Published On: January 10th, 2024
Platina Resources Limited (ASX: PGM) announces further exploration at its Xanadu and Beete gold projects in Western Australia in response to soaring gold prices hitting an all-time high. Platina Resources is taking advantage of the opportunity to make the most of its gold projects as gold prices climbed over USD 2,000 per ounce and reached USD 2,070 in December 2023.
Platina Resources Managing Director Mr Corey Nolan said,
“Platina’s cash position is more than $9 million, ensuring drilling programs can be delivered without dilution to shareholders,” Mr Nolan said.
“The company is actively planning and securing approvals to commence a significant phase of exploration reflecting our commitment to enhancing value through strategic drilling activities.
“We’re particularly eager to commence further drilling at our Xanadu Gold Project in the Ashburton Basin to unlock the potential presence of an extensive gold system at Xanadu Deeps.”
FIGURE 1: MANAGING DIRECTOR COREY NOLAN
Platina Resources Limited’s Managing Director, Mr Corey Nolan, has over 25 years of experience in the natural resources industry. Mr Nolan has a strong track record of acquiring, funding, exploring, and developing natural resource projects globally.
With a master’s degree in Mineral and Energy Economics and graduation from the Australian Institute of Company Directors, Managing Director Mr Corey Nolan brings a wealth of expertise to Platina Resources, positioning the company for dynamic growth under his leadership.
Focus on Xanadu and Beete Gold Projects
Platina Resources plans to start significant drilling at the Xanadu Gold Project in the Ashburton Basin. The project boasts a substantial gold alteration footprint spanning over 10km in strike length. Platina aims to unlock the potential of a significant gold system by initiating three proposed diamond drill (DD) tails, each up to 500m, at Xanadu West.
FIGURE 2: RC AND DD TAILS TARGET XANADU WEST WITH A FOCUS ON DIPOLE-DIPOLE AND AEM TARGET AREAS
Along with Xanadu, Platina Resources will also undertake an air-core drilling program at the Beete Project, 50km south of Norseman. Covering 134 km2, Beete holds the potential to be an extension of the Norseman Greenstone belt. The region is yet to undergo systematic exploration. Cultural heritage clearance processes are underway, with drilling scheduled for Q2.
FIGURE 3: TARGET AREAS AND ZONES OF INTEREST FOR PLANNED AIRCORE DRILLING AT PLATINA’S BEETE PROJECT
On the plan drilling program, Managing Director Mr Corey Nolan stated,
“Beete’s gold, nickel and lithium potential remains hidden under a shallow blanket of cover. Drilling will aim to test for bedrock anomalies using targets generated through soil sample analysis and geophysical interpretations.”
About Platina Resources Limited
Platina Resources Limited (ASX: PGM) is an Australian mining and exploration company primarily focused on advancing early-stage mining projects, progressing from exploration to feasibility and, ultimately, project development. The Company boasts an extensive exploration portfolio featuring high-grade gold and critical mineral deposits across Australia. Platina Resources also oversees the Platina Scandium Project in central New South Wales, holding a 100% interest in various gold projects in the Yilgarn Craton and Ashburton Basin in Western Australia.
FIGURE 4: LOCATIONS OF THE PLATINA RESOURCES PROJECTS
Investor Outlook and Financials
- Platina Resources strong financial position, with a cash balance exceeding USD 9 million, makes the Company well-positioned to fund and execute its drilling programs without dilution to shareholders
- Platina decided to drill at the Xanadu and Beete gold projects when gold prices were at record highs. This presents a lucrative opportunity for the Company to capitalise on the favourable pricing environment for gold
- Platina Resources’ share price stands at AUD 0.02 per share as of January 9th, 2024, with a 52-week range movement of AUD 0.017 to 0.038 per share
- The Company’s market capitalisation was AUD 12.46 million as of January 9th,2024, with 623.18 million shares on issue
Stay updated on Platina Resources’ latest developments and investment news by visiting their official website.
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