Please find recent media coverage related to Platinum Group's recent Waterberg discovery on the North Limb of the Bushveld Complex in South Africa.
Newly explored Waterberg deposit a potential new lobe of platinum mineralisation to the north of the Bushveld Igneous Complex that is rich in platinum
ALLAN SECCOMBE � BUSINESS DAY
Published:2012/05/02 07:41:59 AM
CANADA's Platinum Group Metals has made a discovery of a potential new platinum deposit in SA that CEO Mike Jones describes as "geologically the most interesting thing I've done".
Mr Jones, who has been involved in mining for 25 years, tells a story about a silver mine in Mexico that had been in operation for more than 400 years and yet a company he was involved in found a rich silver deposit nearby.
"In SA, there's been more than 100 years of mining, but don't be so sure the best-grade thicknesses have all been found yet," he said last week.
The area in Limpopo where the deposit was found was generally thought not to have platinum group metal mineralisation due to its geological make-up.
The Waterberg deposit, which Mr Jones describes as a potential new lobe of platinum mineralisation, lies to the north of the geological feature called the northern limb of the Bushveld Igneous Complex, beyond the maps showing the extent of that limb. The two reefs that Platinum Group and its partner, Japan's state-owned Jogmec, had discovered were unlike the Platreef that made up the northern limb, he said.
The reefs had a 50% palladium, 30% platinum and 20% gold content and were dissimilar to the Merensky and UG2 reefs mined on the western and eastern limbs of the complex, he said.
No rhodium, a common metal in the group of platinum metals, has yet been found.
Eight drill rigs are exploring the area for which the venture has secured prospecting rights and applied for more. It holds a prospecting right for 200km� and has applied for another 800km�.
"If this is a new lobe of the Bushveld Complex then we'll own it all," Mr Jones said.
"We are very confident of the mineralisation. It is not a nickel system," he said.
Platinum Group has diverted its entire geology team from its Western Bushveld Joint Venture mine near the Pilanesberg game reserve to the project and may add two more drill rigs and dramatically bump up the venture's $2m exploration budget.
About Platinum Group Metals Ltd.
Platinum Group holds mineral rights in both Canada and South Africa. The Company was founded originally in 2000 and expanded into South Africa in 2002. The WBJV Project 1 Platinum Mine in development is the core asset of the Company. An exciting exploration discovery has been made in partnership with JOGMEC of Japan also in South Africa where a new part of the Bushveld Complex, famous for platinum production has been discovered.
For further information contact:
Kris Begic, Vice-President, Corporate Development
Platinum Group Metals Ltd., Vancouver
Tel: (604) 899-5450 / Toll Free: (866) 899-5450