Platinum Group Metals has increased its resource estimate for Project 3 of the Western Bushveld Joint Venture (WBJV), it was confirmed yesterday (30th September).

The company had originally revealed in April 2008 that the site contained 1.9 million inferred ounces pgm 4E (platinum, palladium, rhodium and gold) in total.

However, the new resource calculation stands at 1.938 million ounces 4E in the indicated category, with the inferred category offering 21,000 oz pgm 4E.

The Merensky reef section of the indicated category contains 5.157 million tonnes at a grade of 6.03g/t, while the inferred section provides 443,000 tonnes at a grade of 1.47g/t.

A total of 5.947 million tonnes at a head grade of 4.91g/t was recorded at the UG2 reef section of the indicated category.

The overall Project 3 prill splits for the Merensky reef section are 64 per cent platinum (4.01g/t), 27 per cent palladium (1.69g/t), four per cent rhodium (0.25g/t) and five per cent gold (0.31g/t).

For the UG2 reef, the prill splits are 62 per cent platinum (3.42g/t), 28 per cent palladium (1.54g/t), nine per cent rhodium (0.5g/t) and one per cent gold (0.06g/t).

Platinum Group Metals, which is based in Vancouver, Canada, also currently has two active exploration joint ventures with Japanese state firm JOGMEC.

Source:



Platinum Group Metals Update (30/09/10)

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