Platinum Group Metals - Waterberg, South Africa
I visited Platinum Group Metals' discovery at the Waterberg Project in northern South Africa on February 8, 2012.
PTM has discovered a previously unknown extension to the Northern Limb of the Bushveld Complex, hidden under overlying Waterberg sediments. What makes this project of interest is that instead of the typical narrow Merensky and UG2 reefs(<1m thick) that are mined in most of the Bushveld, the Waterberg discovery has reef thicknesses of 3-6m (and up to 16m in places) which would allow for mechanized underground mining, instead of the manual mining methods employed elsewhere. The only other places of significance where this is possible are on Angloplat's PPRust mine (open pit) and Ivanplat's newly-announced Flatreef discovery (planned underground operation).
PTM's drilling to date has defined a resources of just over 10 Moz Pt+Pd+Au grading 3.39g/t Pt+Pd+Au.
PTM was recently awarded a license over the up-dip extension of their Waterberg resource and were drilling this area when Iw visited site. They are also awaiting approval of an application of a very large area adjacent to the north, along the anticipated strike of the Bushveld subcrop.
Click on the thumbnails below for a caption and larger image.
The foregoing discussions are a result of site visits and are not to be construed as a recommendation, an endorsement or as investment advice. Sprott Asset Management USA, entities that it controls, family, friends, employees, associates, and others may hold positions in these securities, may recommend them to clients, and may sell the same at any time.