PLATINUM Group Metals (PTM) said it had increased confidence in the mineral resource estimate for its Waterberg Joint Venture, a palladium/platinum prospect in South Africa in which Impala Platinum (Implats) has an option.
Commenting in an announcement today, PTM said the mineral resources estimated in the combined measured and indicated categories increased 1.46 million 4E ounces to 26.34 million 4E oz. Inferred mineral resources are estimated at seven million 4E oz. Estimates assume a cut-off grade of 2.5 grams per tonne.
Implats has a 15% stake in the Waterberg JV but it has the option to extend this to over 50% – a decision it must take during the course of 2019. Currently, PTM owns 50.02% of the project with the Japan, Oil, Gas and Metals National Corporation holding 21.95% and empowerment partner Mnombo Wethu Consultants holding the balance. Hosken Consolidated Investments Limited has recently purchased more than a 15% ownership interest in PTM at the South African company level.
PTM said in September it had submitted a mining right application for the Waterberg JV with South Africa’s Department of Mineral Resources. The mineral resource is roughly two-thirds palladium. Subject to a definitive feasibility study, up to 744,000 ounces a year in palladium could potentially be mined from the venture.
