Published On: November 10th, 2023
Platina Resources Limited (ASX: PGM) (Platina or the Company), second phase reverse circulation (RC) drilling has verified the extension of mineral deposits at the Garibaldi prospect and showcased the perspective of additional mineral reserves at the Brandy and Old Camp.
Garibaldi Prospect Intercepts:
Drilling at the Garibaldi Prospect unveils significant gold mineralisation extensions. The high-grade gold intersections occurring down the plunge and along the strike from existing mineralisation suggest a substantial system spanning over 200 metres in the strike and remaining open at depth. Noteworthy intercepts include:
- 36m at 1.92g/t from 68 m (including 9m at 6.03g/t),
- 42m at 0.66g/t from 131m (including 17m at 1.30g/t),
- 16m at 0.97g/t from 77 m (including 7m at 2.01g/t)
The mineralisation at Garibaldi is situated at the interface between basalt and sediment with differing rheological properties. Previous drilling results indicate that gold mineralisation is present in basalt and sediment layers but predominantly concentrated along this contact zone. Based on the drilling data, it can be inferred that a potential fold and fault structure has displaced the mineralisation downward along the plunge. Additional RC drilling is necessary to assess the depth and strike extensions of the mineralisation.
Brandy Prospect Intercepts:
Platina’s exploration at Brandy reveals promising intercepts, confirming a major mineralised structure. These intercepts, found in multiple vertically dipping zones across an 80-metres-wide mineralised corridor, underscore the potential for further mineralisation at the Brandy Prospect along the Penny’s Find Shear Zone. Notable intersections encompass:
- 3m at 1.53g/t from 45m (including 2m at 2.08g/t),
- 6m at 0.47g/t from 68m (including 1m at 2.28g/t),
- 22m at 0.39g/t from 100m and 25m at 0.17g/t and 176m
The primary rock types intercepted in the area were basalt and shales. Gold mineralisation at the Brandy site is characterised by disseminated massive pyrite, arsenopyrite, elevated levels of arsenic, quartz veins, and calc-silicate alteration. The variation in the physical properties of the basalt and shale formations along the Brandy shear zone significantly contributes to the concentration of mineralisation.
Figure 2: Brandy’s Plan View Map Showing All Downhole Assays, New Drill Holes & New Downhole Assays
Managing Director of Platina, Mr Corey Nolan, has commented on the recent drilling extensions:
“Garibaldi remains a high-priority expansion opportunity after the drilling program extended the mineralisation strike extent from 130 to 200m. Further drilling is required at Brimstone to expand the size of the Garibaldi prospect and test the strike and depth potential of Brandy and the southern tenements, which still require cultural heritage clearances”.
About Platina Resources Limited and its Projects
Platina Resources Limited, based in Western Australia, focuses on developing early-stage metals projects by meticulously moving through the phases of exploration, feasibility analysis, and permitting. The Company’s commitment to creating shareholder value is manifested through strategic monetisation of projects, employing avenues such as sales, joint ventures, or development initiatives.
Platina’s Strategic Financial Transaction
In August 2023, Platina made a significant financial announcement, revealing the successful completion of the sale of the Platina Scandium Project. The Company received USD 8 million (~AUD 12.3 million) in cash from the transaction, facilitated with a wholly owned subsidiary of Rio Tinto Ltd. Notably, a USD 1 million warranty retention payment, repayable by Rio Tinto after 30 months in the absence of warranty breaches, underscores the terms of this strategic deal.
Diversified Investment Portfolio in Exploration
Platina Resources Limited strategically diversifies its investment portfolio through exploration-focused ventures in companies such as Alien Metals Ltd (AIM: UFO), Blue Moon Zinc Corporation (TSXV: MOON), Major Precious Metals (CSE: SIZE), and Nelson Resources Limited (ASX: NES). These investments represent promising opportunities, offering substantial upside as these entities progress their early-stage projects through exploration and feasibility stages towards development. Platina’s strategic investments align with its commitment to optimising value across the exploration and development spectrum.
Project Portfolio of Platina Resources Limited
Platina has a strong portfolio with many projects in Western Australia. The Company is actively involved in various projects: Challa Gold, Xanadu Gold, Jubilee Gold, Beete Gold, Mt. Narryer, and the Binti Binti Gold Project. Significant gold potential can be found in the Xanadu Gold Project, which has well-defined drill targets, and the Challa Gold Project, ideally situated between the productive Mt Magnet and Sandstone gold districts. Platina’s rich and geologically diverse project portfolio also includes the high-grade mineralisation of Mulga Bill, the Jubilee Gold Project near Meekatharra, and the Mt. Narryer Gold Project, part of a joint venture with Chalice Mining.
Figure 3: Locations of the Projects of Platina Resources Limited
About the Brimstone Gold Project
Brimstone Gold Project, located 40km northeast of Kalgoorlie, spans 70 square kilometres with diverse licenses. Its AUD 5 million investment history features over 964 drilled holes, revealing broad and high-grade gold mineralisation. Interpreted geological structures extend up to 10 km, offering immense potential on greenstone rocks. Six drill targets, including Garibaldi and Old Camp, await exploration, with past drill intercepts prompting a deeper investigation. Despite its promise, a comprehensive exploration campaign is yet to be undertaken.
Figure 4: Location of the Brimstone Gold Project
About Platina Resource’s Managing Director Mr Corey Nolan
Platina Resources Limited’s Managing Director, Mr Corey Nolan, is an experienced mining executive and a proficient director with a career spanning over 25 years. His expertise is primarily centred on the comprehensive spectrum of resource projects, encompassing acquisition, funding, exploration, and development.
In his most recent role, Mr. Nolan served as the Chief Executive Officer at Sayona Mining Limited, where he played a pivotal role in steering the Company towards success. His contributions were particularly significant in the identification, negotiation, due diligence, and successful financing of acquiring the Authier lithium project in Canada. Mr. Nolan’s strategic acumen and extensive experience make him a valuable leader at the helm of Platina Resources, driving the Company’s pursuit of excellence in the mining and resource development sector.
Figure 5: Platina Resources’s Managing Director Mr Corey Nolan
Investor’s Outlook
- Platina Resources Limited reports a successful cash inflow of USD 8 million from the Platina Scandium Project sale to Rio Tinto, enhancing liquidity. Managing Director Mr Corey Nolan’s accomplished leadership strengthens investor confidence
- Platina’s latest drilling results at the Brimstone Gold Project reveal extended mineralisation at Garibaldi and promising prospects at Brandy and Old Camp, enhancing investment potential with notable gold intersections
- As of November 9th, 2023, Platina Resources’ share price was AUD 0.029 per share, with a 52-week average of AUD 0.017 to AUD 0.038 per share
- The Company’s market capitalisation was AUD 16.82 million as of November 9th, 2023
- As of November 9th, 2023, Platina Resources Limited had 623.18 million shares on issue
- Platina Resources had an impressive year-to-date return on the stock of 52.63% as of November 9th, 2023
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