Miner Platinum Australia Ltd (PLA.AX: Quote) (PLAq.L: Quote) said on Tuesday its new mineral resource estimate at the Kalahari Platinum (Kalplats) project in Johannesburg rose 160 percent with the overall grade up almost 25 percent.
The company said the total contained 3E (platinum + palladium + gold) ounces in the Crater deposit rose to 1.77 million ounces from 0.68 million ounces previously, while the overall grade increased to about 2.04 grams per tonne 3E PGM (platinum group metals).
The company said the updated estimates include a number of holes drilled in late 2008 which had not been included in the previous resource.
The updated Crater deposit is one of seven deposits, which make up the currently identified mineral resource in the Kalplats project, the company said.
Under the Kalplats Joint Venture agreement, the company is earning up to 49 percent of the Kalplats project from African Rainbow Minerals Platinum (Pty) Ltd by completing a bankable feasibility study. (Reporting by Tresa Sherin Morera in Bangalore; Editing by Kavita Chandran)
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