Published On: August 31st, 2022
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.
The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of COLITCO LLP and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Colitco LLP is neither licensed nor qualified to provide investment advice through this platform. Users should make their inquiries about any investments and Colitco LLP strongly suggests the users seek advice from a financial adviser, stockbroker, or other professional (including taxation and legal advice), as necessary. Colitco hereby disclaims any liabilities to any user for any direct, indirect, implied, punitive, special, incidental, or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Colitco LLP. Some of the images/music that may be used on this website are copyrighted to their respective owner(s). Colitco LLP does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions, or are believed to be in the public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.