Published On: December 12th, 2022
Platina Resources
Location Of The Xanadu Gold Project.
Platina Resources Limited (ASX: PGM) continues to carry out full-fledged gold mining operations while hitting milestones with significant project developments. Recently, Platina Resources announced that its maiden Xanadu drilling project over 2,214m had indicated the availability of gold mineralisation at depth and up to 900m of strike on the untested site, which is situated west of the historical Amphitheatre open pit. Gold assays were also intersected, including 7m @ 1.05g/t Au from 168m in XARC005. In addition, mineralisation at Cleopatra was intersected with 8m @ 1.79g/t Au from 38m in XARC009. Furthermore, PGM will also evaluate a copper anomaly of 1m @ 8.3% from 99m in XARC003.
A Glimpse of Xanadu Phase 1 Drilling Program
The maiden phase 1 RC drilling program at Xanadu consists of 11 holes over 2,214m.
- The exhaustive geochemical evaluation of the samples has assisted in outlining the stratigraphic and alteration assemblages associated with vectoring gold mineralisation. The program targeted a 4km section within the 10km mineralised and altered corridor.
- The Xanadu Phase 1 drilling program has played an instrumental role in identifying various stratigraphic horizons and mineralisation patterns, enabling experts to understand the peculiarities of mineralisation controls.
Xanadu Gold Project Drill Hole Locations.
Also, diamond drilling would be necessary to target mineralisation beyond an approximate depth of 200m since several holes turned out to be shallower because of the weathered clay-chert-breccia intersection in the holes’ top section.
The Future Path
Mr Nolan stated that a diamond drilling rig should be leveraged for a second-phase drilling program to eliminate complexities associated with reverse circulation (RC) drilling. The prospective diamond drilling program will work towards the ineffectively tested 900m zone west of the Amphitheatre pit. It will also determine the down dip extension and strike of strong mineralisation in XARC009 at Cleopatra.
Additionally, a cultural heritage survey will be accomplished in the first quarter of 2023 while anticipating the second phase drilling program in the second quarter. Currently, the Company is working out cultural heritage agreements at its Brimstone project and the Beete project, thus paving the way for the early commencement of the field reconnaissance activities.
Leadership: The Managing Director Corey Nolan
Mr Corey Nolan, The Managing Director Of Platina Resources, Has 25+ Years Of Experience.
The Platina Resources Managing Director Corey Nolan affirms that the new test findings significantly aid in comprehending the complex geological model at Xanadu, which is adjacent to the Mt Olympic Gold Project.
“Xanadu remains a very attractive geological target due to the number of historical high-grade gold intersections within a widespread, 10km zone of hydrothermal alteration on the Nanjilgardy fault zone and its splays in close proximity to the multi-million Mt Olympus gold deposit,” Mr Nolan said.
“Future drilling will be focused on unlocking the project’s potential by testing the 900m zone west of the Amphitheatre pit and defining the down dip extension and strike of strong mineralisation in XARC009 at Cleopatra.”
Managing Director Corey Nolan is a highly knowledgeable and expert mining executive with over 25 years of unparalleled and hands-on experience with the acquisition, exploration, funding, and development of different mining projects. Mr Nolan holds a Bachelor of Commerce from Bond University (Queensland) and a Master’s Degree in Mineral and Energy Economics from Macquarie University (Sydney). Mr Nolan has also graduated from the Australian Institute of Company Directors.
About The Company
Platina Resources (ASX: PGM) is a gold mining and exploration company based in Western Australia. The Company consistently works towards employing its advanced technical know-how and unrivalled industry experience to target 1 million-ounce gold deposits at Xanadu in the Ashburton Basin and Challa in the Yilgarn Craton. While the former has immense mining potential considering the number and width of economic grade gold drill intercepts, the latter is known to have produced over 1.3 million ounces of gold from several underground and open pit mining programs.
Platina Resources targets great provinces in Western Australia and owns a rich portfolio with several projects, namely Beete Project, Challa Gold Project, Xanadu Gold Project, Jubilee Project, Brimstone Project, Mt Narryer Project, Binti Binti Project, and Platina Scandium Project.
Investor Outlook
The (latest) Platina Resources share price is AUD0.02 with a Book Value (per share) of AUD0.013. The Company has a market cap of AUD12,463,607 and has gained a significant stronghold in the primary materials sector. Platina has fully acquired the Brimstone Gold Project, which lies 40 km northeast of Kalgoorlie. It entails complete ownership of the nearby Beete and Binti Binti gold projects. The Company also possesses a 100% interest in the Platina Scandium Project in New South Wales. It is one of the largest and top-grade scandium deposits across the globe.
Platina’s exploration-centric investments in Alien Metals Ltd (AIM: UFO), Blue Moon Zinc Corporation (TSXV: MOON), Major Precious Metals (CSE: SIZE) and Nelson Resources Limited (ASX: NES) shall prove beneficial in the short as well as long run.
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