Platinum Group Metals Ltd.: Exhibit 99.2 - Filed by newsfilecorp.com
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328 – 550 Burrard Street
Vancouver,
BCV6C 2B5
P: 604-899-5450
F: 604-484-4710 |
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| News Release |
No. 14-275
March 4, 2014
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Platinum Group Metals Confirms Waterberg Deposit Expansion
And New
Platinum-Palladium
Intercepts 16 kilometers Along Strike
(Vancouver/Johannesburg) Platinum Group Metals Ltd.
(PTM-TSX; PLG-NYSE MKT) (“Platinum Group” or the “Company”) announces new drill
intercepts of the thick “Super F” “3E” platinum palladium and gold
mineralization extending the Waterberg deposit and a new discovery 16 kilometers
north from the Waterberg Joint Venture in the northern part of the permit
area.
Super F Deposit Extension Highlights are as follows:
| WE-017: |
Super F layer
intercept of |
22.71m assaying 2.69 g/t 3E
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Including |
9.50m assaying 4.31 g/t 3E
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| WE-019: |
Super F Layer
intercept of |
22.25m assaying 2.34 g/t 3E
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Including |
10.19 m assaying 3.76 g/t 3E
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| WE-022: |
Super F layer
intercept of |
56.02m assaying 3.18 g/t 3E
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Including |
22.00 m assaying 4.11 g/t 3E
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| WE-024: |
Super F Layer
intercept of |
37.00m assaying 2.08 g/t 3E
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(See details of prill splits grams per tonne 3E, platinum,
palladium and gold in the table below averaging approximately 30% platinum, 65%
palladium and 5% gold)
When the new intercepts reported above are averaged with
previously announced holes WE-001, WE-002 and WE-008, a strike extension of
1,700 meters from the current deposit by a down dip length of 750 meters returns
an average grade thickness of 3.35 g/t over 31 meters with a true thickness
estimated at 24 meters.
These exploration results may affect the scale of the mine
plans outlined in the Preliminary Economic Assessment (“PEA”) for the Waterberg
Joint Venture reported on February 14, 2014.
Exploration Highlights:
New Discovery - N-1 Layer: A new layer of mineralization
has been intercepted 16 kilomters north of the current resource in Hole WE-014 a
with assays of 4.01 meters grading 3.73 g/t 3E (1.43g/t Pt, 2.22 g/t Pd, 0.08
g/t Au). Included is 2.66 meters of 5.05 g/t 3E (1.93g/t Pt, 3.03 g/t Pd,0.09
g/t Au). A 250 meter offset hole has intercepted similar geology and has assays
pending. Hole WE-012 may have also intersected similar mineralization with lower
grades over 13 meters approximately 4 kilometers to the south east. Given the
regional scale of the intercepts correlations are preliminary.
| PLATINUM GROUP METALS LTD. |
…2 |
Drilling in this area continues. F and T type intercepts
typical of the main Waterberg deposit have not yet been found in the northern
block. The northern area now has confirmed near surface platinum, palladium and
gold potential of its own type and this new mineralization has thickness that is
greater than that of the classic Merensky and UG-2 reefs.
See the table below for the details of the holes reported for
this release.
Details
The Waterberg project is currently divided into four main
areas;
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1. |
The defined deposit resource in the 5.4 km long area of
the Waterberg Joint Venture; |
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2. |
The F and Super F expansion on the 5 km area adjacent and
north of the current deposit, known as the Waterberg Extension; |
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3. |
The large area of regional exploration from 15 km to 30
km north of the current deposit area; and |
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4. |
The area for more T layer exploration west of the current
deposit on the Waterberg Joint Venture area. |
The approximately 5 km long area from 10 km to 15 km north of
the deposit area lays under thicker sedimentary cover. Geophysical studies and
geological modelling indicate good potential for extension of the current
deposit into this area. At present no surface work is underway in this area.
| 1. |
Waterberg Joint Venture
Deposit |
The recently completed PEA recommended the project advance to
the Pre-feasibility stage. Budgets and programs for this work are being
developed by partners the Japan Oil, Gas and Metals National Corporation
(“JOGMEC”), Platinum Group Metals and Mnombo, a private empowerment partner.
