FY24 Highlights: Platina Resources (ASX:PGM) Advances Exploration with Promising Drilling Plans

Highlights

• Platina reported AU$ 12.7 million in cash and AU$ 4.48 million in potential milestone payments as of 30 June 2024.
• The A drilling campaign at Xanadu West confirmed an 8km gold corridor with promising assay results.
• A large-scale soil sampling program on the eastern tenements of the Xanadu is scheduled for 4Q 2024.
• Platina completed its first aircore drilling program at Beete, confirming the presence of a greenstone belt.

Platina Resources Limited (ASX:PGM) continues to drive gold exploration across its diverse portfolio in Western Australia's Yilgarn Craton and Ashburton Basin. The company’s annual report for the year ended 30 June 2024 highlights its focus on advancing projects through exploration, feasibility studies, and permitting efforts. Platina is dedicated to creating value by pursuing joint ventures and development opportunities.

Platina currently holds over AU$ 12.7 million in cash and an additional AU$ 4.48 million in potential milestone payments.

Advancing Exploration at Xanadu: Drilling Insights and Future Plans

In the first quarter of CY2024, Platina drilled 15 reverse circulation (RC) holes for 2,186m. The campaign confirmed an 8km-long gold mineralised corridor within a regional scale structural setting at Xanadu West. The program tested the Claudius prospect, Amphitheatre West extension, and areas of strong arsenic in rock chip anomalies at Pompeii.

Assay results from the program established Xanadu West’s potential to host a large zone of oxide mineralisation, with particularly encouraging intercepts.

Platina's main focus now is to test deeper airborne electromagnetic (AEM) and induced polarisation (IP) targets. It plans to drill up to four holes to explore the deeper sulphide potential of the system. The diamond drilling program is scheduled for the fourth quarter of 2024.

Beete Project: Maiden Aircore Drilling Program

During the reported period, Platina completed a maiden aircore drilling program at Beete. The program consisted of 202 holes totalling 6,325m. The drilling was designed to test for bedrock anomalies using targets generated through soil sample analysis and geophysical interpretations. The drilling has established the presence of a greenstone belt across the tenure.

Further exploration endeavors will comprise closely spaced drone magnetic surveys over the identified target areas, detailed geochemical analysis, and infill aircore drilling. These are scheduled for the fourth quarter of 2024.

Brimstone Gold Project: Drilling Expands Mineralisation Potential

Data and image source: Company update

Milestone Payments

In August 2023, Platina finalised the sale of the Platina Scandium Project to a wholly owned subsidiary of Rio Tinto Ltd for US$7 million (approximately AU$10.8 million). After the reported period, Platina received its first milestone payment of US$4 million (around AU$6 million) and may receive up to US$3 million (about AU$4.48 million) based on Rio Tinto meeting certain permitting milestones.

PGM is making significant progress in its gold exploration initiatives across Western Australia. With strategic plans for further drilling, including deepening exploration at Xanadu and advancing initiatives at Beete and Brimstone, the company aims to maximise its resource potential.

PGM shares traded at AU$0.021 on 26 September 2024.