Platina Resources (ASX:PGM) continues to advance Western Australia gold portfolio in H1

Highlights

• ASX-listed Platina Resources Limited completed the acquisition of Sangold Resources, boosting its Western Australian project portfolio
• At the Xanadu Gold Project, the company conducted an RC drilling program, which has manifested gold mineralisation
• PGM undertook air-core drilling at the Challa gold project and wrapped up a capital raising program
• The company has kicked off maiden exploration at newly acquired Brimstone project

Australia's precious and speciality metals explorer Platina Resources Limited (ASX:PGM) recently released a review of operations for the half year ended 31 December 2022. Aside from progresses made at its exploration projects in Western Australia and New South Wales, the company also completed the acquisition of Sangold Resources Pty Ltd. 

Besides, Platina Resources undertook a capital raising exercise raising AU$2.23 million during H1 FY2023. At the end of the reported period, the company held AU$1.6 million cash and AU$0.7 million worth of investments. 

Phase 1 air-core drilling at Challa Gold Project

Platina's Western Australia project Challa covers over 290 km² and has two exploration licences. During half year ended 31 December 2022, the company completed an air-core drilling program (Phase 1) at the site, with the goal of drilling beneath surface soil anomalies. PGM targeted gold anomalism through this drilling, and the best intercept returned was 4m @ 0.2g/t from 32m in CHAC0081.

Platina has said that this assay very likely joins up to the 4m @ 0.08g/t from 32m in CHAC0050 to the south. The company also undertook heritage surveys in October last year in view of target areas for Phase 2 drilling. 

Xanadu maiden drilling delivers gold mineralisation

Xanadu Project in Western Australia covers over 550 km². It has multiple prospecting and exploration licences.

During half year ended 31 December 2022, the company completed maiden RC drilling program (Phase 1), with 11 holes for over 2,200 metres. PGM says that the program exhibited gold mineralisation (depth and up to 900 metres), with anomalous gold intersected in numerous drill holes.

Some intercepts included 7m @ 1.05g/t from 168m in XARC005 and 8m @ 1.79g/t from 38m in XARC009.

PGM has also mentioned that it believes that the project has a “significant upside”, with favourable regional-scale structural setting, identification of widespread gold mineralisation and other features.

Platina plans Mt Narryer exploration in 2023  

At this Western Australian project, PGM says that previous geochemical sampling had returned assays of up to 48 ppb Au.

During 2023, the company plans to undertake soil sampling and geophysics programs at the Mt Narryer Project.

Jubilee Gold Project – two exploration licences

During half year ended 31 December 2022, the company applied for two exploration licences (covering 51 blocks). Platina Resources has mentioned that the project is located close to numerous multi-million-ounce gold deposits, with a nearby processing plant infrastructure. 

Platina unlocking value in scandium asset

This New South Wales based project has scandium deposits, which PGM says are one of the biggest and of highest grades globally. After the previous positive Definitive Feasibility Study (DFS), the company during the reported quarter undertook initiatives like master alloy development program and the Intellectual Property development program (Swinburne University). The below picture has more details from the DFS about the project.

Source: Platina Resources’ Half Year 2023 Report dated 14 March 2023 

Acquisition of Sangold Resources boosts WA gold portfolio

The company acquired Sangold Resources, which owned or has rights over the advanced stage exploration Brimstone Gold Project and two other projects, namely Beete Gold, and Binti Binti Gold. At the Brimstone Gold Project, historical data compilation and further works for heritage surveys were done during half year ended 31 December 2022. These surveys are likely to be completed during the ongoing quarter. At the Beete Gold Project, soil sampling program began in January 2023. To know more, read here 

The ASX-listed shares of Platina Resources traded at AU$0.018 on 17 March 2023.