Published On: September 14th, 2023
Platina Resources Limited (ASX: PGM) announces the commencement of Phase 2 reverse circulation (RC) drilling program at the Brimstone Gold Project, located approximately 40 kilometres northeast of Kalgoorlie in Western Australia. Mr. Corey Nolan, Managing Director of Platina Resources, stated that the RC drilling program involves drilling up to 3,500 metres. The Brimstone Gold Project is strategically positioned in a proven gold district, close to the high-grade Penny’s Find deposit and only 25 kilometres from the Kanowna Belle gold mine. Although drilling took place at the nearby Garibaldi prospect to the east in the past, there has yet to be any systematic exploration done to follow up on that earlier work.
The Significance of the Phase 2 Drilling Exploration at the Brimstone Gold Project
The Phase 2 RC drilling will focus on priority targets such as Garibaldi, Brandy, and Old Camp. After conducting a successful aircore drilling project of approximately 4,300 metres earlier this year, the drilling project identified highly mineralised structures at the Brandy prospect. The Brimstone drilling project occurs at the same time as a maiden 2,250 metres RC drilling program at Platina Resources’ Xanadu Gold Project Hermes prospect, 45 kilometres south of Paraburdoo in Western Australia’s Ashburton Basin.
After completing the drilling in the northern tenements of Brimstone, another cultural heritage survey will be done for the southern targets, such as the Jammie Dodger prospect.
About Platina Resources Limited
Platina Resources Limited (ASX: PGM) is a mining and exploration company primarily focused on gold in Western Australia. They conduct exploration feasibility studies and obtain permits to advance these projects toward development. The Company’s shareholder value is generated by converting the projects into income through sales, joint ventures, or product development. Platina Resources owns an extensive exploration site with high-grade gold and critical mineral deposits throughout Australia. The Company owns numerous gold projects in Western Australia, such as Yilgarn Craton and Ashburton Basin.
Figure 2: LOCATIONS OF THE PLATINA RESOURCES PROJECTS
About Corey Nolan, Managing Director of Platina Resources Limited
Mr Corey Nolan, the Managing Director of Platina Resources Limited, brings over 25 years of experience acquiring projects, exploring, managing finances, and overseeing development in mineral resource projects. He previously held senior positions at companies such as Sayona Mining Limited and Leyshon Resources Limited, and some of his significant accomplishments include playing a pivotal role in identifying and negotiating the Authier Lithium Project in Canada.
On the Phase 2 drilling program, Mr Corey Nolan stated the current campaign includes drilling below the shallow aircore anomalies with the potential to uncover broader and higher-grade intersections, much like those observed at Garibaldi or the Penny’s Find gold deposit to the south.
Figure 3: MR COREY NOLAN, MANAGING DIRECTOR of PLATINA RESOURCES LIMITED
Investor Outlook and Financials
- Recently, Platina Resources Limited (ASX: PGM) has successfully received A$10.8 million as initial payment in cash from the sale of the Platina Scandium Project, which allows the Company favorably for its upcoming exploration activities.
- Using this cash, Platina Resources is gearing up for significant drilling campaigns over the next five months in Western Australia, targeting its three key gold projects (Xanadu, Brimstone and Beete Gold Project).
- Platina Resources Limited (ASX: PGM) is initiating the Brimstone Gold Project’s Phase 2 RC drilling program.
- This announcement signifies Platina Resources’ commitment to aggressive exploration and development in a promising gold-rich region.
- Strong consumer demand, especially from Asian countries, drives up gold demand. This, combined with the strong upward trend in gold prices, bolsters the investment potential for Platina Resources.
- Platina Resources currently has a solid financial position with a market capitalisation of approximately AUD 18.07 million, in addition to 623.18 million shares as of 12 September 2023
- Platina Resources’ share price stands at AUD 0.029 as of 12th September 2023, with a 52 week share price range of AUD 0.017 to AUD 0.038
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