Platina Resources (ASX:PGM) defines new drill targets at Brimstone Gold Project, shares jump

Highlights

• Geophysics reinterpretation and historical data review has identified new drill targets at Platina Resources’ Western Australia located gold project, Brimstone.
• The project is 2.5km from Penny’s Find gold deposits and 27km from the Kanowna Belle gold mine.
• The company is planning a Phase 1 drill program across the project.

Australia-focused gold explorer Platina Resources (ASX:PGM) has issued an update on its recently acquired Brimstone Gold Project in Western Australia.

At this project, which lies 40 km north-east of Kalgoorlie, the company kicked off a cultural heritage survey and defined several new drill targets.

The approval for the cultural heritage survey covers only the northern licences across the project, and an additional cultural heritage survey is required for the southern targets. 

The northern licences cover five prospecting licences and the Garibaldi Mining Lease.

Market welcomes latest update

Triggered by the update, PGM shares gained over 5.5% in the early hours of trade on 1 March 2023. The shares were seen trading at AU$0.019. The market capitalisation stood at AU$11.21 million.

New drill targets defined at Brimstone gold project

After the acquisition of the project in November 2022, the company conducted a geophysics reinterpretation and historical data review, which led to identifying priority targets for drilling.

Mr Nolan also updated on new undrilled targets as a result of geological mapping and soil sampling programs. These cover the Brandy and Billabong North targets.

Of these, the Brandy prospect is interpreted to be located on the northern extension of Penny’s Find shear zone, approximately 2.3 km from Horizon Minerals’ Penny’s Find gold deposit and defined high-grade mineral resource.

Plans underway for Phase 1 drill program

Once the company secures cultural heritage and other statutory clearances, Platina plans to undertake a Phase 1 drill program.

After the drilling campaign, the company will require an additional cultural heritage survey for the southern targets including Jammie Dodger.

Overview of Brimstone project

Brimstone is an advanced-stage, drill-ready exploration project within a proven gold district. The project sits approximately 25km from the Kanowna Belle gold mine and 2.5km from the Penny’s Find gold deposit.

Historically, the Garibaldi prospect has seen shallow and close spaced drilling. However, this work has never been followed up with a systematic exploration campaign.