| 2. |
Waterberg Deposit and Super F
Expanded |
Drilling is continuing with 12 machines and the F and Super F
layers have been intersected in numerous drill holes along 5 kilometers of
strike north from the Waterberg deposit on the Waterberg Extension. The results
from 4 offset holes to hole WE-08 (53.22 meters grading 5.25 g/t 3E (1.40 g/t
Pt, 3.59g/t Pd, 0.27 g/t Au) have confirmed a significant “Super F” extension
with similar widths to the Super F region in the main Waterberg Deposit. The
Extension Intercepts have consistent layering, geology, metal ratios and base
metals credits to the main Super F layers.
| 3. |
New Thick Platinum Palladium Mineralization 15
kilometers north of Waterberg Deposit |
The N-1 layer (first mineralized layer identified in the
northern part of the project) in Hole WE-014, and potentially drill hole WE-012,
is a new type of platinum and palladium mineralization for the Waterberg region
that is located higher in the Bushveld sequence as compared to the T and F
layers. The geological layering and sulphide mineralization in the initial N-1
intercept has been repeated in a 250 meter step out hole (WE-027) along strike
and assays are pending from this intercept. The geology of the northern area, 10
kilometers and more north of the current resource, appears to be different than
the main Waterberg Joint Venture area and the first 5 kilometers of the
Waterberg Extension Permits north of the deposit. Holes WE-9, 10, 11, 13 and 15
all intersected Bushveld Complex rocks but did not intersect significant
mineralization. These regional exploration holes tested a portion of the
northern block over a 10 km strike length and appear to have been too far
eastward to have tested the section of the Bushveld Complex hosting the newly
discovered mineralization.
| PLATINUM GROUP METALS LTD. |
…3 |
The N-1 layer if confirmed with further drilling represents a
new type of thick mineralization for the project. The N-1 mineralization has
anorthosite (light coloured unit) and Troctolite (dark spotted unit) markers
like the T2 layer in the main deposit, but does not have the 20% gold content
typical of the T2 layer. Interestingly, below the N-1 mineralization in Hole
WE-014 is sulphide mineralization of 0.94 g/t 3E (0.22 g/t Pt, 0.35g/t Pd, 0.37
g/t Au) over 5.2 meters at 39% gold. To the south the F layer on the Joint
Venture and the Extension areas also has significant zones of 0.2 to 0.5 g/t 3E
material around the main mineralization. The endowment of 3E in large volumes of
rock at Waterberg is in contrast to the Eastern and Western Limbs of the
Bushveld Complex where the average 1 meter thick Merensky and UG2 Reefs are
quite discrete and the mineralization does not extend much beyond the reef
layers themselves. The Waterberg region is being explored for the first time for
platinum group elements and has significant new deposit type potential.
| 4. |
T layer Extension Hunting |
The known T zone of the main Waterberg Joint Venture deposit
remains open along strike and down dip. A step out drill hole approximately 3.4
kilometers north and slightly west of the known T deposit limit is in progress
targeting the extension of the T zone.
Ownership Background
Platinum Group Metals holds a 49.9% effective interest in the
Waterberg Joint Venture with JOGMEC holding 37% and the balance being owned by a
private empowerment company in South Africa. This Joint Venture covers the
initial resource of 167 million tonnes grading 3.26 grams per tonne of platinum,
palladium and gold for a total of 17.5 million ounces.(0.98 g/t Pt, 1.97 g/t Pd,
0.32 g/t Au) Ken Lomberg, QP See Technical Reports on www.sedar.com
The 37% interest held by JOGMEC in the Waterberg Joint Venture
has been nominated for purchase by a Japanese trading house. The interest is in
a competitive tender process with strong interest and the Company and its
engineers have recently participated in a positive due diligence process in
Tokyo, Japan. The Company regards the potential near term involvement of a
Japanese integrated firm into the Waterberg Joint Venture as a positive
strategic step for the project and potentially the region.
Platinum Group Metals Ltd holds an 87% effective interest in
487 square kilometers of Prospecting Permits outside of the Waterberg Joint
Venture. Drilling is targeting a 30 kilometer projected strike extension of the
Bushveld Complex.
Platinum Group Metals holds the Waterberg Extension permits
with its private empowerment partner.
The extension of the F zone and the N-1 intercepts reported
herein are all on the 87% owned Waterberg Extension Property.
Intercept Assay Details
The attached map shows the location of the holes updated below.
