Platina Resources (ASX: PGM) doubles down on gold drilling in Western Australia

Highlights

• Platina Resources anticipates leveraging strong gold prices as it advances exploration across its Western Australian projects.
• Maiden aircore drilling, covering 200 holes has commenced at the Beete project.
• Diamond drilling program is planned at the Xanadu Deeps targets in the third quarter of 2024.
• The company is evaluating options to unlock the potential of the Brimstone Project.

Platina Resources Limited (ASX: PGM) is an Australia-based gold exploration company focusing on advancing its projects in the Yilgarn Craton and Ashburton Basin, Western Australia. The company prioritises three key projects—Beete, Xanadu, and Brimstone, where it has conducted extensive exploration activities and is preparing for further developments.

Maiden aircore drilling commences at Beete Project

Image source: Company update

The Beete Project is located in close proximity to the 1Moz Scotia Mining centre and the Salmon Gums discovery. The project, spanning 134km², is a possible extension of the Norseman Greenstone Belt in Yilgarn Carton, which historically yielded more than 5mn ounces of gold.

In May 2024, the company initiated maiden aircore drilling campaign at the project to assess gold, nickel and lithium anomalies. The program includes around 200 holes, offering 100% coverage of a 20km strike of NS trending geology.

Diamond drilling planned at Xanadu Project

Image source: Company update

The Xanadu Project, a significant gold target adjacent to a 1.4Moz gold resource, covers 554km² along the Nanjilgardy fault zone. This trend has been the site of numerous multi-million-ounce gold discoveries, including the adjacent 1.44Moz Mt Olympus deposit.

Historically, the focus has been on shallow oxide mineralisation aimed at heap leach operations, which has yielded numerous economically viable drill intersections. The project area features substantial gold mineralisation, along with a huge and intense hydrothermal alteration zone extending over 10km. Notably, the Hermes area has seen its maiden drill testing completed, with further exploration planned to build on the promising initial results.

The latest drilling at Xanadu focused on the western tenements of the project, known as Xanadu West. Assays underscored the potential of a significant zone of oxide mineralisation at Xanadu West.

Significant results include –

Data source: Company update

The company intends to ascertain the deeper sulphide potential. For this, it is required to evaluate deeper induced polarisation (IP) and airborne electromagnetic (AEM) targets. Diamond drilling is expected to commence in 3QCY24 at Xanadu Deeps to test mineralisation associated with mineralised structures and geophysical anomalies.

Planning underway for Brimstone Project

Image source: Company update

The Brimstone Project is situated near the Penny’s Find deposit, which is owned by Horizon Minerals Ltd and has significant potential for high-grade gold. Historically, the project has produced 18,300 ounces of gold at a grade of 4.47g/t Au. Currently, it holds a JORC Mineral Resource of 63,000 ounces at a grade of 4.57g/t Au.

The Garibaldi Prospect is marked by high-grade and thick intersections from recent drilling programs. Historical drilling has revealed multiple broad widths and significant gold mineralisation. The prospect encompasses nearly 10km of strike length on highly prospective greenstone rocks. With around AU$5 million in historical expenditure, most drill holes have been less than 50m deep, and 93% of the holes drilled have been under 100m in depth.

The company is engaged in planning for the next steps to unlock the project potential.

Platina Resources anticipates significant benefits from the strong momentum in gold prices as it moves forward with its planned drilling programs at the Beete and Xanadu Projects. Additionally, the company is eager to realise the potential of the Brimstone Project.

PGM shares were trading 4% higher at AU$0.026 apiece at the time of writing on 4 July 2024.