Platina Resources (ASX: PGM) last quarter marked by drilling across Western Australian projects - Kalkine Media

Highlights

• Maiden drilling confirmed the presence of a gold system at the Hermes prospect within the Xanadu project.
• Drilling at Brimstone has extended Garibaldi mineralisation and defined new targets at the Old Camp and Brandy prospects.
• In early 2024, the company intends to conduct drilling at Xanadu.
• PGM had cash funds of AU$9.096 million and equity investments of AU$0.27 million at the quarter end.

Platina Resources Limited (ASX: PGM) is a gold exploration company with projects in Western Australia.

In three months ended 31 December 2023, the company was focused on advancing drilling across its Xanadu Gold Project and Brimstone Gold project. Let’s look at the progress made across these projects in December 2023 quarter.

Large-scale gold system at Xanadu’s Hermes prospect Wholly owned by PGM, the Xanadu Gold Project sits within the Ashburton Basin, Western Australia.

During the latest quarter, the company released results of maiden drilling at Xanadu’s Hermes prospect. The drill program using reverse circulation confirmed the presence of a gold system over 600m x 600m open in all directions.

The drill program included 10 holes covering 2,272m and targeted several parallel zones of mineralisation located through recent field work.

The results indicated that two holes intersected significant mineralised wide zones –

• HERC009 – 15m at 0.88g/t Au from 20m (including 2m @ 2.05g/t from 24m & 2m @ 2.3g/t from 32m)
• HERC010 – 9m at 0.62g/t Au from 26m (including 1m @ 1.3g/t from 28m & 1m @ 1.27g/t from 33m).

In HERC001, a potential northern zone was reported with 5m at 0.7g/t Au from 82m (including 2m @ 1.26g/t from 82m). The drill program focused on the main mapped 1km long mineralised corridor. Here, five out of seven holes intersected significant anomalous gold values within a 35 – 40m wide corridor over nearly 600m strike length.

Planned exploration at Xanadu in 2024

At Xanadu West, the company plans to conduct three diamond drill (DD) holes, each reaching up to 500m. The objective is to uncover the source of gold within the system by exploring deeper targets located through historical magnetics and induced polarization geophysical surveys.

Necessary statutory and cultural heritage clearances have been finalised, and drilling is scheduled to commence as soon as weather conditions permit, likely around the end of first quarter.

In addition, a proposed reverse circulation (RC) drilling covering approximately 2,900m across 13 holes is planned. This drilling program aims to investigate the Amphitheatre West extension, Claudius, and geophysical targets at the Cleopatra and Caesar prospects. Furthermore, exploration will extend to areas with strong arsenic in rock chip anomalies at Pompeii, located north of Caesar.

Mineralisation extension and new targets at Brimstone Gold Project

Second phase reverse circulation drilling campaign at the Brimstone Gold Project confirmed the mineralisation extension at the Garibaldi prospect. Moreover, the drilling campaign has defined new targets at the Brandy and Old Camp prospects.

The mineralisation system at Garibaldi is now interpreted to extend more than 200m in strike and open at depth.

Significant intersections comprised –

• BSRC005 - 36m @ 1.92g/t from 68m (incl. 9m @ 6.03g/t from 73m)
• BSRC007 - 42m @ 0.66g/t from 131m (incl. 17m @ 1.30g/t from 131m)
• BSRC010 - 16m @ 0.97g/t from 77m (incl. 7m @ 2.01g/t from 80m)

Data source: company update

The drilling program was a crucial step to expand the areas of mineralisation at the Brimstone Project. Following this drilling campaign, Garibaldi remains a priority expansion opportunity as it extended the mineralisation strike extent to 200m from 130m.

To expand the Garibaldi deposit size and to evaluate the depth and strike of Brandy plus the southern tenements, addition drilling is required. The southern tenements still await cultural heritage clearances.

Subsequent to the quarter, the company announced plans for drilling at the Xanadu and Beete gold projects in early 2024. To know more, read here.

PGM shares traded at AU$0.019 on 2 February 2024.