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 remains 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 has largely been completed and, while no drill rigs are currently operating at Waterberg, additional follow-up boreholes can still be drilled before the end of the year.

The exploration group aims 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 is expected to be completed during the first or second quarter 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, remains on track, with total expenditure for development, construction, equipment and other costs reaching $161-million in the year to August.

The project is 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 reports the completion of earthworks and laydown areas for mill and concentrator facilities and the foundations for major mill and concentrator components. Steel erection is currently under way.

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

The cleaner flotation cells have been delivered to site and the rougher cells and flotation units are 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 has also advanced conveyors, crushers and an ore silo.

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

Underground mining of multiple declines and headings continue.

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