Platinum Group Metals has revealed that assays from drilling at its Waterberg Extension project in South Africa continue to confirm the extension of the F and Super F zones along strike.
Platinum Group owns a 87% stake in the project, which is adjacent to Waterberg joint venture project, where the company holds a 49% interest.
The Waterberg Extension project is located on the north limb of the Bushveld complex, roughly 85km north of the town of Mokopane, in Limpopo province.
Hole WE 08 returned preliminary assay values of 5.26 grams per tonne (g/t) platinum, palladium and gold (1.4 g/t platinum, 3.59 g/t palladium and 0.27 g/t gold) over 53.22m.
Hole WE 08 is situated about 340m northward along strike from previously announced hole WE 02 at the project and around 1,600m directly along strike from the Waterberg Joint Venture Project deposit.
Mineralisation in WE 08 has geological units and layering that is consistent with the deposit to the south.
The company said assays from WE 08 directly below the intercept reported are pending at this time and the intercept is open for expansion along strike and up and down dip.
A total of eight holes have been completed in the first 4.7km of the F zone type target on the project and five of those have intersected the F zone style of mineralisation.
Platinum Group Metals president and CEO R. Michael Jones said the scale and continuity of the Waterberg Extension project mineralisation continues to impress geologists and engineers.
"Clearly we have a significant exploration opportunity for 2014 on the Waterberg Extension Project," Jones added.
Image: Map of the Waterberg Extension project. Photo courtesy of Platinum Group Metals.