The Canadian mining group Platinum Group Metals (PGM) has announced the discovery of a potentially platinum rich area in Waterberg, Limpopo Province. Previously unexplored areas of the Bushveld Igneous Complex have produced platinum rich deposits at depths less than 1000 meters.
The current PGM project is located in the north of the Bushveld Complex, on an extension which was discovered in 2011. The company estimates that the extension covers around 100sqkm.
The group CEO, Mike Jones, reminded everyone that although there has been mining in South Africa for over 100 years, not all the best-grade thicknesses have been found. PGM plan to increase the exploration budget and the number of drilling rigs in the near future.
The project is a joint venture between PGM, Japanese state company JOGMEC and African company Mnombo Wethu, with PGM holding the largest stake (49.9%).