Highlights

• Platina Resources (ASX:PGM) has discovered gold mineralisation at its Xanadu project’s Hermes prospect in Western Australia.
• The 1km gold mineralised structure along with several parallel zones are located within a broader mineralised corridor up to 80m wide.
• The firm plans to drill the prospect later this year.
• Individual values up to 0.82g/t gold were delivered from rock chip sampling conducted in January.
• Platina has completed the first stage of the cultural heritage survey at Hermes.

In the latest announcement, gold-focused explorer Platina Resources (ASX: PGM) revealed  that it has uncovered a 1km gold mineralised structure along with several parallel zones within a broader mineralised corridor up to 80m wide at the Hermes prospect. The company will plan to drill this prospect of the Xanadu Project in Western Australia later this year.

The ASX-listed shares of the company quoted at AU$0.023, up by 7.6%, while its market capitalisation stood at AU$16.20 million, at the time of writing on 10 July 2023. The shares have gained over 40% in the past six months.

About the Hermes Prospect

The prospect is based 8.5km southeast along strike of the same structure and lithology as

Kalamazoo Resources’ Mt Olympus deposit (1.07moz @ 2.7g/t Au) and Zeus deposit (121koz @2.5g/t Au). Presently, the total resource at Kalamazoo’s Ashburton project stands at 1.44moz @ 2.8g/t Au and 350koz being historically mined.

The company had conducted a field geological mapping, rock chip and channel sampling campaign at Hermes last month. This was done after receiving individual rock chip sample values up to 0.82g/t Au from work completed in the month of January. Anomalous results were delivered from several rock chips with the highest assay of 4.22 g/t Au and seven >0.5 g/t Au.

As per the company, the mineralisation is oriented parallel to the west-north-west trending Howie’s Hole fault. Also, the mineralised zones have been mapped to be closely associated with conglomerate lenses which is relative to the Mt Olympus deposit style of mineralisation.

Map showing the area covered by June 2023 geological field mapping and rock chip sampling at the Hermes prospect area. Labelled are only the rock chips with values >0.5g/t and >1000g/t As

Hermes Prospect Geology
The gold mineralisation at Hermes prospect includes 1-3cm thick, anastomosing to sigmoidal quartz vein sets within an intensely bleached, silica-sericite altered, coarse grained sandstone to pebble conglomerate.

According to the company, the mineralisation has a strong tendency to favour the coarse-grained sandstones and pebble conglomerates. This is probably because of their high permeability and porosity.

The coarse-grained sandstone and conglomerate beds with silica-sericite alteration with up to 20% pyrite are parallel to the style of mineralisation at Mt Olympus, says the company.

Proposed Future Work at Xanadu Project
The first phase of the cultural heritage survey has been completed at Hermes. Also, most of the upcoming planned drill area has been surveyed. In order to make the prospect drill ready, a stage two survey will be conducted at the site. Following which, a reverse circulation drill rig will be mobilised for a 2,250m program to test the Hermes structures detected during mapping.

For the Xanadu West areas around the Amphitheatre pit and Cleopatra, a second phase follow up RC and diamond tail program has also been proposed. With this campaign, previous chargeability anomalies detected from an IP geophysics in 2022 will also be tested. The company believes it holds the potential to unearth the source of primary mineralisation at Xanadu.