TSX-listed Platinum Group Metals (PGM) has announced that Hole WB-99 has intersected 25.5 m of the T2-layer grading 6.4 g/t 3E (1.86 g/t platinum, 3.20 g/t palladium and 1.37 g/t gold, 0.34% copper, 0.17% nickel) at the Waterberg project, over a core length of 25.5 m at a depth of 681.0 m to 706.5 m.The company noted that, included is a higher grade intercept of 2.5 m of 12.2 g/t 3E at 698.5 m to 701.0 m. This intercept is located 800 m northeast along strike from the previous intercepts and 300 m northeast of the blocks in the current T2 layer resources. The assays from WB-99 display the distinctive T-layer metal ratios of approximately 29% platinum, 50% palladium and 21% gold. WB-99 is within the JOGMEC joint venture, where the company holds a 49.9% effective interest. “This intercept is important because it’s high grade, thick, relatively near surface, open up dip, is an 800 m step out from the most north eastern intercept and it increases the potential of the best grade, best metallurgical recovery layer in the Waterberg deposit. The intercept is in position, at the predicted depth, with the signature 20% gold ratio in the precious metals basket, further confirming it to be T2,” said PGM’s CEO R. Michael Jones.
Meanwhile, drilling is continuing with a further 1.7 kilometre northward step out from WB-99, again targeting the T-mineralized layers. The WB-99 intercept is estimated to have a true thickness of 20.1 m and the deposit model is open on strike, up-dip and down-dip. The T1-layer was also intersected in WB-99, adding to the confirmation of deposit continuity.Prior to hole WB-99 drilling has focused on fill-in drilling on the F-layers, at 250 m spacing, up-dip from the current area of declared F-layer mineral resource. An updated table of intercepts from this work is expected. An update to the overall resources at Waterberg including the T-and F-layers is on track for August 2013. Drill spacing has been selected to allow for potential resource additions on both T-and F-layers. The 10.1 million ounce platinum, palladium and gold Waterberg deposit consisting T1, T2, FP and FH layers was initially discovered by the company and joint venture partners including JOGMEC of Japan. The resource has expanded significantly during 2012.