Platina Resources (ASX: PGM) managing director Corey Nolan proves gold is well and truly alive while speaking with Wally Graham at RIU Explorers Conference 2024
THE DRILL SERGEANT: Platina Resources (ASX: PGM) reported back from the first drill program using reverse circulation (RC) drilling undertaken at the Hermes prospect at the company’s Xanadu project in Western Australia.
Platina Resources declared the drilling to have confirmed the presence of a large-scale gold system over 600m by 600m open in all directions.
Platina drilled over 10 RC holes targeting multiple parallel zones of mineralisation it had identified in earlier field work.
The holes drilled were spaced approximately 100m apart to test the possibility of north or south dip of the structures.
The results demonstrated the mineralised zone to the south of the mapped 1km mineralised corridor at Hermes to be open along strike and dip in all directions with two of the holes intersecting well mineralised wide zones, including:
HERC009
15 metres at 0.88 grams per tonne gold from 20m, including 2m at 2.05g/t gold from 24m and 2m at 2.3g/t gold from 32m; and
HERC010
9m at 0.62g/t gold from 26m, including 1m at 1.3g/t gold from 28m and 1m at 1.27g/t gold from 33m.
The bulk of the campaign, however, was conducted within the main mapped 1km long mineralised corridor where five out of seven holes intersected wide anomalous gold values within a 35 to 40m wide corridor over an approximate 600m strike length.
Results included:
HERC007
15m at 0.17g/t gold from 60m; and
HERC004
3m at 0.68g/t gold from 38m, including 1m at 1.69g/t gold from 39m.
“Drilling shows wide scale gold mineralisation in a 600m x 600m area at Hermes which has all the right ingredients for a larger-scale system,” Platina Resources managing director Corey Nolan said in the company’s ASX announcement.
“The southern zone is looking particularly promising and will be the main target of future work now being planned.
“It was not extensively mapped in previous field work as the terrain was more challenging but it, along with the northern parallel zone, now warrants further attention due to the results of this campaign.
“Further technical assessment is also required to better understand what geological indicators could assist in identifying higher-grade zones within the system.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
THE BOURSE WHISPERER: Platina Resources (ASX: PGM) is set to widen its Western Australian gold presence by acquiring the Xanadu gold project, located in the Ashburton province of the state.
Platina Resources made a point of indicating the project is close to the multi-million-ounce Mt Olympus gold deposit of Kalamazoo Resources (ASX: KZR).
“Xanadu has immense appeal given the number and width of economic grade gold drill intercepts which have never been followed up with a systematic exploration campaign,” Platina Resources managing director Corey Nolan said in the company’s ASX announcement.
“The project has been the subject of a number of mainly shallow drilling programs and a historical gold heap leach operation.
“Our exploration strategy will initially comprise low-cost geophysics and geochemistry to build a deeper knowledge of the geological potential of the project and to define both shallow and deeper targets for drilling.”
Work by previous owners at Xanadu has identified a large alteration system with gold occurrences, which Platina believes outlines potential for discovery of a meaningful gold mineralising system.
The company will be targeting Telfer and Hemi-styles of intrusion related gold mineralisation as well as sediment-hosted Carlin type, found in Nevada USA.
“Whilst we believe there is significant potential to expand upon the known oxide mineralisation, the longer-term prize is targeting primary mineralisation within the alteration core of the system, which has never been tested by historical drill programs,” Nolan said.
Xanadu comprises seven prospecting licences and five exploration licences covering 498 square kilometres.
Platina expects logistics and operations to be low cost given access to the project is relatively easy from the regional mining centre of Paraburdoo, just 38km away.
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Email: admin@platinaresources.com.au
Web: www.platinaresources.com.au
