Platinum Group Metals Ltd.: Waterberg Platinum In-Fill Drilling Confirms Continuity and Includes 10.5m of 15.46g/t Platinum, ...
December 03 2012 - 9:40AM
Marketwired
Platinum Group Metals Ltd. (TSX:PTM)(NYSE MKT:PLG) ("Platinum
Group" or the "Company") announces that new drill intercepts have
confirmed the continuity of the Waterberg Inferred Resources area.
A total of 15 new intercepts, including hole deflections, confirm
the Waterberg Resource area and the continuity of the "T" and "F"
mineralized layers. Results released today include a T layer
intercept of 10.5 meters grading 15.46 grams per tonne ("g/t")
platinum, palladium plus gold ("2E+Au") and an F layer intercept of
6 meters grading 4.52 g/t 2E+Au. Step out and infill drilling now
underway with 10 rigs continues to intercept the identified
mineralized layers at Waterberg.
The Waterberg discovery has a current strike length totalling
5.5 kilometers and remains open along strike and up-dip. The
initial inferred mineral resource of 6.6 million ounces covers
approximately 2.8 km on the F layers and 1.8 km kilometers on the T
layers. (Initial inferred mineral resource of 68 million tonnes at
3.01 g/t 3E, comprised of 0.94 g/t Pt, 1.71 g/t Pd, 0.37 g/t Au.
Refer to Technical Report titled "Updated Exploration Results and
Mineral Resource Estimate for the Waterberg Platinum Project, South
Africa" dated November 5, 2012 at www.Sedar.com).
Results previously announced expanding the Waterberg discovery
also include 11.5 meters grading 7.18 g/t 2E+Au and 58 meters
grading 2.98 g/t 2E+Au as step out intercepts on the F layers.
Structural modelling, in-fill and step out drilling and detailed
scientific study have strengthened the deposit models and confirmed
excellent continuity. Drill hole WB 42 was drilled up dip of WB 34
(16.50 meters of 4.4 g/t 2E+Au, 1.32 g/t Pt, 2.87 Pd, 0.21 Au) and
this intercept, which is currently out for assay, extends the most
northern edge of the deposit up dip by 400 meters. Visual
interpretation and logging place the F layer in this intercept at
approximately 707 metres vertical below surface. Further drilling
up dip is pending the grant to the Joint Venture (in which Platinum
Group has a 49.9% effective interest; Japan Oil, Gas and Metals
National Corporation has a 37% and the effective balance with a BEE
company) of a prospecting permit which is in the application and
approval process at the Department of Mineral Resources. Drilling
further along strike to the northeast onto prospecting permit
applications 87% controlled by Platinum Group is also pending
receipt of permit approvals.
R. Michael Jones, P.Eng., President of Platinum Group said,
"Waterberg continues to impress our technical team in terms of
grade, thickness, continuity, shallow depths and the scale of the
opportunity."
Details - Table
---------------------------------------------------------------------------
Hole FROM TO LENGTH PGE Pt Pd Au Prill splits
---------------------- -----------------------------------------------
Number (m) (m) ZONE (m) g/t g/t g/t g/t Pt Pd Au
---------------------------------------------------------------------------
WB026D0 912.25 918.25 FP 6.00 4.52 1.48 2.78 0.26 33% 62% 6%
---------------------------------------------------------------------------
WB026D1 914.00 920.00 FP 6.00 4.17 1.53 2.42 0.22 37% 58% 5%
---------------------------------------------------------------------------
WB026D2 907.50 913.00 FP 5.50 3.54 1.36 2.02 0.16 38% 57% 5%
---------------------------------------------------------------------------
WB035D0 632.00 642.00 FP 10.00 3.45 1.12 2.18 0.15 32% 63% 4%
---------------------------------------------------------------------------
WB039D0 629.50 635.50 FP 6.00 3.45 1.13 2.19 0.13 33% 63% 4%
---------------------------------------------------------------------------
---------------------------------------------------------------------------
WB026D0 545.50 552.00 T1 6.50 2.99 0.86 1.31 0.82 29% 44% 27%
---------------------------------------------------------------------------
WB030D3 579.00 581.00 T1 2.00 3.32 1.01 1.55 0.76 30% 47% 23%
---------------------------------------------------------------------------
WB032D0 786.50 794.00 T1 7.50 4.21 1.27 2.41 0.53 30% 57% 13%
---------------------------------------------------------------------------
WB037D0 417.00 419.00 T1 2.00 2.22 0.69 1.48 0.05 31% 67% 2%
---------------------------------------------------------------------------
WB038D0 497.00 499.00 T1 2.00 1.56 0.54 1.00 0.02 35% 64% 1%