The shallow edge of the F zone on the Waterberg deposit is approximately 200
from surface below the Waterberg sediments. The shallow edge of the T zone is at
approximately 140 meters deep.
| PLATINUM GROUP METALS LTD. |
…4 |
| Hole ID |
Area |
From
(m) |
To
(m) |
Layer |
Length
(m) |
Pt
(g/t) |
Pd
(g/t) |
Au
(g/t) |
3E
(g/t) |
Pt:Pd:Au |
Cu
(%) |
NI
(%) |
| WE012D0 |
North New , N-1(?) |
628.66 |
642.00 |
N-1 |
13.34 |
0.27 |
0.90 |
0.05 |
1.22 |
22:74:4 |
0.15 |
0.14 |
| WE014D0 |
North New N-1 |
735.49 |
739.50 |
N-1 |
4.01 |
1.43 |
2.22 |
0.08 |
3.73 |
38:60:2 |
0.02 |
0.04 |
| WE017D0 |
Super F |
809.00 |
831.71 |
SUPER-F |
22.71 |
0.81 |
1.75 |
0.13 |
2.69 |
30:65:5 |
0.05 |
0.12 |
| WE017D0 |
Super F |
809.00 |
818.50 |
Including |
9.50 |
1.33 |
2.80 |
0.18 |
4.31 |
31:65:4 |
0.07 |
0.17 |
| WE019D0 |
Super F |
445.62 |
467.87 |
SUPER-F |
22.25 |
0.68 |
1.53 |
0.13 |
2.34 |
29:66:6 |
0.08 |
0.09 |
| WE019D0 |
Super F |
449.00 |
459.19 |
Including |
10.19 |
1.13 |
2.43 |
0.20 |
3.76 |
30:65:5 |
0.10 |
0.10 |
| WE022D0 |
Super F |
583.48 |
639.50 |
SUPER-F |
56.02 |
0.87 |
2.13 |
0.18 |
3.18 |
28:67:6 |
0.11 |
0.23 |
| WE022D0 |
Super F |
586.00 |
608.00 |
Including |
22.00 |
1.16 |
2.72 |
0.23 |
4.11 |
28:66:6 |
0.15 |
0.31 |
| WE023D0 |
Super F(dyke cutoff) |
431.00 |
435.00 |
SUPER-F |
4.00 |
1.52 |
3.57 |
0.27 |
5.36 |
28:67:5 |
0.17 |
0.29 |
| WE024D0 |
Super F |
599.00 |
636.00 |
SUPER-F |
37.00 |
0.65 |
1.32 |
0.11 |
2.08 |
31:63:6 |
0.09 |
0.20 |
| WE024D0 |
F |
599.00 |
602.00 |
Including |
3.00 |
1.50 |
2.70 |
0.12 |
4.32 |
35:62:3 |
0.07 |
0.23 |
Note: Drill Holes WE-009, WE-010, WE-011, WE013, WE015 were
drilled in the region of the New PGE mineralization 15km north area but were
collared the east of the subcrop position of the mineralized layer.
On the Waterberg deposit and Super F expanded area holes
WE-016, WE-018, WE-020 and WE-021 all intersected F-Zone rock types and assay
results are pending for these intercepts.
Qualified Person, Quality Control and Assurance
The non-independent Qualified Person for this Press Release is
R. Michael Jones P.Eng. He has relevant experience in precious metals and PGM
evaluations and has verified the data by reviewing the detailed assay and
geological information on the Waterberg deposit and visiting the site and core
yard many times since 2011. He is the Company CEO and is a shareholder.
Base metals and other major elements were determined by multi
acid digestion with ICP finish and PGE’s were determined by conventional fire
assay and ICP finish. SGS is an experienced ISO 9001 accredited laboratory in
assaying and metallurgical studies and have utilized a standard quality control
system including the use of standards. Ken Lomberg is the independent qualified
person for the resources on Waterberg Joint Venture deposit and he has reviewed
the references to resources in this press release.
Update on WBJV Project 1 Mine Construction
Construction and development by subsidiary operating company
Maseve Investments 11 (pty) Ltd. (“Maseve”) on WBJV Project 1 is proceeding
well. Since January 2014 activities have been ramping up. There are
approximately 1,300 persons on site with a 500 person underground development
team active on the project. Development continues on accessing Merensky reef
blocks. Recent milestones include the completion and commissioning of two vent
raises, the advancement of mill foundations above ground and the ordering of
mill structural steel. Procurement and delivery of major components is on
schedule.
As a result of continued project advancement the shareholders
of Maseve have been given a second cash call. Platinum Group reports that
Wesizwe Platinum Ltd. (“Wesizwe”) will suffer further dilution to their holdings
in the WBJV Project 1 Platinum Mine as a result of a failure to pay their
pro-rata share of an approved six-month cash call. The cash call was issued on
February 17, 2014 requiring Wesizwe to pay R 234.6 million (approximately CAD $
24.3 million) into Maseve by March 3, 2014. This cash call is the second missed
by Wesizwe in a six month period. After acquiring the undisputed dilution as a
result of Wesizwe missing their first cash call in October 2013, and before any
accounting for the second round of dilution, the Company today owns a 77.5% interest in Maseve.
