Published On: May 1st, 2023
Platina Resources Limited (ASX: PGM) (PGM or Company), led by Managing Director Mr Corey Nolan, has unveiled its March 2023 quarterly report, showcasing the company’s unwavering dedication to project advancement through exploration, feasibility, permitting, and monetisation via joint ventures, sales, or development. The report, accessible via ASX Announcements, underscores the sale of the Platina Scandium Project and the Company’s solid financial standing, with cash reserves of AUD 1.23 million and investments worth AUD 2.4 million as of March 31st, 2023.
Platina Resources Limited Q1 2023 Report
Platina Resources Limited has demonstrated its commitment to growth and expansion by investing in acquisitions, exploration, and evaluation activities. The major attraction of the report is the Platina Scandium Project, which aimed to explore the minerals of Platinum and Scandium, and finalised a thorough analysis of its viability in December 2018. It’s now disclosed that Platina Scandium Project will be sold to Rio Tinto Ltd, Rio Tinto EN21 Op Co Pty Limited, for a maximum of AUD 21 million to be paid in cash. Despite a net cash outflow from operating activities of AUD 642,000, the company’s recent report also highlights a positive net inflow of AUD 263,000 from investing activities.
Platina Resources Projects
Platina Scandium Project
The Platina Scandium Project is a significant scandium deposit globally. It’s highly graded and could be Australia’s first scandium producer, with cobalt and nickel credits. The Platina Scandium Project, an exploration project for Platinum and Scandium minerals, completed a Definitive Feasibility Study in December 2018 and has announced its sale to Rio Tinto Ltd, Rio Tinto EN21 Op Co Pty Limited, for up to AUD 21 million in cash. Platina Resources Limited will receive AUD 12 million cash, with a warranty retention payment that Rio Tinto will repay after 30 months. Additionally, the company may receive future cash payments totalling AUD 9 million by Platina, subject if Rio Tinto is achieving project milestones, including granting a Mining Lease.
Beete Gold Project
The project covers over 130 square kilometres in a high-grade mining district near Norseman and 10 kilometres south of the Scotia gold deposit. In the past, there has been a need for more systematic exploration in this particular area. During the quarter, the company implemented a cost-effective and low-impact soil sampling program to identify high-potential target areas for future drilling activities. These target areas include gold, nickel, lithium, and rare earth metals. No significant mineralisation was returned.
Binti Binti Gold Project
Binti Binti is an auspicious mineral exploration site with two Exploration Licences. Located just 50 km northeast of Kalgoorlie and 30 km west of Northern Star’s Carosue Dam Gold mine, this area has never been explored. During the March 2023 quarter, data compilation and migration were carried out over the Binti Binti tenements.
Mt Narryer Gold Project
The Mt Narryer Gold Project spans 211 km2 in the western Yilgarn Craton. This region has been a prolific producer of gold and base metals since the 19th century and has hosted numerous profitable mining ventures. During the quarter, Platina Resources Limited announced a joint venture with Chalice Mining Ltd (ASX: CHN) for the Mt Narryer Project. This joint venture presents a chance for Platina Resources to utilise Chalice’s proficiency in nickel, copper, and PGE metals exploration. Chalice Mining Limited will initially earn a 51% interest in the project over two years and an additional 24% interest over the following two years. Platina will continue to be free of cost until the completion of the Pre-Feasibility Study.
Challa Gold Project
The Challa Gold Project is between Mt Magnet and Sandstone gold districts in Western Australia. It is 500 km away from Perth, towards the northeast. In October 2022, heritage surveys finished, opening five more target areas for phase two drilling. Aircore drill pads and tracks from the 2022 program were rehabilitated, and high-resolution satellite images were obtained for some sections of the tenements during the reported quarter.
Munni Munni Project
The project is a joint venture between Platina and Artemis Resources Limited. Platina holds a 30% interest in the project. During the March quarter, the joint venture partners completed a diamond drilling program to test for extensions to the existing resource.
Platina commenced a phase one drilling program at the Brimstone Gold Project during the quarter that ended on March 31st, 2023. With minimal previous drilling, the program covered priority targets, including Brandy, Old Camp, and Billabong North. Platina is awaiting assay results and expects to finalise them by mid-May 2023.
Xanadu Gold Project
Platina Resources Limited has made an exciting discovery at their 100% owned Xanadu Gold Project in Western Australia’s Ashburton Basin. The company has announced that through a thorough historical data review, geophysics interpretation, and follow-up rock chip sampling program, Platina Resources has identified a new major gold prospect named Hermes. This significant finding adds to the already impressive potential of the Xanadu Gold Project, solidifying Platina’s position as a critical player in the mining industry.
Meet Mr Corey Nolan, the Managing Director of Platina Resources Limited
Mr Corey Nolan, the Managing Director of Platina Resources, possesses extensive experience of over 25 years in resource project acquisition, exploration, financials, and development. In the past, Mr Corey Nolan has held senior positions in Sayona Mining Limited and played a crucial role in identifying and negotiating the Authier Lithium Project in Canada.
Under the leadership of Mr Corey Nolan, Managing Director, the company has strategically invested in several exploration-focused projects, including Alien Metals Limited’s Munni Munni Project, Blue Moon Zinc Corporation, Major Precious Metals, and Nelson Resource Limited.
About the Company
Platina Resources Limited is a renowned gold exploration company based in Western Australia. Recently, it has caught attention with its particular focus on Australian gold mining. Platina’s primary goal is to target multi-million-ounce gold deposits in Western Australia’s Ashburton Basin and Yilgarn Craton regions. The company’s world-class scandium project in New South Wales is a testament to its technical expertise and experience.
Platina Resources executed various corporate activities during the quarter.
- The Platina Scandium Project is a valuable deposit for scandium, cobalt, and nickel and has the potential to become Australia’s first scandium producer. Rio Tinto Ltd has acquired the project for up to AUD 21 million in cash, with AUD 12 million to be paid immediately and the possibility of future payments of up to AUD 9 million subject to project milestones being met.
- Platina ended the quarter with AUD 1.2M in cash and AUD 2.4M worth of investments in Major Precious Metals Corp (CSE: SIZE; 49M shares), Blue Moon Mining (TSXV: MOON; 0.6M shares), Alien Metals (AIM: UFO; 60M shares), and Nelson Resources (ASX: NES; 11.8M shares)
- Platina Resources sold 26.2 million Alien Metals shares during the quarter, which resulted in around AUD 248,000
- Platina Resources’ Share Price on the Australian Securities Exchange Limited as of April 28th, 2023, was AUD 0.026 per share
- The market capitalisation of Platina Resources is approximately AUD 16,202,689, and the company has nearly 623.18 million shares on issue
- Over the past week, the Platina Resources Limited ASX stock has seen a 4% increase
- Platina Resources is heavily focused on exploring metals such as cobalt, copper, platinum and Gold Drill, which are in high demand and have a range of industrial applications.
- The company has an experienced management team led by Mr Corey Nolan, Managing Director, who has over 25 years of industry experience
Overall, Platina Resources has made significant progress in all its projects. The company made notable advancements at the Brimstone Gold Project. Platina Resources’ joint venture with Chalice Mining for Mt Narryer Gold Project is expected to boost its growth. To learn more about Platina Resources, visit their official website.