Published On: November 10th, 2022
PLATINA RESOURCES LTD (ASX: PGM) is a gold-focused explorer targeting world-class reserves in Western Australia. Recently, the company has disclosed its portfolio of ongoing and planned exploration projects across Western Australia. Its portfolio includes the Challa Gold Project, Xanadu Gold Project, Jubilee Project, Mt. Narryer Project, Brimstone Project, Beete Project, Binti Binti Project, and flagship Platina Scandium Project.
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Platina Resources snowballs its presence in Western Australia
Platina Resources Limited is seeking to expand the size of its portfolio of gold exploration assets in Western Australia. The company already has a 100% stake in multiple gold projects at various stages of exploration and is looking to invest another million dollars to fund exploration activities in Western Australia.
Platina’s Managing Director Corey Nolan said, “The Yilgarn Craton of Western Australia has been a prodigious gold-producing province since the 19th century and home to many successful mining operations,”.
Here’s an outline of the projects of Platina Resources throughout the last quarter.
The 70-square-kilometre Brimstone Gold Project lies 40 kilometres northeast of Kalgoorlie. Brimstone is an advanced-stage exploration property with tremendous potential, given the previously drilled vast widths and high-grade gold mineralisation.
At Brimstone, Platina resources have made an expenditure of ~AUD5 million to drill over 964 holes with 51,638 meterage. The company already has six walk-up gold drill targets for the project: Garibaldi, Old Camp, Eastern Workings, 5 Bob, Jammie Dodger, and Lapage VHMS. Historical work in the area has never been followed-up by systematic exploration campaigns, opening doors for Platina resources.
Xanadu Gold Project
The Xanadu Gold Project is located near Mt Olympus Gold deposits in the Ashburton Basin, WA. The project comprises five exploration licenses and seven prospecting licenses covering 498km². Numerous shallow drilling programs have been conducted on the project historically. Platina’s strategy was to start with a cost-effective exploration method to develop geological understanding and drilling targets. Phase 2 drilling programs are scheduled for early 2023.
The 139 square kilometre Beete Exploration Licence lies 50 kilometres south of Norseman. Beete is a potential extension of the Norseman Greenstone Belt, which historically produced ~5.5 Moz of gold. This is situated in a historical mining zone with several small, high-grade gold mines. The gold potential is highlighted by recent discoveries made to the south by Aruma Resources and Meeka Metals. Besides gold, Beete also has great potential for lithium exploration.
Challa Gold Project
Platina Resources holds 100% ownership of this project. It is situated 500 kilometres northeast of Perth, in Western Australia, between the prolific Mt. Magnet and Sandstone gold fields. Phase 1 air core drilling has already been completed, and phase 2 drilling is scheduled for late 2023.
Binti Binti Project
Binti Binti’s two Exploration Licences cover 68km2, approximately 50 km northeast of Kalgoorlie. Platina Resources signed a conditional binding term sheet with Sangold to acquire the Beete and Binti Binti Projects.
Mt Narryer Project
Mt. Narryer Gold Project is located on the edge of the Yilgarn Craton. There hasn’t been much mineral exploration due to the scarcity of outcropping rocks in the area. Once the tenancy is approved, a soil sampling program will begin.
Platina Resources Limited has requested an exploration permit (E51/2114) for the project in the Murchison Province, which is located 15 kilometres east of Meekatharra. The Jubilee tenement, which has a shallow level of transported cover, appears to have had little historical exploration.
Platina Scandium Project
One of the most significant deposits of the highest-grade scandium is located in the project tenement. Also known as the Owendale Project, the project has the potential to become Australia’s first source of high-grade scandium in addition to cobalt, platinum, and nickel resources. In December 2018, Platina completed a Definitive Feasibility Study that established the technical and financial viability of building a simple, low-strip ratio, open-cut mining operation and processing facility that produces 20 tonnes of scandium oxide a year with 30 years of mine life.
Why should investors keep a close eye on Platina Resources Limited ASX?
- The company has significant shares in Major Precious Metals (49 million shares), Alien Metals (128 million shares), Blue Moon Zinc Corporation (6 million shares), Nelson Resources Limited (04 million shares)
- The investment portfolio of Platina Resources, now valued at AUD 19.5 million, has a significant exploration upside.
- Platina owns a 100% interest in the Challa Gold Project, Xanadu Gold Project, Platina Scandium Project, and a 30% interest in Munni Munni Project.
- As of November 5, 2022, the Platina share price showed a 52-week high of AUD 0.078 and a low of AUD 0.018. Since its listing in May 2006, Platina has issued 654 million shares. The company has a market capitalisation of AUD 13.1 million. As of November 5, 2022, Platina had AUD 3.2 million in investments and AUD 2.6 million in cash.
Visit the official website to find out more about Platina Resources.
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