As precious metals jump higher, Robert Friedland’s Ivanhoe Mines (TSX:IVN) is planning more work to advance its Platreef project.

Located in South Africa’s Bushveld Complex, Platreef has an indicated mineral resource showing an estimated 41.9 million ounces of platinum, palladium, rhodium and gold with an additional 52.8 million ounces of platinum, palladium, rhodium and gold in inferred resources.

“Given the flurry of recent transactions in precious metals markets, we are actively exploring a number of options that can help us unlock Platreef’s extraordinary value for the benefit of all Ivanhoe stakeholders,” said Friedland. “After all, Platreef is among this planet’s largest precious metals deposits.”

“Platreef now has a completed shaft within a few hundred meters of the initial high-grade mining zone. We have a mining license, we have water, and we have a team of highly-skilled employees. The deposit has enormous quantities of palladium, platinum, rhodium, nickel and copper; and it has more ounces of gold than many leading gold mines,” Mr. Friedland added. “Given the current precious metals environment, I am confident that the pending studies will showcase the exceptional economics that one would expect from such a thick, high-grade and flat-lying deposit.”

A 996-metre-level station at the bottom of Platreef’s Shaft 1 has been completed. An updated definitive feasibility study is due this quarter.