Southern Palladium reports considerable increase in resources at Bengwenyama UG2 Reef
ASX- and JSE-listed Southern Palladium has released a third mineral resource update for the Upper Group 2 (UG2) Reef to be used in the prefeasibility study (PFS) for its 70%-owned Bengwenyama platinum group metal (PGM) project in the Bushveld Complex of South Africa.
“We are pleased to report significant progress at the Bengwenyama project, where the UG2 measured and indicated (M&I) mineral resource has increased by 25% to 8.17-million ounces of seven-element (7E) PGMs at an impressive grade of 9.89 g/t over a reef width of 73 cm.
“Importantly, 28% of this UG2 M&I mineral resource is now classified as measured, further enhancing our confidence in the project’s potential,” MD Johan Odendaal says.
Also, 2.3-million ounces at 10 g/t (7E), or 28% of the UG2 M&I mineral resource, is now at measured status.
UG2 inferred mineral resources have increased by 81%.
The total UG2 mineral resource, which now stands at 24.81-million ounces across measured, indicated and inferred categories, combined with the Merensky Reef resource, brings the total mineral resource to 35.32-million ounces, up 35% from previous estimates.
An update of the Merensky Reef mineral resource is under way.
“This substantial resource base reinforces the robust nature of the Bengwenyama project. We are also pleased to announce that all UG2 exploration targets, including those within Nooitverwacht, have been successfully converted to inferred mineral resources, which increased by 81%.
“With the PFS now in full swing and on schedule for release in the fourth quarter, Southern Palladium remains committed to advancing the Bengwenyama project as a key player in the global PGM market,” Odendaal highlights.
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