JOHANNESBURG (miningweekly.com) – TSX- and NYSE-listed Platinum Group Metals (PTM) sought to determine the scale of the Waterberg deposit as it progressed the exploration of the Waterberg Joint Venture (JV) in South Africa’s Bushveld Igneous Complex.

The group remained focused on further exploration and engineering on the newly discovered Waterberg platinum deposit located north of Mokopane, aiming to find the section of the Waterberg deposit with the greatest thickness near surface.

PTM injected about $15.7-million during the year ended August 31, to advance exploration activities at the site, with an additional $2.7-million funded by JV partner, the Japan Oil, Gas and Metals National Corporation.

The project’s 2014 drilling programme had been largely completed and, while no drill rigs were currently operating at Waterberg, additional follow-up boreholes could still be drilled before the end of the year.

The exploration group aimed to deliver a resource update for the Waterberg JV in early 2015 after hiking the estimated inferred mineral resources of its 49.9%-owned deposit to 29-million ounces of platinum, palladium, rhodium and gold in June.

Further, a prefeasibility study on the deposit was expected to be completed during the first or second quarters of 2015, with engineering activities under way.

Meanwhile, work on the Western Bushveld Joint Venture (WBJV) Project 1 platinum mine, near Rustenburg, in the North West, remained on track, with total expenditures for development, construction, equipment and other costs reaching $161-million in the year to August.

The project was now 64% complete, with first production planned for the fourth quarter of 2015, subject to PTM raising sufficient capital to complete the remaining Phase 2 construction.

PTM reported the completion of earthworks and laydown areas for mill and concentrator facilities and the foundations for major mill and concentrator components. Steel erection was currently under way.

Ancillary servicing for the north decline site, including buildings, piping, cabling, fencing and security, had also been completed during the period under review.

The cleaner flotation cells have been delivered to site and the rougher cells and flotation units were being assembled and installed.

The primary run-of-mine ball mill was on site and, as of November 14, the primary mill shell and related ends, trunions and gears were substantially installed on their supports.

PTM had also advanced conveyors, crushers and an ore silo.

The underground development at the project had also been well advanced, reaching the Merensky Reef, with initial mining blocks in planning and early development.

Underground mining of multiple declines and headings continued.

PTM’s cash position, which was $108-million at August 31, had declined to the current $78-million.