Platina (ASX:PGM) continues to advance on WA gold portfolio in September quarter

Highlights

• Platina Resources (ASX:PGM) executed a gamut of activities to advance on its gold portfolio in Western Australia.
• The company completed reverse circulation drilling at the Xanadu Gold Project.
• Platina received assay results from air-core drilling at the Challa Gold Project.
• The company boosted its gold portfolio with a new tenement application and conditional acquisition of Sangold Resources.

Platina Resources Limited (ASX:PGM) made significant progress at a number of its projects during the recently completed September quarter of 2022. The company undertook extensive drilling, acquisition, and fundraising activities to advance on its gold-focused strategy.  

The period saw the completion of reverse circulation (RC) drilling at the Xanadu Gold Project and reporting of assay results for the Challa Gold Project.

The company also boosted its foothold in the Western Australian region with conditional acquisition of Sangold Resources Pty Ltd and a new tenement application covering the Jubilee Exploration Licences in the region.

Furthermore, Platina raised AU$2.23 million through a placement of shares. The proceeds will help advance the company’s expanding gold portfolio in Western Australia.

Platina completes maiden RC drilling at Xanadu Gold Project

During the reported period, Platina completed 2,214 m Phase 1 maiden RC drilling comprising 11 holes. The program provided information for identifying various stratigraphic horizons and mineralisation patterns. It was a widely spaced program that covered drilling over 4 km within the 10 km mineralised and altered corridor.

The company believes that the program will help in acquiring knowledge of mineralisation controls.

A detailed geochemical analysis of the samples is planned to define alteration and near-mineralisation assemblage, which, as per the company, will assist in the future targeting of drilling and geophysical surveys.

The outcomes of the drilling program are as follows:

Source: © 2022 Kalkine Media®, Data source: PGM update

Platina makes headway on Challa Gold Project

Platina received assays from Phase 1 air-core drilling at the Challa Gold Project, which sits in between the prolific Mt Magnet and Sandstone gold districts. The program was aimed at drilling beneath surface soil anomalies and targeting gold anomalism present below the transported soil cover in the bedrock.

The company focused on two structural target areas (a total of seven identified) by drilling three planned air-core lines. The other five target areas will be covered by the Phase 2 drilling program, for which the company will be executing heritage surveys later this year.

The company believes that Challa’s structure (the Challa shear zone), along with its host rocks, makes it an attractive exploration target of its portfolio.

Application for Jubilee exploration licences  

Platina is still awaiting the exploration licence at Mt Narryer South, which is to be granted by the Western Australian Mines Department. Once granted, the company plans to pursue a soil sampling program.

The company is eyeing expansion of its gold portfolio with Jubilee exploration licences (E51/2114 and E51/2132) covering 51 blocks (156 km²). The period saw the company submitting exploration license applications for these. Jubilee is close to the multimillion-ounce gold deposits Yaloginda and Paddy’s Flat and the gold processing plant infrastructure, Blue Bird.

Once the tenement is granted, the company plans to execute a gravity survey and a low-cost reconnaissance geochemistry program to identify targets for future drilling.

Sangold acquisition: three more projects in Platina’s portfolio

In August, Platina signed a conditional binding term sheet to acquire Sangold Resources Pty Ltd. This development would boost the company’s arsenal of gold projects with three more projects: Brimstone, Beete, and Binti Binti.

Source: © 2022 Kalkine Media®, Data source: PGM update

Platina expects a strong news flow over the next 12 to 24 months, owing to the planned exploration of these newly added projects.    

Unlocking value of Platina Scandium Project

Besides its gold portfolio, Platina also owns a 100% interest in the Platina Scandium Project (PSP) in central New South Wales. The company considers PSP one of the largest and highest-grade scandium deposits in the world.

The reported quarter saw the company making progress on its master alloy development program and permitting activities to unlock the underlying value at PSP.

Source: © 2022 Kalkine Media®, Data source: PGM update 

PGM shares traded at AU$0.019 on 27 October 2022.