Published On: February 20th, 2023
Platina Resources (ASX: PGM) is a leading gold exploration company based in Western Australia. The Company aspires to target 1.0 million ounce gold deposits at Xanadu in the Ashburton Basin and Challa, Brimstone, and Beete in the Yilgarn Craton by employing its world-class expertise. The Platina Resources Managing Director Corey Nolan has recently unveiled some of the intriguing highlights about the Company’s gold-focused projects that spread across a wide area of 1,469km² in Western Australia.
Table of Contents
About Managing Director Corey Nolan
Figure 2: Managing Director Corey Nolan
The Platina Resources Managing Director, Mr. Corey Nolan, is a mining industry expert executive. He has an unparalleled 25+ years of experience focused on multiple facets of resource projects, such as acquisition, funding, exploration, and development.
Brimstone Gold Project
The Brimstone Gold Project is an advanced-stage gold drill operation that primarily focuses on the formerly drilled broad widths and high-grade gold mineralisation. The project covers 70 km² and is strategically located 40 kilometres northeast of Kalgoorlie, 27 kilometres and 2.5 kilometres from Kanowna Belle and Penny’s gold deposits, respectively. Also, the interpreted geological structures encompass up to 10 kilometres of strike length of mineralisation on highly prospective greenstone rocks.
The Brimstone Gold Project is known to have hit a large-scale expenditure of approximately AUD 5 million. Furthermore, over 964 holes have been drilled for 51,638 meters. The depth of most drill holes was less than 50 metres, while 93% of holes were previously drilled to less than 100 metres depth.
Figure 3: Location Map of Brimstone Gold Project
The project includes six walk-up drill targets; Garibaldi includes a historical drill intersection of 55m @ 2.07 g/t Au and the Jammie Dodger prospect, which includes a historical drill intersection of 22m @ 1.96g/t Au, both of which remain open in all directions. While the Cultural Heritage Survey was completed in February 2023, the drilling is planned to commence in March 2023, as mentioned by Managing Director Corey Nolan in one of the recent ASX announcements.
Xanadu Gold Project
The Xanadu Gold Project is based in Western Australia’s well-known Ashburton Basin and shares proximity to the multi-million ounce Mt Olympus gold deposit. It targets widespread gold mineralisation with a large and intense hydrothermal alteration zone. The project focuses on shallow oxide mineralisation, heap leach pads, and ore stockpile.
Figure 4: Location Map of Xanadu Project
The Xanadu Gold Project has a considerably large number of economic grade and width drill intersections as mentioned below –
- PNS359 – 12 meter @ 5.05g/t Au
- CS028 – 20 meter @ 2.25g/t Au
- PNS47 – 2 meter @ 22.6g/t Au
- XRC057 – 13 meter @ 4.08g/t Au
- XRC076 – 83 meter @ 0.64g/t Au
- XRC016 – 56 meter @ 0.94g/t Au
The phase 2 drilling program for the Xanadu Gold Project has been scheduled for early 2023. Platina Resources will aim to target the unexplored 45 kilometres of strike extension. Additionally, the operation planned for 3rd quarter of 2023 would target a more intense gold potential.
Beete Gold Project
Beete Gold Project is situated in a high-grade mining district 50 kilometres south of Norseman and covers 139 km² with access from the Coolgardie to Esperance Highway. The historical mining district has several small high-grade gold mines. The project is considered a possible extension of the Norseman Greenstone Belt, which had a record gold production of nearly 5.5 million ounces. The project also lies kilometres south of the Scotia gold deposit, with gold production of 1.0 million ounces.
Managing Director Corey Nolan also announced that the soil program, cultural heritage agreements, and flora and fauna surveys are nearing completion. While the cultural heritage surveys are to be completed in the 2nd to 3rd quarter of 2023, the drilling operations are expected during the 3rd to 4th quarter of 2023.
Beete is a brownfield project. Historically production occurred from 1958-1965, 1968, 1974 and 1976 (no production record pre-1974). Historical production totalled 2,816 tonnes @ 24.8 g/t yielding 2,300 Oz, with seven mine shafts identified.
