Platina (ASX:PGM) sharpens focus on WA gold portfolio with Sangold acquisition

Highlights

• Platina Resources (ASX:PGM) holds gold projects in the proven mineralised provinces of Western Australia
• The company has completed the acquisition of Sangold Resources, adding three projects to its gold portfolio
• PGM plans to commence drilling at the advanced-stage, drill-ready exploration project, Brimstone, in early 2023
• The company intends to study the rare earth potential of the Beete project

Platina Resources Limited (ASX:PGM) is leaving no stone unturned to expand its portfolio of gold projects in the Tier-I mining jurisdiction of Western Australia (WA).

The company recently added three projects with a total tenement package of 277km² to its WA gold portfolio with the completion of the acquisition of Sangold Resources Pty Ltd. Sangold owns the Beete, Binti Binti and Brimstone projects in the region.

As a consideration for the transaction, Platina has allotted 80,645,159 ordinary, fully paid PGM shares and paid AU$150,000 in cash. Of the total shares, 77,419,353 shares will be subject to a 12-month escrow period, and 3,225,806 shares will be subject to a three-month escrow period. Moreover, Platina issued 1.5 million shares for introduction and advisory services related to the acquisition.

Click here for detailed information on the company’s WA gold portfolio

Tenement package adds critical mass to Platina’s WA gold portfolio

Platina Resources’ Project Location (Image source: PGM presentation, November 2022)

Brimstone: Advanced-stage, drill-ready exploration project

Located approximately 40km northeast of Kalgoorlie, the project covers 70km², including a mining licence at the advanced Garibaldi prospect. The historical drilling at the project has delivered a significant number of broad widths and high-grade gold mineralisation. Interpreted geological structures cover ~10km of strike length of mineralisation on highly prospective greenstone rocks.

The project includes six walk-up drill targets, including the Garibaldi and Jammie Dodger.

Project Location (Image source: PGM presentation, November 2022)

The cultural heritage clearance is currently underway for the project. Platina plans to commence drilling in early 2023.

Beete Project: Exciting new gold and rare earth project opportunity

The tenements cover 139km² and are located 50km south of Norseman. It houses several small high-grade gold mines.

The recent discoveries by Aruma Resources and Meeka Metals to the south of the project have indicated gold potential, says the company. Considering Meeka Metals' success, Platina also plans to study the potential of rare earth elements for the project.

The Beete Project Location (Image source: PGM presentation, November 2022)

Binti Binti Project: Located in a proven mineralised province

The project covers two exploration licences with a total area of 68km². The tenements are located approximately 50km northeast of Kalgoorlie and are accessible from the Goldfields Highway.

The project is in close proximity to many gold projects, including OzAurum’s Mulgabbie North Project, NuFortune’s Lindsay’s Gold Project, and Northern Star’s Carouse Dam Mine.

Project Location (Image source: PGM presentation, November 2022) 

Platina believes the new tenement package has the potential to deliver positive exploration results in the near term. The company expects exciting exploration activities across the projects in the next 12 to 24 months.  

PGM shares were trading at AU$0.020 apiece in the early hours of 17 November 2022, up more than 5% from the last close.