Drilling on the 87% owned Waterberg Extension Permits has successfully confirmed the extension of the Bushveld Complex.
This includes the layered sequence of the F zone rock package for 4.0 km of strike length beyond the previously known northern limits of the Waterberg deposit, says Platinum Group Metals.
Sulphide mineralization consistent with the style and content of the Super F part of the known Waterberg deposit has been confirmed in drill hole WE-02 from a depth of 627-669 meters for an approximate true thickness of 40 meters and the drill hole is still in mineralization. This hole is located 1.4 km north of the 17.5 million inferred ounce Waterberg deposit. The resource estimate for the Waterberg deposit was updated by Coffey on September 3, 2013 and was calculated using 111 bore holes with a total of 301 pierce points, including deflections.
Holes WE 01, 02 03, 04 have all intersected the Bushveld rocks as expected and have intersected layering including the distinctive olivine rich layer at the top of the F Zone. Hole WE 06 is in the rock that overlies the Bushveld in this region. The northern most confirmation of the Bushveld Complex is now at 4.0 km beyond the previously known position. All of these holes are continuing towards the base of the F Zone where the deposit model predicts sulphide mineralization should be present. On the known deposit area the F zone is located consistently near the floor of the Bushveld Complex and is associated with olivine rich rocks with an average thickness of 3m to 30m.
Hole WE 5 located 5.4 km north of the known deposit is interpreted to be just eastward, beyond the Bushveld Complex subcrop position. A follow-up hole is planned to the west at this location.
Geophysical modeling has been effective in mapping the position of the Bushveld complex onto the area of the Waterberg extension licenses.Further drilling is planned along strike to the north from the current drill locations in the weeks ahead.