Platina Resources (ASX: PGM) 1HFY25: New Gold Discoveries and EIS Grant Secured

Highlights

• Platina Resources secured a government grant for drilling at the Xanadu Deeps target.
• Maiden aircore drilling at the Beete Gold project revealed multiple new anomalous gold targets.
• Two new mineralised gold targets confirmed from second-phase drilling at the Challa gold project.
• Platina is entitled to a USD 1 million retention payment from Rio Tinto after the Scandium project sale.

Australia-based mineral exploration and development company Platina Resources Limited (ASX:PGM) concluded the half-year ended 31 December 2024 (1HFY25) with notable exploration progress across its gold portfolio in Western Australia. Key achievements during the period included securing an AUD 54,750 EIS grant for drilling at the Xanadu Deeps target within the Xanadu Gold Project and identifying new gold targets at the Beete and Challa projects.

EIS Grant Secured for Xanadu Drilling

Platina was awarded an AUD 54,750 Exploration Incentive Scheme (EIS) grant to support diamond drilling at the Xanadu Deeps target, which commenced in February 2025. The drilling will explore the deeper sulphide potential beneath surface-level oxide mineralisation, aiming to identify the gold source within a 10km mineralised corridor, near the Mt Olympus gold deposit, within the Ashburton Basin.

Aircore Drilling Reveals Gold Potential at Beete

The Beete Gold project, situated near Norseman and 10km south of the Scotia gold deposit, lies within a historically high-grade mining district.

Platina completed a maiden 6,331m aircore drilling program, covering 202 holes, which confirmed several new anomalous gold targets at Beete. The company intends to conduct further investigations to explore the potential for high-grade gold deposits in the area.

New Gold Targets Confirmed at Challa Project

The Challa gold project, covering 293km² with two exploration licences, is located about 500km northeast of Perth, Western Australia. In October 2024, Platina completed a second-phase aircore drilling program at Challa with 41 holes, confirming two new mineralised gold targets. The company has planned further geophysics and drill programs to assess the extent of mineralisation.

High-Grade Gold Intersected at Mulga Bill

A recent drill program at the Mulga Bill target within the Jubilee gold project intersected high-grade gold mineralisation over significant widths. The Jubilee tenement application is currently under native title negotiations for a suitable heritage agreement. Once granted, the company plans to immediately lodge a program of work to begin exploration activities.

Platina Entitled to USD1 Million Retention Payment

Following the sale of the Platina Scandium project, Platina is entitled to receive a USD 1 million warranty retention payment from Rio Tinto, repayable after 30 months (March 2026), provided there are no warranty breaches. Platina may also receive up to USD 2 million in future cash payments upon project milestones.

At the end of the period, Platina had AUD 12.3 million in cash and AUD 0.1 million in tradeable equity investments. Platina also holds 49 million shares in unlisted Intrusive Metals Corp. Additionally, Platina sold its Blue Moon Metals shares, earning AUD 51,556.

PGM shares traded at AUD 0.022 on 11 March 2025, up nearly 10% from the last close.