Platmin intersects from Bushveld

While it still doesn’t have a firm handle on the structure of its Scheiding property in South Africa’s legendary Bushveld Complex, the latest results from Platmin‘s (PPN-T,PPN-L) drill program were strong enough to give the South African-based company a healthy lift.

In Toronto on Dec. 21 Platmin’s shares were up nearly 4% or 20 to $5.70 on roughly 750,000 shares.

The company says drilling confirmed that the Merensky Reef and UG2 Chromitite Layer underlie Scheiding. Highlights from the zones include:

• Hole SHB-001 8.09 grams platinum group elements (PGE) and 0.63 grams gold over 1.2 metres
• Hole SHB-004 6.42 grams PGE and 0.28 grams gold over 1.8 metres
• Hole SHB-009 8.74 grams PGE and 0.46 grams gold over 1.23 metres
• Hole HB-005 10.46 grams PGE and 0.27 grams gold over 1.32 metres

Scheiding is situated on the northern margin of the eastern limb of Bushveld which hosts over half the world’s platinum, chromium, vanadium and refractory minerals.

The property sits roughly 20-km northeast of Platmin’s M’Phatlele project and is adjacent to Anglo Platinum‘s (AMS-J) Lebowa Platinum Mine.

The company says Scheiding is defined by the normally regular and planar Bushveld Stratigraphy being disrupted by attenuation of certain units as well as an apparent slumping within the magmatic stratigraphy. Furthermore, says Platmin, the area is complicated by faulting.

Platmin says while the intersections are encouraging, further work still needs to be done to get a better handle on the geology of the complex structural setting.

Platmin has the option to acquire 100% of platinum group mineral rights in portion 2 of Scheiding through its subsidiary once a bankable feasibility on the project is finished.