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Platina Resources Identifies Multiple Gold Targets

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THE DRILL SERGEANT: Platina Resources (ASX: PGM) has confirmed new gold targets at the company’s Beete gold project near Norseman in Western Australia.

Platina Resources conducted an aircore drilling program over 202 holes, which it said has confirmed the presence of a greenstone belt across the tenure, which was previously interpreted to be the Albany Frazer Orogeny.

The company flagged further investigation to be carried out along this belt, which it believes could host high-grade gold deposits like the Norseman mineralisation trend to the north.

Along with the greenstone identification and NE-SW potential 4km Beete Mine Trend, the drilling also indicated the presence of a major 16km long N-S shear zone.

This shear zone starts from the north of the tenure and traverses through the historical Beete Mine.

“The maiden wide-spaced scoping drill program achieved its objective to identify and focus on specific target areas,” Platina Resources managing director Corey Nolan said in the company’s ASX announcement.

“The drilling achieved an average depth of only 30 metres, hence infill drilling is required to achieve better resolution of these anomalous zones.

“The drilling was spaced 320m between holes and 640m between lines, this spacing in the anomalous zones can fit a Scotia mine.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Platina Resources Confirms Extension of Xanadu Oxide Gold Mineralisation

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THE DRILL SERGEANT: Platina Resources (ASX: PGM) has confirmed a large extension of oxide gold mineralisation at the company’s Xanadu project in Western Australia.

Platina Resources extended the mineralisation via a 15 hole reverse circulation (RC) drilling campaign drilled in Xanadu’s western tenements to test a previously-defined 8km-long gold mineralised corridor.

The company reported oxide gold mineralisation intersected in three out of five holes drilled at the Amphitheatre West prospect, that returned results including:

XARC016
48 metres at 0.53 grams per tonne gold from 76m, including 2m at 1.93g/t gold from 76m and 1m at1.01g/t gold from 83m and 12m at 1.35g/t gold from 89m;

XARC018
11m at 1.04g/t gold from 144m, including 2m at 3.92g/t gold from 144m; and

XARC019
15m at 0.69g/t gold from 150m, including 5m at 1.64g/t gold from 156m.

Platina explained the Amphitheatre West holes were drilled on a 200m spacing, following up on earlier encouraging results achieved from its 2022 RC drilling at the prospect.

“The ‘extremely encouraging’ intercepts confirmed oxide mineralisation extended a further 500 metres west of the historical Amphitheatre pit and was still open down dip and along strike to the west,” Platina Resources managing director Corey Nolan said in the company’s ASX announcement.

“Drilling has confirmed Xanadu West’s potential to host a large zone of oxide mineralisation.

“Our priority now is to test deeper airborne electromagnetic (AEM) and induced polarisation (IP) targets with up to four holes as soon as a diamond rig becomes available to try and unlock the deeper sulphide potential of the system.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Platina Resources Sells Scandium Project to Rio Tinto for up to US$14 million

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THE BOURSE WHISPERER: Platina Resources (ASX: PGM) is set to bank up to US$14 million (approx. A$21 million) in cash from the sale of the company’s wholly-owned Platina scandium project after signing a binding sale agreement with a subsidiary of Rio Tinto (ASX: RIO).

Platina Resources’ Scandium project hosts one of the largest and highest-grade scandium deposits in the world and has the potential to be Australia’s first scandium producer of scandium oxide over a 30-year mine life.

The company views the sale of the scandium project to finalise its transitioning away from platinum and speciality metal projects allowing it to focusing on gold projects.

Platina said the sale unlocks value in the project where it has made a considerable investment advancing the project through exploration to the Definitive Feasibility Study stage.

“The transaction with Rio Tinto is congruent with Platina’s strategy of advancing projects along the value chain and monetising when a new combination of technical, market or financial capability is required,” Platina Resources managing director Corey Nolan said in the company’s ASX announcement.

“This enables projects to achieve optimal scale, minimises Platina’s capital outlay and accelerates returns to investors.

“Platina discovered the scandium resource in 2011 as part of an exploration program for platinum and nickel/cobalt.

“Platina has advanced the project over the last 12 years through geological, metallurgical and engineering studies to the point where its value has been recognised by one of the world’s largest and leading natural resource companies.

“This transaction with Rio Tinto will also allow Platina shareholders to benefit from an injection of new funding to advance its extensive gold portfolio and pursue other more advanced project opportunities without shareholder dilution.”