Platinum Group Metals – Drilling Results
Posted: February 6, 2013 Filed under: Exploration Companies, Precious Metals | Tags: Drill, Japan, Oil well, Platinum group, Platinum Group Metal, Section line, Toronto Stock Exchange, Waterberg Leave a comment
Waterberg – Babbuini (Photo credit: Routard05)
(PTM : TSX : $1.22
Shares of Platinum Group Metals jumped after the company announced that drilling along two section lines east and up-dip of the Waterberg deposit have intersected mineralized layers that were interpreted as the F layer.
If these layers are confirmed by assay to be the F mineralization, the northern section line on the deposit would expand by approximately 750 m
eastward and be brought up dip from 1,000 m vertical depth to about 280 m deep. At the north end of the deposit the over lying Waterberg sediments are thinning to the east.
Drilling is continuing to the east with shallower target depths. There are fifteen drill rigs operating on the property. Eight drill rigs are drilling on two section lines east of the Waterberg platinum, palladium and gold resource. The drilling area is in the joint venture with the Japan Oil, Gas and Metals National (JOGMEC).
Platinum Group owns a 49.9% direct and indirect interest in the Waterberg property, while JOGMEC holds a direct 37% interest in the Waterberg property with a balance of approximately 13.1% of the project being held by black empowerment interests .
AMP Gold and Precious Metals Portfolio 