---------------------------------------------------------------------------
---------------------------------------------------------------------------
WB026D0 558.50 561.50 T2 3.00 1.15 0.30 0.32 0.53 26% 28% 46%
---------------------------------------------------------------------------
WB030D3 582.00 585.50 T2 3.50 2.41 0.67 1.15 0.59 28% 48% 24%
---------------------------------------------------------------------------
WB032D0 802.00 812.50 T2 10.50 15.46 4.46 7.63 3.37 29% 49% 22%
---------------------------------------------------------------------------
WB037D0 422.00 425.00 T2 3.00 3.95 1.21 2.18 0.56 31% 55% 14%
---------------------------------------------------------------------------
WB038D0 508.50 514.50 T2 6.00 4.99 1.59 2.77 0.63 32% 56% 13%
---------------------------------------------------------------------------
Qualified Person, Quality Control and Assurance,
Verification
R. Michael Jones, P.Eng., is the non-independent (CEO and
shareholder) Qualified Person ("QP") for this press release. He has
relevant experience in platinum exploration for the past 10 years
and precious metals exploration and mine operations over the past
25 years. Mr. Jones has verified the data and is satisfied that the
confidence of the data, the geological interpretation and estimates
are sufficient for this disclosure. He has visited the property and
reviewed the core and sampling on numerous occasions in 2011 and
2012. Ken Lomberg is the Independent (as defined in National
Instrument 43-101) QP for the inferred mineral resource estimate
released on September 5, 2012.
Quality control and assurance was completed in the normal
process for Platinum Group Metals (RSA) (Pty) Ltd. Standards,
duplicates and blanks were inserted regularly in every assay batch.
These assay results were checked and any results outside of two
standard deviations were re-assayed. Strict control and
documentation on the core from the drill rig to the site and the
assay samples to the lab were maintained at all times under a chain
of custody sign off system. The platinum group elements were
assayed by fire assay using a nickel sulphide collection method at
Setpoint Laboratories, Johannesburg, a SANAS accredited laboratory.
Thys Botha, a qualified geologist and resource estimator in the
full time employ of Platinum Group Metals (RSA) (Pty) Ltd., has
supervised the work and compilation of the results.
About Platinum Group Metals Ltd.
Platinum Group has an experienced mine building and operating
team based in Vancouver, Canada and Johannesburg, South Africa.
Platinum Group is building the WBJV Project 1 Platinum mine in the
Western Limb of the Bushveld Complex, South Africa. The WBJV
Project 1 is planned to be in production in 2014 and ramp up to
275,000 ounces per year of platinum, palladium, rhodium and gold.
The Company owns 74% of the WBJV Project 1 Mine and 26% is owned by
Wesizwe which is controlled by Jinchuan of China. The Platinum
Group management team has a track record of discovery of precious
metals mines over the past 25 years.
Platinum Group is listed as PLG on the NYSE MKT and PTM on the
TSX in Toronto.
On behalf of the Board of Platinum Group Metals Ltd.
R. Michael Jones
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
further exploration on the Company's properties, the Company's
permitting efforts, the potential results of the foregoing, and the
opportunity represented by Waterberg. In addition, estimates of
mineral resources constitute forward-looking statements to the
extent that they reflect estimates of mineralization that may be
encountered upon further drilling or mining. 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 obtain financing; 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 term "inferred mineral resources."
We advise U.S. investors that while this term is recognized and
required by Canadian regulations, the SEC does not recognize it.
"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 of resource, or will ever become a reserve. 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.
The Toronto Stock Exchange and the NYSE MKT have not reviewed
and do not accept responsibility for the accuracy or adequacy of
this news release, which has been prepared by management.
Contacts: Platinum Group Metals Ltd., Vancouver R. Michael Jones
President (604) 899-5450 or Toll Free: (866) 899-5450 Platinum
Group Metals Ltd., Vancouver Kris Begic VP, Corporate Development
(604) 899-5450 or Toll Free: (866) 899-5450 (604) 484-4710 (FAX)
www.platinumgroupmetals.net
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