Platina (ASX:PGM) identifies new major gold exploration target at Xanadu

Highlights

• Platina Resources has identified a new gold exploration target at Xanadu.
• The new gold prospect, Hermes shows a mineralisation style similar to the fault structure that hosts the 1.4 Moz Mt Olympus gold deposit.
• As part of rock chip sampling, three samples have delivered gold >0.26 g/t and up to 0.82g/t.
• The company sees Hermes as an exciting new mineralisation target for Xanadu that highlighted the exploration potential of the strategic landholding.

Platina Resources (ASX:PGM) has identified a new, major gold prospect, Hermes, at its Xanadu Project in the Ashburton Basin in Western Australia, highlighting the exploration potential of its strategic landholding. The development comes after a historical data review, geophysics interpretation and follow-up rock chip sampling program.

Widespread outcropping gold mineralisation across the project was confirmed post a recent visit to the Platina field. Total nine rock chip samples were gathered, of which three delivered gold higher than 0.26g/t and a maximum of 0.82g/t. Assays reflected increased arsenic and copper values, corelating with the Mt Olympus style of mineralisation.

An overview of Hermes

Hermes prospect location in relation to the Mt Olympus Mine and regional fault structures. Platina’s live tenements over google satellite image.

Image source: PGM update

Hermes, with a 570m strike length and 350m width, was first discovered by Sipa Resources NL in 1997. It shows a mineralisation style similar to that of a fault structure that hosts the 1.4 Moz Mt Olympus gold deposit located at a distance of around 10km to Hermes’ northwest.

Sipa Resources had gathered total 11 gold rock chip samples, of which three samplings delivered more than 0.5 g/t (up to 1.96 g/t), two between 0.1 - 0.5 g/t and six samples less than 0.1 g/t.

Management commentary

What’s next?

For the Hermes prospect area at Xanadu West, the company is planning to conduct a cultural heritage survey, a field mapping program, and an RC drilling campaign. Alongside a follow-up diamond drilling program will continue.

PGM shares were trading at AU$0.018 midday on 21 February 2023.