Dual-listed Platinum Group Metals (PTM) reports that an infill drill campaign under way since November 2022, at the Waterberg project, located on the northern limb of the Bushveld Complex in South Africa, has been completed.

All 16 planned T Zone boreholes and 16 planned F Zone boreholes have been drilled.

Drill cores from the completed boreholes have been logged and the mineralised intercepts recovered have been sampled and sent for assay by Intertek Genalysis Minerals in Australia.

All F Zone final assays from the infill drill programme have now been received.

Copper grades per tonne for all F Zone intercepts averaged 0.060%. Nickel grades per tonne for all F Zone intercepts averaged 0.184%.

In addition to the infill drill programme, several geotechnical holes have also been completed and several more remain to be drilled.

One exploration borehole is currently under way at a location about 15 km north of the main project area and is presently at a depth of about 1 300 m.

“This exploration borehole is intended to improve our understanding of the geology and economic potential of the Waterberg deposit on prospecting rights located adjacent to the north of the Waterberg project’s granted mining right,” PTM states.

Intrusive formations of the Bushveld Igneous Complex have been intercepted in this exploration borehole, as expected.

The infill drill programme targeted near-surface inferred and indicated mineral resource blocks that have good potential for conversion to higher confidence levels, potentially identifying additional tonnage for inclusion in early mine plans.

Drilling of the 16 F Zone boreholes was also intended to improve the delineation of the F Zone subcrop geometry. Results from the F Zone drilling are consistent with expectations.

Some tonnage in the resource blocks drilled in the infill drill programme was included in previous mine planning for the 2019 Waterberg project definitive feasibility study (DFS).

"We are once again pleased with the results from our infill drill programme and geotechnical drilling. Results are as expected and project geologists will use the results to update the Waterberg resource estimate, which project engineers will then use to optimize the Waterberg mine plan and development schedule for use in our Waterberg DFS update, which is in process,” PTM president and CEO Frank Hallam said.

As reported previously, on October 18, 2022, project operating company Waterberg JV Resources approved in principle a pre-construction work programme of about $21-million over a 23-month period ending August 31, 2024.

From the work programme, an initial budget of about $2.5-million was approved for expenditure by March 31, and this work, including the infill drill programme, is nearly complete. On March 24, The Waterberg JV board approved the funding of a second tranche of the work programme in the amount of $3.6-million. The stage two budget will cover the period from April 1 to August 31 and is to include Waterberg DFS update engineering, pre-construction engineering, electrical power supply engineering and the permitting and licensing of construction aggregate borrow pits identified near the planned Waterberg mine site.

Waste rock material retained after assaying of the T Zone and F Zone infill drilling will be further processed to determine dry-stack tailings characteristics and provide additional concentrate metallurgical data. If dry stack tailings methods are implemented, it is estimated that Waterberg mine water consumption could be reduced by 40% to 50%.

The company is focussed on advancing the Waterberg project to a development and construction decision. It is planned to be a mechanised, shallow, decline access platinum, palladium, rhodium and gold mine and is projected to be one of the largest and lowest cost underground platinum group metals mines globally.