Engineering & Mining Journal

DEC 2012

Engineering and Mining Journal - Whether the market is copper, gold, nickel, iron ore, lead/zinc, PGM, diamonds or other commodities, E&MJ takes the lead in projecting trends, following development and reporting on the most efficient operating pr

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REGIONAL NEWS - EXPLORATION ROUNDUP Lumina has completed its planned drilling program on the Taca Taca deposit and is currently undertaking the various engineering studies required to complete the PEA. (www.luminacopper.com) Platinum Group Metals Ltd. announced in early November 2012 that new drill intercepts have doubled the strike length of the recently discovered Waterberg platinum deposit to a total of 5.5 km. The deposit is located north of the North Limb of the Bushveld Complex in South Africa and is an extension of the Complex. Platinum Group Metals discovered the deposit in 2011 during a drilling program through the covering Waterberg sedimentary rock sequence guided by geophysics and soil sampling. An initial 6.6-million-oz 3E (platinum, palladium and gold) inferred mineral resource estimate was announced for the Waterberg deposit on September 5, 2012. The drill intercepts reported in early November are located on strike and to the north of this inferred resource. The intercepts include 24 m grading 4.32 g/mt 3E within a longer intercept of 58 m grading 2.98 g/mt 3E from one hole; 11.5 m grad- www.e-mj.com ing 7.18 g/mt 3E from another; and 8.5 m grading 4.8 g/mt 3E from yet another. The deposit remains open along strike. (www.platinumgroupmetals.net) Seabridge Gold has discovered a very large and high-grade copper-gold zone below the Kerr deposit at its 100%-owned KSM goldcopper project 65 km northwest of Stewart, British Columbia. The discovery, named Deep Kerr, has the best metal values found to date at KSM. Its grades and widths are improving with depth, the down dip potential remains wide open, and it is favorably located for cost-effective exploitation. Seabridge's 2012 exploration program at KSM specifically searched for highertemperature core zones that typically concentrate high-grade metals within very large porphyry systems such as KSM. Historically, these core zones generally have grades that are a multiple of those in the upper parts of the porphyry system, where KSM's known deposits are found. Preliminary drill evidence suggests that Seabridge may have found the upper portion of such a core zone below the known Kerr deposit. (seabridgegold.net) Iron Road Ltd. has increased the JORCcompliant mineral resources at its Central Eyre magnetite iron project on the Eyre peninsula in South Australia from 2.1 billion mt to 2.6 billion mt at a grade of 16% iron. Test work indicates that the magnetite at the project can be readily upgraded to a high-quality concentrate grading 67% iron using a coarse grind size of minus 106 µm. Iron Road Managing Director Andrew Stocks said, "Drilling on the Central Eyre project is ongoing, so we expect to add even more to resources in the near future. Given our success in bringing in our exploration targets to mineral resources in the past, we have increasing confidence that we will repeat this success across our global resource. "Looking at our long-term vision, we ultimately expect to define enough resources to produce 1 billion mt of high-quality concentrate for export from the Central Eyre operations, over a very long life. This will more than underpin the capital requirement to get this unique and special operation into production." (www.ironroadlimited.com.au). DECEMBER 2012 • E&MJ; 37

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