Resource 20% lower at Western Bushveld

Vancouver A revised resource estimate for Platinum Group Metals’ (PTM-V) Western Bushveld joint venture in South Africa, has come up with nearly 20% less contained ounces of the four platinum group metals reported by its partner, Anglo Platinum last month.

Platinum Group’s updated independent resource estimate resulted in 4.74 million ounces combined platinum + palladium + rhodium + gold (PGMs) for the project, compared with 5.87 million oz. estimated by Anglo for the same area.

The new independent estimate pegs the resource at Merensky Reef at 15.41 million tonnes grading 7.92 grams PGMs, for a total of 3.93 million contained oz. while the UG2 Reef is pegged at 10.05 million tonnes at 2.52 grams PGMs or a total of 0.82 million oz.

By comparison, Anglo Platinum reported inferred resources of 21 million tonnes grading 5.88 grams PGMs on the Merensky Reef for 3.96 million oz. contained and 13 million tonnes averaging 4.25 grams per tonne on the UG2 Reef (1.77 million oz.) for the southeastern property area.

Platinum Group states that the two estimates were developed using independent approaches, and that as operator of the adjoining Bafokeng Rasimone mine, Anglo was able to consider a broader statistical data set and regional information in its estimate.

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