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Highlights
- Notable expansion of oxide gold mineralisation at the company’s Ashburton Basin-based Xanadu project.
- PGM completed its first ever aircore drilling program at the Beete Project, drilling 202 holes.
- Assays from drilling at Beete are anticipated in August.
- Platina received AU$6 million as the initial payment from the same of its scandium project.
Platina Resources Limited (ASX:PGM) concluded its June quarter with a series of notable advancements across its Western Australian projects. In its latest quarterly report, the gold exploration company reported a major extension of oxide gold mineralisation at its Xanadu Project. Additionally, Platina successfully completed its maiden aircore drilling program at the Beete Project, drilling 202 holes over a total of 6,325 metres.
Subsequent to the quarter, the company achieved a financial milestone by receiving approximately AU$6 million as the first payment from the sale of its scandium project. This payment is part of a deal that could yield up to AU$4.5 million in future payments, subject to certain conditions.
Encouraging Gold Intercepts from Xanadu West Drilling
In the first quarter, 15 reverse circulation (RC) holes totalling 2,186 metres were drilled to evaluate an 8km-long gold mineralised corridor at Xanadu's western tenements, known as Xanadu West. The drilling campaign targeted the Claudius prospect, the Amphitheatre West extension, and areas with significant arsenic rock chip anomalies at Pompeii.
A substantial oxide mineralisation zone indicated by assay results. Notable intercepts indicating that mineralisation extends an additional 500 metres west of the historical Amphitheatre pit and remains open both down dip and along strike. At the Amphitheatre West prospect, three out of five holes drilled encountered oxide gold mineralisation.
Data source: Company update
Next steps at Xanadu
Platina’s current focus is on testing deeper airborne electromagnetic (AEM) and induced polarisation (IP) targets with up to four new drill holes, contingent on the availability of a diamond rig. This effort aims to explore the deeper sulphide potential of the system.
Additionally, further geological mapping and rock chip sampling are planned for the Hermes South zone in the third quarter, and a wide scale soil sampling program will also be conducted on the eastern tenements of the Xanadu project in the fourth quarter.
Maiden aircore drilling at Beete
The company has completed a maiden aircore drilling program at Beete, which involved 202 holes totalling 6,325 metres. Over 2,000 assay results from this program are anticipated in August 2024.
Platina held AU$7.55 million in cash and AU$0.16 million in tradeable equity investments at the quarter end.
PGM shares traded at AU$0.024 at the time of writing on 1 August 2024.
