Platina Resources (ASX: PGM) eyes drilling at Xanadu and Beete gold projects amid soaring gold prices - Kalkine Media

Highlights

• Amidst buoyant gold settings, Platina Resources plans to conduct further drilling at its Xanadu and Beete gold projects.
• The gold prices surpassed US$2,000/oz in 2024.
• The company eyes to unlock the potential presence of a substantial gold system at Xanadu Deeps.

Platina Resources Limited (ASX: PGM) plans to get drill rods spinning at its Western Australian gold projects, Xanadu and Beete in early 2024. The decision is in line with soaring gold prices.

Corey Nolan, Managing Director of Platina, highlighted that the company would take advantage of increasing gold prices to optimise its gold project portfolio. In the new year 2024, gold price started above US$2,000/oz after touching a high of US$2,070 in December 2023.

PGM has a cash position of over AU$9 million. The funds will be directed towards the drilling campaign.

Drilling at Xanadu Project

At Xanadu West, the proposed diamond drilling campaign covering three tails around 500m each would focus on locating the source of gold within the system by assessing deeper targets. These targets have been identified through induced polarisation geophysical surveys and historical magnetics.

Statutory and cultural heritage clearances are in place for the campaign, which is dependent upon weather conditions. PGM expects to kick off the campaign around 1Q end.

Historical shallow drilling at Xanadu had located structurally controlled gold intersections within a large lower-grade envelop of gold mineralisation.

Moreover, proposed reverse circulation drilling over 13 holes, covering approximately 2,900m, is planned to examine the amphitheatre west extension, Claudius, geophysical targets at Caesar and Cleopatra, and arsenic in rock chip at Pompeii.

Drilling at Hermes and Beete projects

At Hermes Project, the company intends to undertake geological sampling and mapping along strike from areas drilled in late 2023.

At the Beete Project, aircore drilling is planned. The project is believed to be an extension of the Norseman greenstone belt, which is a well-known gold producing region.

Cultural heritage clearance process is progressing, and drilling is planned to begin in the second quarter. The area remains systematically unexplored.

PGM shares traded at AU$0.020 apiece at the time of writing on 9 January 2024.