for Pt, Pd and Au
for the T2 layer
The Waterberg JV Project area was a blind discovery, under cover rocks off the end of the known Bushveld Complex. It was targeted by some of the top academic and industry geologists working with experts from Platinum Group Metals in a group formed specifically to generate new ideas. JOGMEC’s technical team from Japan also contributed to the initial targeting work. Geology, geophysics and geochemistry all played an important role and the third drill hole hit significant mineralization.
Our logo is a portion of the periodic table including the platinum group elements and highlights that good applied science is at the core of our company.
for Pt, Pd and Au
for the F layer
Mechanized mining methods, milling and infrastructure requirements for the Waterberg JV Project platinum deposit are all being studied as part of a Preliminary Economic Assessment (“PEA”) being conducted by South African engineering firm WorleyParsons TWP. As announced in May 2013, estimated recoveries for platinum, palladium and gold (2PGE+Au) in scoping flotation tests completed at SGS Labs in South Africa averaged 88% for the T2 layer and 83% for the F layer. The September 2013 resource update discussed above and the baseline metallurgical work will form the basis of the PEA due to be completed in early 2014.
Witwatersrand University (“Wits”) has hosted a scientific conference for many years focused on the scientific aspects of the Northern Limb of the Bushveld Complex. We have often participated in this conference over the past ten years. Dr. Tony Naldrett, Professor Emeritus of University of Toronto (“U of T”), and a Chair at Wits as well as Professor 30 years ago at the U of T to R. Michael Jones, our President, has been an elder sage participant in this conference. This interaction encouraged us to think about the North Limb scientifically and it indirectly contributed to the Waterberg discovery. We have continued our positive relationship with Wits and a great deal of detailed scientific work including age dating, electron micro probe work, and isotope research are being completed on the new Waterberg rocks by Wits PHD, Masters and undergraduate students along with their professors.
After we made the initial discovery of the Waterberg JV Project area in November 2011 we carried out regional mapping on the scale of hundreds of kilometers to answer this question. We surmised that if we better understood the Waterberg JV Project area we would be able to find the extensions. Our geophysical surveys suggested that we had not just found a deposit but an entire new region of Bushveld Complex under shallow cover rocks. We now believe that approximately 2.0 billion years ago the Waterberg section of the molten Bushveld intrusive crossed a major geological boundary and entered a completely new host rock regime. This likely affected the metal balances and layers – thus creating the extraordinary Waterberg platinum deposits.
R. Michael Jones, P. Eng., is the non-independent qualified person responsible for this annual report. The technical data has been verified by Mr. Jones’ direct involvement in supervision of the technical work on the Waterberg Projects and the WBJV Project 1 with reliance on the independent qualified persons for the detailed reports. Mr. Jones has verified the technical data sufficiently for this report and reference is made to the significant project risks and qualifications in the independent qualified person reports at www.sedar.com. Mr. Jones has relevant experience in the evaluation of platinum and palladium projects over the past 14 years and precious metals deposits and mines over the past 29 years. Please see the details on quality control and assurance in the specific project disclosure.