Platinum Group Metals has increased its Waterberg Resource to 17.5 million ounces from 10.3 million ounces.

The TSX and NYSE-listed company, Platinum Group Metals (PLG), announced on Tuesday an updated independent Inferred Resource estimate for the Waterberg Joint Venture of 167 Million tonnes grading 3.26 grams per tonne of platinum, palladium and gold for a total of 17.5 million ounces with significant copper and nickel credits.

This includes that T1, T2 and F layers in an extension of the Bushveld Complex discovered in late 2011. Platinum Group owns an effective 49.9% interest in the Joint Venture.

“Mechanized mining methods, milling and infrastructure requirements for the Waterberg platinum deposit are all being studied as part of a Preliminary Economic Assessment (PEA),” says PLG.

Drills are currently on standby at the property boundary to complete initial investigations on strike, which will commence as soon as the completed environmental management plan over the new extension Prospecting Rights is approved.

“Interpretation of airborne gravity and magnetic surveys by the Company provide a clear target for drilling northward over approximately a further 20 kilometers,” says PLG. “Multiple boreholes along strike are planned to be drilled simultaneously.”

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