Figure 6: Beet Gold Project Location
Challa Gold Project
Challa Gold Project, which is 100% owned by Platina Resources, is located between the Mt Magnet (6.0 million ounces) and Sandstone (1.3 million ounces) gold districts in Western Australia, 500 kilometers northeast of Perth, Western Australia. The Challa Gold Project comprises two top-quality mining licence applications covering 293 km². Conducive greenstone host rocks and hydrothermal alteration along zones of major structural dislocation are some other locational highlights of the project. Managing Director Corey Nolan has also announced that phase 2 drilling is expected to commence in late 2023.
Figure 7: Location Map of Challa Gold Project
Binti Binti Gold Project
Platina’s Binti Binti Project is close to NuFortune’s Lindsay’s Gold Project, OzAurum’s Mulgabbie North Project, and Northern Star’s Carosue Dam Mine. The project includes two mining licences covering 68 km² approximately 50 kilometres northeast of Kalgoorlie. Binti Binti is considered prospective for orogenic (lode) gold mineralisation, given the historic Gindalbie Goldfield and associated workings within the project tenure.
Figure 8: Location Map of Binti Binti Gold Project
Mt Narryer Gold Project
The Mt Narryer Gold Project is located in the western Yilgarn Craton. Historically, Mt Narryer has undergone limited exploration due to the need for outcropping rocks. It covers an aeromagnetic high splaying off a significant fault. Platina has stated that the soil sampling program shall commence following the grant of the tenement.
Figure 9: Location Map of Mt Narryer Project
Jubilee Gold Project
Jubilee Project is located near the Meekatharra gold project and is adjacent to the Great Boulder Resources’ (ASX: GBR) Side Well project that hosts the high-grade Mulga Bill prospect. The recent drilling has intersected with very high-grade gold. The Jubilee Gold Project is in a prime mining location, with Platina’s application (EL51/2114) covering 156 square kilometres in the Yilgarn Craton. The location boasts of geological features, including magnetic interpretation that indicates favourable structural settings which could potentially host gold mineralisation.
Platina Scandium Project
Platina Scandium Project is located in a premier mining precinct 350 kilometres west of Sydney. Ore is to be trucked 70km from the Red Heart Mine to a processing site in Condobolin which will use conventional high-pressure acid leach (HPAL) circuit to produce a 99.99% high-purity scandium oxide.
In December 2018, a positive definitive feasibility study confirmed the technical and financial viability of constructing an open-cut mining operation and processing facility producing scandium oxide. An upfront capital expenditure of AUD 68 million is required, with a stage 2 capital expenditure of AUD 16 million. The study shows the project has the potential for a capital payback period of 5.3 years with an annual revenue of AUD 77 million considering the forecasted price of the kilogram. The recent scandium developments from aluminium heavyweights have also drawn significant attention to the scandium market opportunity.
Figure 10: Location Map of Platina Scandium Project
Investments to fund exploration activities
Platina Resources has invested strategically in world-class mining companies to fund its exploration activities.
- Platina holds six million shares in Canadian-listed Blue Moon Metals (TSXV: MOON)
- Platina holds 49 million shares in Canadian junior mining and exploration company Major Precious Metals (NEO: SIZE). Major’s flagship Skaergaard Project in Greenland hosts one of the world’s largest undeveloped gold deposits
- Platina holds 7 million shares in Nelson Resources Ltd (ASX: NES). Nelson Resources is an ASX-listed gold exploration company with a portfolio of 1641 km² of wholly-owned gold projects located in Western Australia
- Platina holds 139 million shares in Alien Metals Ltd (AIM: UFO). Alien is an exploration and mining project developer focussed on precious and base metal projects, including the Hamersley Iron Ore Project, Elizabeth Hill Silver Project
- Platina Resources has acquired 100% of the advanced, high-grade, near-surface Brimstone Gold Project, 40 kilometres northeast of Kalgoorlie
- This includes full ownership of the nearby Beete and Binti Binti gold projects. Platina also holds an interest in the Platina Scandium Project in NSW
- The Company’s stakes in Blue Moon Zinc Corporation (TSXV: MOON), Major Precious Metals (CSE: SIZE) and Nelson Resources Limited (ASX: NES) also offer a great value
- The Company has issued a total of 180331 million shares to date and has a market capitalisation of AUD 12.463607 million, with the latest Platina Resources share price being AUD 0.02 per share
For more details, visit the Platina Resources website.