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Highlights
- Platina Resources is set to launch a major drilling campaign across three gold projects in Western Australia.
- The company has received a cash consideration of AU$10.8 million for the sale of its scandium project.
- The campaign would cover drilling across the Xanadu, Brimstone and Beete projects.
Mining and exploration company Platina Resources Limited (ASX: PGM) is set to launch a major drilling campaign across three of its gold projects in Western Australia. The campaign will see drilling across the Xanadu, Brimstone and Beete projects over the next five months.
The announcement follows recent initial payment of approximately AU$10.8 million in cash to PGM from a wholly owned subsidiary of Rio Tinto for its scandium project. To know more about the scandium project sale, click here.
PGM highlighted that early phase exploration activities have been concluded at the Xanadu and Brimstone projects. Also, cultural heritage and statutory clearances have been secured.
The company is awaiting final cultural heritage and landowner clearances to finalise the two-phase drilling at Beete later in 2023.
Xanadu – A 2,250m RC (reverse circulation) drilling program is planned for the Hermes prospect of the Xanadu project. The prospect has a similar style of mineralisation and lies on the same fault structure that hosts the Mt Olympus gold deposit (1.4 million ounces). Recent field work at the project has identified a 1km gold mineralised structure and numerous parallel zones within a broader mineralised corridor which is around 80 metres wide.
Brimstone – The project is in close proximity to the Penny’s Find gold deposit and the Kanowna Belle gold mine. In April, a maiden 4,381m aircore drilling campaign was conducted, resulting in mineralised structures at the Brandy and Billabong North prospects. The planned 3,500m RC drilling program would focus on the follow up aircore targets and Garibaldi.
Beete – The project sits within a possible extension of the Norseman greenstone belt. The company plans to conduct a 1,200m RC campaign at the project mine area and a 10,000m aircore program across the entire tenement, following up on the subtle soil anomalies overlapping geophysical targets.
PGM shares traded at AU$0.026 apiece at the time of writing on 31 August 2023.
