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Highlights
- The recent milestone payment from the sale of scandium project will fuel exploration and drilling at the Challa and Xanadu projects.
- The company’s solid cash position ensures drilling programs can proceed without shareholder dilution.
- These programs will prioritise exploration at the Hermes and Deeps prospects.
Platina Resources Limited (ASX: PGM) is poised to advance exploration and drilling activities across its promising gold projects in Western Australia. The latest update from the company follows a significant milestone payment of US$4 million from the sale of its scandium project to ASX-listed mining company Rio Tinto.
Platina Resources is currently focused on its Challa and Xanadu projects in Western Australia.
Promising Hermes prospect at Xanadu Project
The prospect is located 8.5km southeast along strike of the same lithology and structure as the Mt Olympus deposit (1.07moz @ 2.7g/t Au) and Zeus deposit (121koz @ 2.5g/t Au) owned by Kalamazoo Resources.
In late 2023, a reverse circulation (RC) drill program comprising 10 holes was completed at Hermes. The southern zone appears particularly promising, with two holes intersecting well-mineralised wide zones:
- HERC009 - 15m @ 0.88g/t Au from 20m (incl. 2m @ 2.05g/t from 24m & 2m @ 2.3g/t from 32m).
- HERC010 - 9m @ 0.62g/t Au from 26m (incl. 1m @ 1.3g/t from 28m & 1m @ 1.27g/t from 33m).
Gold mineralised corridor confirmed at Deeps prospect of Xanadu West
At the western tenements of Xanadu (Xanadu West), located along the Nanjilgardy fault system, the company aims to determine the source of dispersed oxidised gold by evaluating deeper targets. These deeper targets are identified through reprocessing of historical aero-magnetics and induced polarisation geophysical surveys.
The company tested 15 RC holes in early 2024 covering 2,186m and confirmed the presence of an 8km-long gold mineralised corridor at Xanadu West.
Data source: Company update
Aircore drilling at Challa Gold Project
Aircore drilling at the Challa gold project, previously suspended due to bad weather, is set to resume. The program is aimed at defining and prioritising bedrock targets for future RC drilling. Approximately 2,000 metres of drilling, covering nearly 40 holes, is planned.
PGM shares were trading at AU$0.020 apiece, up over 3.5%, at the time of writing on 9 July 2024.
