A jointly owned subsidiary of International Platinum (TSE) and Swansea Gold Mines (CDN) has acquired options to buy three platinum group metal (pgm) projects in the Rustenburg area of South Africa.
The options acquired by Jamestone Platinum (Pty) Ltd., ranging from four to 12 months, will allow the company to complete its due diligence procedures. The three properties are on the Bushveld Complex (host to 80% of the world’s platinum production) and within the UG2 reef: Kroondal, 10 km east of Rustenburg, contains a preliminary reserve estimate of 5.4 million tonnes grading 5.2 grams pgm per tonne; Valencia, 20 km east of Rustenburg, has seven million tonnes grading 4.5 grams; and Brits West, 45 km east of Rustenburg, has two million tonnes grading 5.2 grams.
Jamestone says surface work indicates that the UG2 reef has surface exposure in part on these projects and is present in sub-outcropping form on all of them.
The shallowness of the deposits may permit the company to undertake an open pit operation. Jamestone estimates it may take about one year to place a mine into production, including plant construction.
The new president of International Platinum, which was active in Canada a few years ago searching for platinum deposits, is V.L.R. Furlong, an American by birth who has spent many years working in the mining industry in Australia.
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