Platina Resources (ASX: PGM) Launches Drilling at Xanadu "Deeps" Target with Government Funding

Highlights

• Platina has launched diamond drilling at the promising AEM “deeps” target within the Xanadu gold project.
• The Western Australian Government has awarded Platina a grant of AUD 54,750 to support drilling costs.
• Cleopatra South will be drilled first, targeting unexplained SGS aero-electromagnetic anomaly.
• Platina aims to extend the mineralisation strike at Cleopatra through diamond tail drilling at the XARC009 hole.

Platina Resources Limited (ASX:PGM) has commenced diamond drilling at the promising aero-electromagnetic (AEM) "deeps" target at its 100%-owned Xanadu Gold project in Western Australia’s Ashburton Basin. The company believes this drilling will help assess the deeper sulphide potential beneath the surface’s dispersed oxide mineralisation. The drilling campaign comes on the heels of Platina securing a grant of AUD 54,750 from the Western Australian Government or up to 50% of the direct drilling costs.

Previous AEM and induced polarisation (IP) surveys have identified several drill targets at the Xanadu Project, which lies near Kalamazoo Resources' 1.44-million-ounce Mt Olympus gold deposit.

Reflecting on the drilling campaign, Platina’s Managing Director, Mr. Corey Nolan, stated, “These deeper targets could be the key to unlocking Xanadu’s full value. We are seeking to find the source of gold within a 10km mineralised corridor defined in by historical shallow drilling in the project’s western tenements”.

Cleopatra South is considered the most prospective target and will be drilled first, with a planned depth of 380m. The drilling will focus on the core of an unexplained Southern Geoscience (SGS) reprocessed aero electromagnetic anomaly, which runs along an 800m long arsenic trend identified from historical drilling. Cleopatra is located about 2km east of the Amphitheatre deposit, which was mined until 1994. The heap leaching operation at Amphitheatre was suspended in 1995.

Additionally, a diamond tail will be drilled at the Cleopatra prospect on the XARC009 RC hole, which was abandoned during Platina’s 2022 drill program due to difficult drilling conditions. The new drilling will target the down-dip extension of a high-grade mineralised zone discovered in the XRC057 hole, which returned 13m at 4.08g/t Au. This drilling could potentially extend the strike of mineralisation at Cleopatra.

Shares of PGM were trading at AUD 0.021 at the time of writing on 10 February 2025.