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Platina Resources Limited signed a Joint Venture agreement with Chalice Mining for the Mt Narryer Gold Project

Platina Resources Limited signed a Joint Venture agreement with Chalice Mining for the Mt Narryer Gold Project
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Platina Resources Limited (ASX: PGM) (Platina or the Company) is a mineral resource exploration company based in Western Australia. The Company has inked a joint venture agreement with Chalice Mining Limited, a mineral exploration and development company, to operate the Mt Narryer Gold Project.

Terms of the Joint Venture

  • Stage 1 earn-in: Initially, Chalice Mining will earn a 51% interest in the project by investing AUD 600,000 within two years, which must include at least AUD 150,000 in the first year
  • Stage 2 earn-in: Chalice Mining can acquire an additional 24% interest in the project by investing an extra AUD 1.8 million within the next two years
  • Platina free cost carry: Once Chalice Mining has obtained a 75% interest in the Project, Platina Resources Limited will continue to be free cost carried until the Pre-Feasibility Study is completed
  • Contribute & Dilute: After the Pre-Feasibility Study is completed, the funding for the project will switch to a standard contribute or dilute joint venture model. If Chalice Mining earns a 90% interest in the project, then the 10% interest owned by Platina Resources will be converted to a 1% Net Smelter Royalty
  • Pre-emptive rights: Both parties involved in the joint venture will have pre-emptive rights over the other party’s interest in the joint venture. It means one party can sell its stake to a third party, but the other party will have the opportunity to match the offer under equal conditions
  • Operator: Under the joint venture terms, Chalice Mining will hold the operator position

About Chalice Mining Limited

Chalice Mining (ASX: CHN) is a recognised mineral explorer and developer. It is situated in the Western Yilgarn Craton, about 480 km south of Mt Narryer. The Company made a significant discovery of a new greenfield PGE-nickel-copper-cobalt-gold deposit in March 2020 at its Julimar Project. Chalice has a market capitalisation of more than AUD 2.2 billion.

About the Mt Narryer Gold Project

The Mt Narryer Gold Project is located 300 km northwest of Platina Resources’ Challa Gold Project. The Project is situated on the fringe of the Yilgarn Craton, a highly productive province for gold and base metals extraction. It covers an area of 165 square kilometres. The Mt Narryer region has not been extensively explored for mineral deposits in the past because there is a lack of visible outcropping ‘greenstones’ in the area. These greenstones are the host rocks for most of the gold and base metal deposits discovered in Western Australia.

Location of Mt Narryer Gold Project

Figure 1: Location of Mt Narryer Gold Project

About Platina Resources Limited

Platina Resources Limited is a gold-focused mineral exploration company based in Western Australia. The Company’s projects include the Challa Gold Project, Mt Narryer Gold Project, Xanadu Gold Project, Brimstone Gold Project, Beete Gold Project, Binti Binti Gold Project, etc. Platina is aiming for 1 million ounce gold deposits under Xanadu Gold Project. The Company has acquired the Brimstone Gold Project, located 40 km northeast of Kalgoorlie. This acquisition also includes complete ownership of the nearby Beete and Binti Binti gold projects. In addition to this, the Company has Platina Scandium Project located in New South Wales.

Projects of Platina Resources Limited

Figure 2: Locations of the Projects of Platina Resources Limited

Platina Resources Managing Director Mr Corey Nolan

Platina Resources’ Managing Director, Mr Corey Nolan, is a booming mining executive and public company director with over 25 years of experience acquiring, financing, exploring, and developing natural resource projects. Regarding the joint venture agreement of Platina Resources and Chalice Mining, he commented, “Chalice has a proven, low-cost model for discovering major mineral deposits using reconnaissance, geochemical sampling and geophysical surveys, backed by a bank of geological knowledge from its Ni-Cu-PGE discovery at Julimar.” He also mentioned that the new joint venture on Mt Narryer would enable Platina Resources Limited to direct its financial and time resources towards other significant projects in Western Australia, like Brimstone, Xanadu, and Beete.

PLATINA RESOURCES MANAGING DIRECTOR MR COREY NOLAN

Figure 3: Platina Resources Managing Director Mr Corey Nolan

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