Platinum Australia (AIM: PLAA) released a preliminary resource estimate for its Smokey Hills project in South Africa, although its shares did almost nothing and finished the week on 24p. Smokey Hills now has a 4E PGM (platinum, palladium rhodium and gold) resource of 950,000oz lying within the UG2 reef and graded at 6.1g/t including allowances for waste material that in practice would have to be mined on either side of the reef. Platinum Australia is carrying out a bankable feasibility study at Smokey Hills and aims to have this completed by around the middle of the year. The resource figure that was announced is in the inferred category, but in the next few weeks the company expects to in a position to upgrade this to measured and indicated status. Platinum Australia hopes that a mine a Smokey Hills could produce around 90,000oz of the 4E PGMs per annum.
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