Platina Resources (ASX: PGM) confirms oxide mineralisation extension at Xanadu

April 04, 2024 05:28 PM AEDT | By Sonal Goyal
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  • Phase two RC drilling at Xanadu Project unveiled a large extension of oxide gold mineralisation.
  • The results affirm the extension of oxide gold mineralisation by an additional 500 metres west of the historical Amphitheatre pit.
  • Geological mapping and rock chip sampling are planned at the Hermes South zone in the third quarter.
  • Soil sampling will be conducted on the eastern Xanadu tenements in the fourth quarter.

Platina Resources Limited (ASX: PGM) has reported large extension of oxide gold mineralisation at its Xanadu Project, marking a significant development  in Western Australia. This development stems from the company’s successful completion of the phase two reverse circulation (RC) drilling campaign at the Ashburton Basin-based project.  

The drilling campaign, covering 15 RC holes totalling 2,186 metres across Xanadu's western tenements, aimed to explore and assess the extent of oxide gold mineralisation within an established 8km-long corridor. This corridor, located within a broader regional structural context that also hosting the Mt Olympus gold deposit, has shown promising geological potential.

Of the 15 holes drilled, five targeted the Amphitheatre West prospect, while the remaining 10 holes focused on geophysical targets at Big Bend and Cleopatra, exploration at Pompeii and extension drilling at Claudius.

Large extension of oxide gold mineralisation at Xanadu

The results confirmed a large extension of oxide gold mineralisation at the Xanadu Project, particularly evident in three out of five holes drilled at the Amphitheatre West prospect.

Data source: company update

The results confirmed that oxide mineralisation extends an additional 500 metres to the west of the historical Amphitheatre pit and remains open down dip and along strike to the west.

Phase 2 RC drilling

The mineralisation, believed to be strata-bound, is generally found between rheological contrasting dolomites and sedimentary beds. Its width extends to a minimum of 250 metres, remaining open at depth and along strike length exceeding 500 metres to the west. The true thickness varies. There is significant potential to discover a highly mineralised zone similar to the Amphitheatre pit along this strike, as well as beneath the lower dolomitic unit, highlights the company update.

Next Steps for Xanadu Project

Looking ahead, Platina Resources plans to drill airborne electromagnetic (AEM) and induced polarisation (IP) targets using a diamond drill rig.  

Additionally, two diamond holes will be drilled at Big Bend and Cleopatra, extending from the RC holes drilled in 2022.

In the third quarter, additional geological mapping and rock chip sampling will be conducted at the Hermes South zone. Additionally, a comprehensive soil sampling program in the eastern tenements of the Xanadu project is planned in the fourth quarter.

PGM shares traded at AU$0.019 apiece on 4 April 2024.


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