Published On: August 22nd, 2022
Platina Resources Ltd (ASX: PGM) (Platina or “Company”) is a Western Australia-based company focused on advancing metal projects through exploration. Platina’s gold-focused portfolio includes five projects in Australia and shares investments in four listed companies.
Platina has recently shared a new investor presentation that highlights the Company’s development across various projects and assets. This article highlights everything you need to know about Platina Resources’ latest investor presentation.
Table of Contents
Platina Resources Financial Standing
As of August 15, 2022, the Platina share price showed a 52-week high of AUD 0.08 and a low of AUD 0.025. Since its listing in May 2006, Platina has issued 523 million shares. Platina has a market capitalisation of AUD 16.7 million and currently ranks 576th out of 912 companies in the Basic Materials sector. As of August 12, 2022, Platina had AUD 4.7 million in investments and AUD 2.9 million in cash.
Expanding footprints in Western Australia
Platina Resources has signed a conditional binding term sheet to acquire 100% of three projects owned by Sangold Resources Pty Ltd (ASX: SLR). The three projects covered under the term sheet include:
The Brimstone Gold Project is located 40km northeast of Kalgoorlie, Western Australia. The high-grade, near-surface gold project is highly prospective for greenstone rocks. The project includes 10 tenements covering a total of 70km2. The project includes five prospecting licenses, three exploration licenses (one granted, two pending), one mining license, and one miscellaneous license.
The project has seen historic drilling and includes over 964 holes, most holes less than 50m in depth. The project has seen a historic expenditure of approximately AUD 5 million. However, no systematic tenement-wide exploration campaign has been conducted as a follow-up. Only a few drill intercepts have seen follow-up drilling.
The Beete Gold Project is located 50km south of Norseman, Western Australia. The project tenement is believed to be an extension of the Norseman Greenstone Belt, which has seen historic gold production of approximately 5.5 Moz. The project includes an exploration license spanning approximately 139km2.
The project has seen historical exploration between 1993 and 2002, first by J & L Morton and then by Pan Australia Exploration. Arum Resources and Meeka Gold have recently made discoveries in their tenements, both of which are south of the Beete Gold Project, which has highlighted the potential of the tenement. Meeka Gold has also made successful discoveries of rare earth metals, following which Beete tenement will also be screened for the same.
Binti Binti Project
Binti Binti Project is located approximately 50km northeast of Kalgoorlie, Western Australia. The project includes two exploration licenses spanning 68.2km2. The project tenement has seen little to no exploration because the Geological Survey of Western Australia (GWSA) has previously abled the tenement as granite. However, Sangold Resources’ geologists have recently reinterpreted the geology which represents the ideal contrast for gold precipitation.
The acquisition of Sangold Resources is subject to due diligence which expires on 31st October 2022.
Platina Resources’ Projects and Investments
Platina Resources has five projects in Australia. This includes four projects in Western Australia and one project in New South Wales.
- Xanadu Gold Project: The 562km2 tenement has seen limited historic exploration and has favourable host rocks. The project has widespread gold mineralisation.
- Challa Gold Project: The 293km2 tenement includes two exploration licenses. The project’s Phase 1 air core drilling has already been completed.
- Jubilee Project: The 156km2 tenement has seen little modern exploration. The tenement is yet to be granted but adjoining projects have shown high-grade gold mineralisation which interests a part of the project.
- Mt Narryer Project: The 165km2 tenement is yet to be granted. The tenement has seen little modern exploration.
- Platina Scandium Project: Platina has completed a Definitive Feasibility Study in December 2018. Permits are in progress to secure mining licenses.
Platina’s share investments are diversified in four companies:
- 128 million shares (AUD 1.2 million) in Alien Metals (AIM: UFO)
- 49 million shares (AUD 3.2 million) in Major Precious Metals (NEO: SIZE)
- 6 million shares (AUD 0.2 million) in Blue Moon Zinc (TSXV: MOON)
- 5.74 million shares (AUD 0.1 million) in Neilson Resources (ASX: NES)
Platina Resources Executive Team
Managing Director Corey Nolan has over 25 years of experience in the acquisition, funding, exploration and development of resource projects. Before becoming the Managing Director of Platina, he was Chief Executive Officer at Sayona Mining Limited, and he is currently the Non-Executive Director at Elementos Limited (ASX: ELT).
Platina Resources’ Strategy and Outlook
Platina Resources’ new investor presentation also includes details of the upcoming strategy.
- Challa and Xanadu drilling programs: Platina Resources has planned a 4000m RC drilling program in late August 2022 at the Xanadu Gold Project. The program targets an unexplored 35km strike extension. Platina has also planned a Phase 2 drilling program at the Challa Gold Project, which will commence once Phase 1 program results are reviewed.
- Explore new prospects when granted: Platina Resources plans to commence a soil sampling program once the Mt Narryer Project tenement is granted. Platina has also planned a master alloy development program at the Platina Scandium Project.
Other Platina news:
- Platina also plans to complete the Sangold Resources transaction which is subject to a due diligence period which expires on 31 October 2022.
- Platina has also successfully raised AUD 2.225 million in share placements. The funds raised will be applied to the activities planned (described above) as well as for funding the acquisition of Sangold Resources and general capital.
- Platina will issue 8 million broker shares to Euroz Hartleys for AUD 0.045 with a 24-month term (subject to shareholder approval) and 89 million ordinary shares for AUD 0.025.
Want to learn more about Platina Resources? Visit the official website!
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