. Further, while NI 43-101 permits companies to disclose the
economic projections contained in preliminary economic analyses and
pre-feasibility studies, which are not based on reserves, U.S. companies are
not normally permitted to include such economic projections in their SEC filings
prior to the establishment of reserves under SEC standards. For the above
reasons, statements contained in this press release that describes mineral
reserve and resource estimates or that describes the results of preliminary
economic analyses or pre-feasibility studies are not comparable to similar
information made public by U.S. companies subject to the reporting and
disclosure requirements of the SEC.
FORM 51-102F3 |
MATERIAL
CHANGE REPORT |
ITEM 1. |
NAME AND
ADDRESS OF COMPANY |
|
|
|
|
|
|
PLATINUM GROUP METALS LTD. (the
Company or Platinum Group) |
|
788 550 Burrard Street Vancouver
BC, V6C 2B5 |
|
Telephone: |
(604) 899-5450 |
Facsimile: (604)
484-4710 |
ITEM 2. |
DATE OF MATERIAL
CHANGE |
April 20, 2015
A news release was disseminated on
April 20, 2015 to the TSX as well as through various other approved public media
and was SEDAR filed with the British Columbia, Alberta, Saskatchewan, Manitoba,
Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island and
Newfoundland Securities Commissions.
ITEM 4. |
SUMMARY OF MATERIAL
CHANGE |
(Vancouver, British Columbia) Platinum
Group Metals Ltd. (PTM-TSX; PLG-NYSE MKT) (Platinum Group or the Company)
announces a new intercept WE 049 located 3.4 kilometers northward beyond the
previous resource limit of the Waterberg deposit. The deposit remains open,
beyond the current strike length, for further expansion and all of the
intercepts will be considered in the resource update planned shortly.
Independent qualified person resource calculations and peer reviews are in
progress.
Step-out intercept WE 049 is very
significant as it further establishes the open potential northward along strike
on the Waterberg Extension property where Platinum Group Metals holds an
effective 87% interest on the Waterberg Extension property.
The Waterberg deposit has been divided
into the Waterberg I, II, III domains. Each domain represents approximately 5
kilometers of strike length. The initial engineering work at Waterberg covered
Waterberg I. The current resource at Waterberg, prior to the update in progress,
is 29 million ounces over approximately 10 kilometers of strike length (100%
basis, Inferred 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 Technical Report
on SEDAR filed December 19, 2014). Geophysical modelling suggests an extension
target at Waterberg III for 5 kilometers and further north.
A total of 71,000 meters of largely
fill drilling has been completed since the last resource estimate. One drill
continues to prospect the open strike and dip lengths looking for the best
palladium and platinum grade and thickness at Waterberg.
Details
Hole WE 049 has returned assays of
2.03 g/t 3E over 21.45 meters (1.42 g/t palladium, 0.54 g/t platinum and 0.07
g/t gold) from 1166.05 to 1187.5 meters including 3.04 g/t 3E over 6.83
meters (2.05 g/t palladium, 0.88 g/t platinum and 0.11g/t gold) from 1180.67 to
1187.5 meters.
The above intercepts are all from
within a broader 56 meter zone of elevated PGE mineralization from approximately
1159 to 1215 meters.
The true thicknesses of the above
intercepts are estimated to be approximately 79% of the widths reported herein.
At a thickness of greater than 3 meters the target deposit is modelled utilizing
an efficient fully mechanized mining approach.
Hole WE 049 was drilled on the
Waterberg Extension approximately 1.5 kilometers north of hole WE 046 D1,
reported in a news release on December 5, 2014, which returned assays of 6.03
g/t 3E over 4.52 meters (4.15 g/t palladium, 1.46 g/t platinum and 0.42 g/t gold
) from 1484.48 to 1489.00 meters. Details WE 049
ZONE |
FROM |
TO |
Length |
Pt |
Pd |
Au |
3E |
Cu |
Ni |
Pt:Pd:Au |
|
|
|
(m) |
(g/t) |
(g/t) |
(g/t) |
(g/t) |
(%) |
(%) |
|
F-ZONE |
1 166.05 |
1 187.5 |
21.45 |
0.54 |
1.42 |
0.07 |
2.03 |
0.06 |
0.19 |
27:70:3 |
INCLUDING |
1 180.67 |
1 187.5 |
6.83 |
0.88 |
2.05 |
0.11 |
3.04 |
0.08 |
0.22 |
29:67:4 |
Pre-Feasibility Study Continuing
A first priority for Waterberg in 2015
will be the completion of resource update in May 2015, including recent
drilling, followed by Pre-Feasibility results in mid-2015. Engineering firm DRA
is continuing with the Pre-Feasibility Study, which is funded by the Company and
Waterberg Joint Venture partner JOGMEC (defined below).
