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Highlights
- Platina Resources advanced exploration work across its Western Australian gold portfolio in June quarter.
- The company sold its scandium project for up to AU$21 million.
- Diamond drilling and reverse circulation drilling is planned for Xanadu West and Hermes.
- PGM plans to conduct reverse circulation drilling across Brimstone gold project.
In the latest quarter, Platina Resources Limited (ASX: PGM) continued its journey to advance its high-potential, exploration projects in the premier gold jurisdiction of Western Australia.
The ASX-listed gold-focused company ended the June 2023 quarter with significant developments including the sale of its Platina Scandium Project to a subsidiary company of Rio Tinto Limited (ASX: RIO) and exploration work across its extensive gold portfolio in the Western Australian region. The period saw the generation of multiple follow up reverse circulation (RC) drill targets at the Brimstone Gold Project. After the end of June quarter, the company shared significant updates about its Xanadu Project’s Hermes prospect.
Let us know more about the developments undertaken during and after the June quarter.
Drilling to commence at Hermes Prospect within Xanadu
Platina has 100% ownership of the Xanadu Gold Project, which is situated in the Ashburton Basin, Western Australia. The project sits in close proximity to the Mt Olympus gold deposit of Kalamazoo Resources Ltd (1.07moz @ 2.7g/t Au).
After the quarter end, the company unveiled its plans for drilling at Hermes prospect during this year. The company reached this decision after recent fieldwork identified a 1km gold mineralisation structure and numerous parallel zones within a wider mineralised corridor up to 80m wide.
June 2023, field geological mapping, channel sampling and rock chip sampling were undertaken at Hermes. Many rock chips returned anomalous results with an encouraging assay of 4.22 g/tb Au and seven more than 0.5 g/t Au.
The company has concluded the initial stage of the cultural heritage survey at Hermes. Moreover, at and Xanadu West, the company proposes a diamond drilling and an RC program later this year.
New mineralised gold structure observed at Brimstone
The Brimstone Gold Project is located near Kalgoorlie. In the June quarter, PGM confirmed that numerous new mineralised gold structures are present at the project, following the completion of a maiden 4,381m aircore drilling program.
On the Brandy prospect, mineralisation was intersected at 8 out of 14 aircore holes, while at the Billabong North prospect, 4 out of 9 holes drilled hit mineralisation. The company expects that the Brandy prospect can extend up to 800m length.
For the Old Camp prospect, further drilling is required to define the mineralisation of the interpreted structures from the latest results.
To test mineralisation at depth and along strike at Garibaldi, Billabong North, Old Camp and Brandy, the company plans to undertake RC drill program.
Beete Gold Project awaits heritage clearance
Beete Gold project is located near the Scotia gold deposit. The company highlights the high potential owing to the recent gold discoveries reported in the south.
In June quarter, the company received quotes to conduct heritage and environmental surveys. The surveys are necessary for the company to undertake aircore drilling at identified targets defined in geophysical interpretation and soil sampling. All the necessary approvals have been gained to conduct this activity except from the Native Title party. Drilling is expected after the wet season later in 2023.
Reverse circulation drilling has been designed and proposed for the historical Beete
gold mine area. The company is currently waiting for heritage clearances and signed agreements with farmers/landowners.
Sale of Platina Scandium Project to Rio Tinto’s subsidiary
The Platina Scandium Project (PSP) is among the highest-grade and largest global scandium deposits, says the company.
In April 2023, PGM signed an agreement to sell the project to Rio Tinto’s subsidiary company for up to AU$21 million in cash.
At the quarter-end, cash balance stood at AU$0.497 million while investments were valued at AU$2.3 million, as of 28 July 2023.