As a result of the second cash call Platinum Group will hold between 82.9% and
80.8% interest depending on the outcome of an ongoing binding arbitration on the
dilution formula.
| PLATINUM GROUP METALS LTD. |
…5 |
Wesizwe has entered into a funding arrangement with Jinchuan
Group Ltd. of China and is now controlled by Jinchuan. Platinum Group is
advancing specific plans to vend the diluted Maseve interests formerly held by
Wesizwe into a quality Black Economic Empowerment company. Platinum Group plans
to have Mnombo Wethu Consultants (pty) Ltd. (“Mnombo”), the empowerment company
on Waterberg, acquire the diluted points in the WBJV Project 1. Platinum Group
owns a 49% interest in Mnombo. This acquisition by Mnombo of Wesizwe’s diluted
interests in Maseve, when completed, will increase the empowerment standing of
Maseve from that set in the original Mining Right. As a result of the ownership
of Platinum Group in Mnombo the transaction is anticipated to be accretive to
Platinum Group.
About Platinum Group Metals Ltd.
Platinum Group is building the WBJV Project 1 Platinum Mine in
the Western Limb of the Bushveld Complex, South Africa. The Company has an
experience management team is discovery mine development and operations.
Platinum Group Metals Ltd is based in Johannesburg, South Africa and Vancouver
Canada.
Platinum Group is listed as PLG on the NYSE MKT and PTM on the
TSX in Toronto.
On behalf of the Board of
Platinum Group Metals
Ltd.
“R. Michael Jones”
- 30 -
For further information contact:
R. Michael Jones,
President
or Kris Begic, VP, Corporate Development
Platinum Group Metals
Ltd., Vancouver
Tel: (604) 899-5450 / Toll Free: (866) 899-5450
The Toronto Stock Exchange and the NYSE MKT have not
reviewed and do not accept responsibility for the accuracy or adequacy of this
news release, which has been prepared by management.
This press release contains forward-looking information
within the meaning of Canadian securities laws and forward-looking statements
within the meaning of U.S. securities laws (“forward-looking statements”).
Forward-looking statements are typically identified by words such as: believe,
expect, anticipate, intend, estimate, plans, postulate and similar expressions,
or are those, which, by their nature, refer to future events. All statements
that are not statements of historical fact are forward-looking statements.
Forward-looking statements in this press release include, without limitation,
statements regarding the Company’s plans for Waterberg drilling and other
exploration and engineering. Although the Company believes the forward-looking
statements in this press release are reasonable, it can give no assurance that
the expectations and assumptions in such statements will prove to be correct.
The Company cautions investors that any forward-looking statements by the
Company are not guarantees of future results or performance, and that actual
results may differ materially from those in forward looking statements as a
result of various factors, including, but not limited to, variations in market
conditions; the nature, quality and quantity of any mineral deposits that may be
locate;, the Company’s ability to obtain any necessary permits, consents or
authorizations required for its activities; the Company’s ability to
successfully add to resources; the Company’s ability to produce minerals from
its properties successfully or profitably, to continue its projected growth, or
to be fully able to implement its business strategies and other risk factors
described in the
| PLATINUM GROUP METALS LTD. |
…6 |
Company’s Form 40-F annual report, annual information form
and other filings with the SEC and Canadian securities regulators, which may be
viewed at www.sec.gov and
www.sedar.com,
respectively.
Cautionary Note to U.S. Investors Regarding Estimates of
Inferred Mineral Resources
This press release uses the terms "inferred mineral
resources." We advise U.S. investors that while these terms are recognized and
required by Canadian regulations, the SEC does not recognize them. "Inferred
mineral resources" have a great amount of uncertainty as to their existence, and
great uncertainty as to their economic and legal feasibility. It cannot be
assumed that all or any part of an "inferred mineral resource" will ever be
upgraded to a higher category. Under Canadian rules, estimates of "inferred
mineral resources" may not form the basis of a feasibility study or
prefeasibility studies, except in rare cases. The SEC normally only permits
issuers to report mineralization that does not constitute "reserves" as in-place
tonnage and grade without reference to unit measures. U.S. investors are
cautioned not to assume that any part or all of an inferred resource exists or
is economically or legally mineable.