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Highlights
- Platina completed diamond drilling at the Xanadu Deeps prospect, targeting deeper sulphide mineralisation.
- Assay results are expected by May 2025.
- Two new mineralised targets were identified at the Challa Gold Project following a second-phase aircore drilling program.
- Deep and shallow slimline RC drilling is planned at Challa to refine the understanding of mineralisation geometry.
- Exploration activities continue to be funded by proceeds from the 2023 sale of Platina’s scandium project to Rio Tinto.
Platina Resources Limited (ASX:PGM) completed diamond drilling at the Xanadu Deeps target within its Xanadu project in Western Australia during the quarter ended 31 March 2025. The company is now planning the next phase of low-cost aircore drilling at the Challa and Beete gold projects, following encouraging gold intersections from earlier drilling campaigns.
Platina remains committed to maximising the value of its portfolio through targeted exploration and drill testing, strategic project acquisitions, and divesting low-potential projects.
Diamond Drilling Completed at Xanadu Deeps
The company concluded the diamond drilling campaign at the Xanadu Deeps prospect, which targeted a deeper geophysical target. Core samples from the drilling program are undergoing detailed geological logging, and final assay results are awaited.
The drilling program focused on Cleopatra South, the most prospective target within the Xanadu project. This target has been drilled down to 380m in the core of an unexplained reprocessed AEM (Airborne Electromagnetic) anomaly. The aim was to locate deeper sulphide mineralisation within a dispersed oxide gold mineralisation system located close to the surface. The company expects to identify the source of gold within the 10km mineralised corridor.
Despite facing significant challenges, including difficult ground conditions and a cyclone-induced evacuation, Platina successfully reached its target depth.
Challa Gold Project – New Targets Identified
PGM has identified two new mineralised gold targets at its Challa Gold Project, following a second phase aircore drilling program comprising 41 holes for a total of 1,856m. Key intersections include:
- CHAC0155: 12m @ 0.66g/t Au from 100m, including 4m @ 1.7g/t from 100m.
- CHAC0140: 4m @ 0.37g/t Au from 72m.
Both intercepts were encountered at depths between 94m and 117m, suggesting the presence of faulting or a shear zone.
The drilling has confirmed gold mineralisation under cover at the recently identified Paynesville gold trend.
Platina plans to undertake a combination of deep and shallow slimline RC drilling using an aircore rig to better define the geometry and extent of the mineralisation.
Advancing Strategic Exploration
Platina continues to explore high-quality acquisition targets that enhance its development and exploration expertise, with a particular focus on projects that could host +1-million-ounce gold deposits.
This approach is supported by the proceeds from the sale of its scandium project to Rio Tinto in a USD14 million deal in 2023. The company is also entitled to a USD 1 million warranty retention payment by March 2026 and could receive a further USD 2 million if Rio Tinto achieves key project milestones such as securing a mining lease by August 2026.
Platina Resources plans to launch another phase of aircore drilling at the Beete Gold Project and relinquish its Binti Binti project. The company is reviewing historical data to determine the next steps for the Mt Narryer project. At the Brimstone Gold Project, Platina is advancing discussions with potential partners following successful drilling in 2023.
PGM shares traded at AUD 0.021 per share on 28 April 2025.
