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May 20, 2022, 2:46 a.m. EDT

Eastern Platinum Files Updated Technical Report on the Crocodile River Mine

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Vancouver, British Columbia, May 20, 2022 (Newsfile Corp via COMTEX) -- Vancouver, British Columbia--(Newsfile Corp. - May 20, 2022) - Eastern Platinum Limited (txs:ELR) (jse:EPS) (" Eastplats " or the " Company ") is pleased to announce that it has filed the "NI 43-101 Technical Report on the Crocodile River Mine () CRM "), North West Province, South Africa" () Report ") dated January 1, 2022 on SEDAR. The CRM is a platinum group metal () PGM ") mine located 70 km north-northwest of Johannesburg in the North West Province and 7 km south of the town of Brits and situated on the western limb of the Bushveld Igneous Complex in an area of known structural complexity, the Brits Graben. The current mine lease area includes one operating mining section () Zandfontein Section ") and two development sections () Crocette Section " and the " Kareespruit Section ", respectively).

The Report has been updated, in preparation of the re-start of underground mining at the Zandfontein Section of CRM which was placed under care and maintenance in 2013. The resources and reserves updates of the Report apply to each of the Zandfontein Section, the Crocette Section and the Kareespruit Section.

In connection with the filings, the Company is pleased to provide a statement of the current resources and reserves supported by the Report. Capitalized terms used and not otherwise defined in this news release have the meaning ascribed to them by The Canadian Institute of Mining, Metallurgy and Petroleum.

Zandfontein underground (the project) M&I resource is 28Mt with 3.96Moz and a reserve of 14.58Mt with 1.72Moz for the current project plan of 22 years.

The resources are effective as of January 1, 2022. The following table presents the Measured and Indicated Mineral Resource for underground:

 

Notes:

  1. Mineral Resource Cut-off of 1.7 g/t 4E applied.

  2. Columns may not add up due to rounding.

  3. Mineral Resources are stated as inclusive of Mineral Reserves.

  4. Mineral Resources are reported as total Mineral Resources and not attributed.

The following table shows the Inferred Mineral Resource:

Mine Area Mineral Resource Class Geo Loss Tonnes Mine Cut 4E Pt Pd Rh Au 4E
kt m g/t g/t g/t g/t g/t kg Moz
Crocette Inferred 32 1.62 3.91 2.43 1.07 0.39 0.03 124 0.00
Zandfontein 22,550 1.46 4.45 2.76 1.22 0.44 0.03 100,390 3.23
Kareespruit 57,992 1.65 4.16 2.58 1.14 0.41 0.03 241,484 7.76
Grand Total 80,573 1.60 4.24 2.63 1.16 0.42 0.03 341,998 11.00

 

Notes:

  1. Mineral Resource Cut-off of 1.7 g/t 4E applied.

  2. Columns may not add up due to rounding.

  3. Mineral Resources are stated as inclusive of Mineral Reserves.

  4. Mineral Resources are reported as total Mineral Resources and are not attributed.

The individual Pt, Pd, Rh and Au values are based on the prill split derived from the composited individual channel grades of the drillholes. The prill split for underground is presented in the table below.

4E Unit New 4E Historic 4E 6E Unit Historic 6E New 6E
Pt % 62.05% 61.87% Pt % 50.31% 50.46%
Pd % 27.32% 27.25% Pd % 22.16% 22.22%
Rh % 9.86% 10.42% Rh % 8.47% 8.02%
Au % 0.77% 0.47% Au % 0.38% 0.63%
4E % 100.00% 100.00% Ru % 3.68% 3.68%




Ir % 15.00% 15.00%




6E % 100.00% 100.00%

 

The TSF (as defined below) Mineral Resources are stated as at January 1, 2022, at no cut-off as all the material will be processed is tabled in the following table:

 

The Mineral Reserve estimate for the CRM underground operations as at January 1, 2022 is detailed in the table below:

 

Notes:

  1. The Mineral Reserve estimation includes only diluted Measured and Indicated Mineral Resources which have been converted to Proved and Probable Mineral Reserves.

  2. A portion of Inferred Mineral Resources are included in the LoM plan, as it is required to mine through Inferred portions to access Measured and Indicated Mineral Resources. These Inferred Mineral Resources have, however, been excluded in the Mineral Reserve estimation and in the economic analysis.

  3. No Inferred Mineral Resources have been included in the Mineral Reserve estimation.

  4. The Mineral Reserve estimation was completed using a 4E basket price of USD1,825/oz and exchange rate of 15.53 ZAR/USD.

  5. An uneconomical tail of 133.34 kt at a 4E grade of 3.51 g/t, containing 15.06 koz has been excluded from the Mineral Reserve estimate.

  6. The Mineral Reserves are reported as total Mineral Reserves and are not attributed.

The Mineral Reserve estimate for the CRM TSF Re-mining operation as at January 1, 2022 is detailed in the table below:

 

Notes:

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