Published On: February 23rd, 2023
According to a recent ASX announcement, Platina Resources has successfully identified a new gold exploration target, Hermes, within the Xanadu gold project. It shows promising potential for significant gold deposits.
Sipa Resources NL first discovered the gold potential at Hermes in 1997. The mineralisation style of the Hermes deposit exhibits remarkable similarities to that of the Mt. Olympus gold project. Mt. Olympus is located around 10 kilometres to the northwest and shares the same underlying fault structure. Notably, the Hermes deposit spans an impressive 570 meters in strike length and measures 350 meters in width, indicating a substantial deposit of mineral resources. Sipa Resources collected 11 gold rock chip samples, with six samples containing less than 0.1 g/t and three containing more than 0.5 g/t (up to 1.96 g/t).
Platina’s most recent field trip revealed widespread outcropping gold mineralisation. Assays revealed elevated arsenic and copper values consistent with the Mt. Olympus style of mineralisation. Three of the nine rock chip samples that were taken had gold concentrations greater than 0.26 g/t and a maximum of 0.82 g/t.
The recent discovery of Hermes has greatly increased the company’s chances of success. This discovery offers the potential for a new supply of mineral resources, which can strengthen the company’s position in the mining industry. The Hermes deposit’s mineral resources might be developed and extracted to provide new revenue streams and diversify the company’s holdings.
About the Xanadu Gold Project
Xanadu is a brownfield gold exploration project located in the Ashburton Basin, Western Australia, 7 kilometres west of the Mt Olympus gold mine. The Xanadu gold project has different mining licences, including seven prospecting licences. The project covers a 498 km² area. There have been many drilling operations at the mine, primarily shallow ones, including a famous heap leach operation.
Figure 1: Platina Resources – Xanadu Gold Project
The Company
Platina Resources (ASX: PGM) is a gold-focused mineral resources exploration company based in Western Australia. This company has different projects, including the Gold, Platinum and Scandium Mineral Exploration project, Challa Gold Project, Mt. Narryer Gold Project, Jubilee Gold Project, Brimstone Gold Project, Beete Gold Project, Xanadu Gold Project, and Binti Binti Gold Project.
Figure 2: Platina Resources – Projects
Managing Director Corey Nolan
Platina Resources Managing Director Mr Corey Nolan is a highly accomplished mining executive and a seasoned public company director with over 25 years of experience in the mining industry. Throughout his career, he has focused on acquiring, funding, exploring, and developing various mining projects. Mr Corey Nolan expressed excitement about discovering a significant gold prospect, Hermes, at Xanadu Gold Project. He commented on the discovery of the new gold exploration target, “Platina controls a large package of tenements along the Nanjilgardy fault zone and its splays, and we are only just starting to see the potential of the system which is host to several multimillion ounces gold deposits.”
Figure 3: Platina Resources Managing Director Corey Nolan
Investors outlook
There are several reasons why investors should keep a close eye on Platina Resources:
- With a market capitalisation of over AUD 11.0 million, Platina Resources has a solid financial footing, poised for growth and further success
- Discovery of the Hermes deposit in the Xanadu project with significant gold potential
- As of February 21st, 2023, the Platina Resources share price was AUD 0.018 per share, and the stock volume (4 weeks average) was 0.899325 million
- An experienced management team led by Managing Director Corey Nolan with a successful track record in the mining industry
- As on June 2022, the company has a robust cash position of AUD 1.2 million along with a net asset value of AUD 8.3 million
- As of January 31st, 2023, Platina Resources has an investment portfolio valued at approximately AUD 3.0 million. The company has a solid position to back up their exploration projects
Disclaimer
