Platina Resources Limited (ASX: PGM) (Platina Resources or “Company”) has commenced the reverse circulation (RC) drilling program at the Xanadu Gold Project in Western Australia. The Xanadu Gold Project is located in the Ashburton Basin, close to the Mt Olympus Gold Project, which is a multi-million-ounce gold endowment.
RC Drilling Program Details
Platina Resources has planned 11 holes for the Project. The first phase targets the core 4 km of the trend which is distinguished by historic gold occurrences. Platina Resources controls 562 km2 of the area with a strike length of 60 km along the Nanjigardy fault and Duck Creek Dolomite. The Duck Creek Dolomite stratigraphy is known to host gold mineralization in the project area.
Here, Platina Resources will test the induced polarisation anomalies. The polarization anomalies may represent shallow oxide mineralization zones or zones which potentially represent sulfides, usually associated with gold mineralization.
Commenting on the RC drilling program, Managing Director Corey Nolan said, “The program is an exciting opportunity given the number and width of high-grade historical drilling intercepts. These have never been followed up with a systematic exploration campaign.”
He also added that the Xanadu Project is located in a favorable region, referring to the Mr. Olympus gold deposit which is only 7 km to the east of the project.
The RC drilling program is expected to complete within 15 days. Platina Resources has worked closely with all landowners to secure clearances.
Other Platina Resources news
Challa Drilling Program
Platina Resources has also planned a Phase II drilling program at the Challa Gold Project, Western Australia. This is expected to commence once the results of Phase I are reviewed and published.
Sangold Resources transaction
Platina Resources has signed a conditional binding term sheet to acquire three gold projects from Sangold Resources in Western Australia. The term sheet is subject to a due diligence and exclusivity period which ends on 31st October 2022. Upon completion of the transaction, Platina Resources will have 100% rights to the Brimstone Project, the Binti Binti Project, and the Beete Project (all of which are located in Western Australia).
If you wish to learn more about Platina Resources, visit the official website of the company for the latest news.
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