Platina Resources Limited (ASX: PGM) (“Platina” or “the Company”) surged forward during the March 2025 quarter, achieving significant milestones across its Australian gold exploration projects. With a sharp focus on unlocking value, Platina completed critical drilling programs, advanced project evaluations, and maintained a strong financial position to support its aggressive growth strategy.
Xanadu Gold Project: Deeper Drilling Unlocks New Potential
At the flagship Xanadu Gold Project in Western Australia’s Ashburton Basin, Platina completed its diamond drilling program at the Cleopatra South Prospect. Drilling reached 380 metres, targeting a promising aero-electromagnetic (AEM) anomaly. Despite challenges such as broken ground and a cyclone evacuation, the team successfully completed the campaign.
The core underwent detailed lithological logging in Perth, followed by Hylogger scanning to select sampling intervals. Core sampling and assay work is now underway, with results expected in May 2025.
Located just 2 km east of the historic Amphitheatre deposit, Cleopatra South presents an exciting opportunity to discover the gold source across a 10 km mineralised corridor.
Figure 1: Shallow drilling at Xanadu revealed widespread gold oxide mineralisation, confirming the project’s strong exploration potential.
Challa Gold Project: New Gold Zones Confirmed
At the Challa Gold Project, located between Mt Magnet and Sandstone, Platina’s systematic exploration approach paid off. The team completed a second phase of aircore drilling, with 1,856 metres drilled across 41 holes.
A highlight intersection in hole CHAC0155 returned 12 metres at 0.66 g/t gold from 100 metres, including 4 metres at 1.7 g/t. This greenfield discovery along the NW splay of the Challa shear could indicate extensive mineralisation across 17km of Platina’s tenure.
Another promising result was recorded in hole CHAC0140, which intersected 4 metres at 0.37g/t gold from 72 metres. Encouraged by these outcomes, Platina is planning a follow-up campaign of slimline RC and air-core drilling to define the mineralisation geometry better.
Figure 2: Challa Project area displaying July–August 2024 air-core drill holes and identified targets over GSWA’s reprocessed TMIRTP Western Australia State merged magnetic data.
Brimstone Project: Strategic Discussions Underway
The Brimstone Gold Project near Kalgoorlie saw no drilling activity during the quarter, but strategic work continued. Platina engaged with Native Title parties to finalise heritage agreements, necessary before progressing mining approvals at the Garibaldi Mining Lease and exploration at the Jamie Dodger prospect.
Additionally, Platina is evaluating options to unlock value at Brimstone, where historical drilling defined a strongly mineralised deposit.
Beete, Binti Binti, Jubilee, and Mt Narryer Projects: Progress in Planning and Evaluation
At the Beete Gold Project, Platina completed an assessment of multi-element geochemical data to refine targeting for the next phase of drilling. A new air-core campaign is being planned to advance this high-potential project near Norseman.
The Binti Binti project will be relinquished due to low potential, aligning with Platina’s disciplined approach of focusing resources on high-value opportunities.
Meanwhile, at Jubilee, native title negotiations continue. Platina expects the tenement grant process to proceed shortly, clearing the way for exploration to begin.
At Mt Narryer, a desktop review assessing soil sampling effectiveness by Chalice Mining is underway. The Company will determine next steps based on the study’s findings.
Corporate Update: Strong Financial Position Supports Growth
Platina ended the March quarter with $11.77 million in cash and tradeable equity investments valued at A$0.12 million. Significant holdings include Nelson Resources (ASX: NES) and Alien Metals (AIM: UFO).
Exploration and evaluation expenditure during the quarter stood at $421,000. Meanwhile, payments to related parties, including the Managing Director’s salary and Non-Executive Directors’ fees, totalled $124,800.
Platina’s financial strength underpins its ability to execute its corporate strategy, including advancing existing projects and acquiring new ones.
Strategic Accomplishments: Setting the Stage for Growth
The Company continues to benefit from the strategic sale of its scandium project to Rio Tinto in 2023 for US$14 million. Platina remains entitled to a US$1 million warranty retention payment in March 2026 and may earn an additional US$2 million if Rio Tinto achieves certain project milestones, including the granting of a Mining Lease by August 2026.
Investor’s Outlook
Platina Resources (ASX: PGM) has demonstrated strong growth prospects, with a robust exploration strategy, successful drilling campaigns, and solid financial backing positioning the Company for continued success. The March 2025 quarter saw notable advancements at key projects such as Xanadu and Challa, underscoring Platina’s ability to unlock value in its portfolio. Platina Resources is demonstrating strong growth potential, with the current price at $0.021 (as of 29 April, 2025), reflecting a 23.53% increase year-to-date and a 5.00% rise in the past week. With a market capitalisation of $13.08 million and 623.18 million shares on issue, Platina has outpaced the broader sector by 6.01% over the past year.
Conclusion: Platina on the Front Foot
The ongoing exploration at Xanadu, including deeper drilling to explore sulphide potential, and at Challa, where promising gold intersections have been discovered, strengthens the Company’s position in the gold sector. As Platina continues to evaluate new acquisitions and divest lower-potential assets, the Company’s strategic focus on high-value projects is likely to drive further growth.
Additionally, Platina’s solid cash reserves, including A$11.77 million in cash, ensure the Company has the financial flexibility to continue its aggressive exploration and acquisition strategy. The successful sale of its scandium project to Rio Tinto for US$14 million further bolsters its funding base, with additional potential upside from Rio Tinto’s project milestones.
With a clear focus, a capable technical team, and robust funding, Platina is well-placed to achieve its vision of becoming a leading exploration Company in Australia’s thriving gold sector.
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