Platinum Group Metals Ltd. (PTG-CDNX) announces that detailed, sawn rock channel sampling in the first of three trenches across part of the Vande Intrusive Complex has confirmed palladium, platinum ("PGE") and gold values associated with gabbro breccias across a minimum of 50 meters of apparent thickness. The PGE concentrations in the continuous channel samples, although lower than some of the earlier grab samples, cover a sufficient area to require systematic drill testing and sampling across and along the Vande Complex. Additional trenching results are expected shortly. Drilling is now underway to assess the Vande Complex along its estimated 2.3 km length.
Trench 4+50 East Results
|
Approximate Section Length
|
Gold (Au) (ppb)
|
Platinum (Pt) (ppb)
|
Palladium (Pd) (ppb)
|
Total PGD + Au (g/t)
|
|
50.8 m
|
46 |
70 |
240 |
0.355 |
|
Including 4m
|
203 |
179 |
715 |
1.10 |
g/t = grams per tonne, 1g/t = 1000 ppb
*Sawn Channels are cut as continuous as possible but sections may be offset slightly in the trench.
The trenching has exposed the northern contact of the hosting gabbro breccias but did not expose the southern contact. There are significant sulphide concentrations in the trenched area but these do not necessarily correlate with the higher PGE values.
The Vande gabbro intrusive complex is similar to the setting of the Lac Des Iles mine 13km to the north. Geophysical surveys, including magnetics, induced polarization and resistivity, initially outlined a distinct 850 meter by 125 meter anomaly associated with the gabbro breccias that have now been exposed in three trenches. Additional geophysical survey work now completed has expanded the target area to 2.3 kilometers in length, to the east end of the grid. The geophysical grid will be expanded further to the east as soon as possible. The extension beyond the initial anomaly does not appear to be amenable to trenching and will need to be evaluated with drilling.
Drilling at Line 4 +00 East on the strongest part of the initial geophysical anomaly commenced August 27, 2001. Drilling will continue in a minimum 1200 meter 6 drill hole program. The drilling will also test the southern contact of the gabbro breccia that has not been exposed by trenching.
Platinum Group Metals Ltd. (PTG-CDNX) holds a 60% option interest in the South Legris property from Canadian Golden Dragon Resources (CGG-CDNX). To exercise this option PTG must make exploration and development expenditures of $ 1,000,000, fulfill $ 20,000 in further payments and complete a feasibility study.
For further information contact:
R. Michael Jones, President
Platinum Group Metals Ltd.
Tel: (604) 899-5450
or Marshall Farris
Victory Corporate Consulting Inc.
Tel: (604) 684-4743
Toll: 1-866-684-4743
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