Qualified Person, Quality Control
and Assurance
R. Michael Jones, P.Eng. is the
non-independent qualified person who has reviewed and verified the technical
information disclosed in this press release. He has relevant experience in
precious metals and platinum 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 from 2011 through 2014.
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. These standards are detailed in the Technical Report
dated December 19, 2014, referred to above.
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.
About the Waterberg Projects
The Waterberg Joint Venture is 49.9%
effectively held by Platinum Group Metals directly and indirectly. The Japan
Oil, Gas and Metals National Corporation ("JOGMEC"), a state owned mining
company from Japan, is an active participant in the Waterberg Joint Venture
along with Platinum Group Metals and South African empowerment partner Mnombo
Wethu Consultants (Pty) Ltd. The Waterberg deposit was discovered in late 2011
by the joint venture partners and has grown dramatically over the past few years
to be a globally significant deposit. The Waterberg Extension is held 87% by
Platinum Group Metals directly and indirectly and is located adjacent and to the
north of the Waterberg Joint Venture within a regional scale set of prospecting
rights granted to the Company.
About Platinum Group Metals Ltd.
Platinum Group Metals is based in
Johannesburg, South Africa and Vancouver, Canada. The Companys business is
currently focused on the construction of the 82% owned WBJV Project 1 (Maseve)
platinum mine, targeted for production in Q4 2015 and the exploration and
prefeasibility engineering on the Waterberg platinum deposit.
|
|
On behalf of the Board of |
|
|
Platinum Group Metals Ltd. |
|
|
R. Michael Jones |
|
|
President and CEO |
|
|
|
|
|
For further information contact: |
|
|
R. Michael Jones, President |
|
|
or Kris Begic, VP, Corporate Development |
|
|
Platinum Group Metals Ltd., Vancouver |
|
|
Tel: (604) 899-5450 / Toll Free: (866) 899-5450
|
|
|
www.platinumgroupmetals.net
|
Disclosure
The Toronto Stock Exchange and the
NYSE MKT 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 potential or planned
exploration, studies, analyses, development, operations and other future
occurrences affecting the Companys projects, including the potential for
updates to the resource estimates for the Waterberg Projects, the planned
pre-feasibility study for the Waterberg Projects and the development of the Project 1
platinum mine. In addition, estimates of mineral resource are forward-looking
statements because they represent estimates of mineralization that may be
encountered if a mine is developed. 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
Companys ability to obtain any necessary permits, consents or authorizations
required for its activities; the Companys 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 Companys 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
The disclosure in this press release
regarding mineral properties was prepared in accordance with Canadian National
Instrument 43-101 (NI 43-101), which differ significantly from the mineral
reserve disclosure requirements of the U.S. Securities and Exchange Commission
(SEC) set out in Industry Guide 7.Under NI 43-101, companies are permitted and
required to disclose mineral resources, which are not reserves. U.S.
companies subject to the disclosure requirements of the SEC are not normally
permitted to disclose mineralization unless they constitute reserves by U.S.
standards in documents filed with the SEC. Investors are specifically cautioned
not to assume that any part or all of measured mineral resources, indicated
mineral resources or inferred mineral resources will ever be converted into
SEC defined mineral reserves. 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 exist or 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. In
addition, the definitions of reserves and related terms under NI 43-101 and
the SECs Industry Guide 7 differ significantly. Accordingly, any reserves
disclosed in this press release may not constitute reserves under SEC
standards. Under SEC standards, mineralization may not be classified as a
reserve unless the determination has been made that the mineralization could
be economically and legally produced or extracted at the time the reserve
determination is made. Among other things, all necessary permits would be
required to be in hand or issuance imminent in order to classify mineralized
material as reserves under the SEC standards. Further, while NI 43-101 permits
companies to disclose the economic projections contained in preliminary economic
analyses and pre-feasibility studies, which are not based on reserves, U.S.
companies are not normally permitted to include such economic projections in
their SEC filings prior to the establishment of reserves under SEC standards.
For the above reasons, statements contained in this press release that describes
mineral reserve and resource estimates or that describes the results of
preliminary economic analyses or pre-feasibility studies are not comparable to
similar information made public by U.S. companies subject to the reporting and
disclosure requirements of the SEC.
ITEM 5. |
RELIANCE ON
SUBSECTION 7.1 OF NATIONAL
INSTRUMENT 51-102 |
N/A
ITEM 6. |
OMITTED INFORMATION
|
N/A
ITEM 7. |
EXECUTIVE OFFICER
|
The following senior officer of the
Issuer is knowledgeable about the material change and may be contacted by the
Commission at the following telephone number:
R. Michael Jones, President & CEO
Phone: (604) 899-5450
April 20, 2015
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