Platina Resources (ASX: PGM) reports large-scale gold system at Hermes prospect in WA - Kalkine Media

Highlights

• Maiden drilling at Hermes Prospect has validated the presence of a large-scale gold system.
• The gold system over 600m x 600m is open in all directions.
• Two holes at the southern mineralised zone intersected well mineralised wide zones.
• Future work at Hermes would prioritise the southern zone as it looks promising.

Maiden reverse circulation (RC) drilling program at Hermes prospect within Platina Resources’ (ASX: PGM) Xanadu Project has confirmed a large-scale gold system, which is over 600m x 600m and open in all directions.  

The prospect is located near the town of Paraburdoo in the Neerambah Area, which is in close proximity of the Ashburton Fold Belt of the Capricorn Orogen.

Hermes lies 8.5km SE along strike of the similar lithology and structure as the Mt Olympus deposit of Kalamazoo Resources (1.07moz @ 2.7g/t Au) and Zeus deposit (121koz @ 2.5g/t Au).

 Data source: Company update

Corey Nolan, Managing Director of Platina Resources, added that a multi-element geochemistry assay campaign is planned on the existing samples to gain understanding about the mineral assemblage, bleached zones and zone of fresh disseminated sulphides to massive sulphides without any gold mineralisation.

Encouraging results at Hermes

The drill campaign comprised 10 RC holes for 2,272m and targeted several parallel zones of mineralisation, located in recent field work. Under the program, the holes were spaced nearly 100m apart to test the possible south or north dip of the structures. The program focused on the mapped 1km long mineralised corridor.

At the Hermes prospect, the southern mineralised zone was reported to dip in all directions and open along strike. Two drill holes intersected significantly mineralised well zones –

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

The previous program did not map the extension of this southern zone because of the extremely steep terrain. The company said that it would prioritise this as the next step at Hermes.

Moreover, the drilling identified a potential northern zone with 5m at 0.7g/t Au from 82m (HERC001).

Other significant RC drilling results included-

• 15m @ 0.17g/t Au from 60m in HERC007
• 3m @ 0.68g/t Au from 38m (incl. 1m @ 1.69g/t from 39m) in HERC004

Exploration across Hermes Prospect

In June, the company performed field work at the prospect that identified a 1km gold mineralised structure and numerous parallel zones within a wide mineralised corridor.

In September, a drilling campaign examined the possibility of north and south dip of over 700m of the mapped structures. The drilling program in the mapped mineralised zone intersected 35 – 40m wide anomalous gold values in five out of seven drill holes.

PGM shares traded at AU$0.025 apiece at the time of writing on 8 November 2023.