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Highlights
- Platina Resources to acquire 100% of the Mt McKenna Gold Project for cash, shares, and royalty consideration.
- The project is strategically located near Laverton, adjacent to major deposits and operating mines.
- Historical sampling returned high-grade rock chips, including 248g/t, 21g/t, and 5g/t gold.
- A comprehensive exploration program is planned at Mt McKenna to test underexplored structures and syenite-mafic contacts.
- PGM shares traded 20.45% higher at AUD 0.026 per share on 3 September 2025.
Platina Resources Limited (ASX:PGM) has announced the acquisition of a 100% interest in the Mt McKenna Gold Project, situated within Western Australia’s Eastern Goldfields. The project is located near the township of Laverton and is adjacent to Genesis Minerals’ Laverton Project and Gold Fields’ Granny Smith Mine, each hosting gold resources of 3.9 million ounces.
The acquisition will be completed by acquiring all the shares in Jasper Exploration Pty Ltd, which holds full ownership of the Mt McKenna tenement.
The consideration includes AUD 320,000 in cash to cover exploration data and related costs, 20 million Platina ordinary shares, and a 1.5% net smelter royalty, with Platina retaining the option to buy back 50% of the royalty at market value.
Additional payments of AUD 25,000 in cash and 1.75 million shares will be made to advisors and finders associated with the transaction.
Completion is expected within five business days.
Mt McKenna Overview
Exploration at Mt McKenna has been limited since the 1990s. Earlier exploration efforts by CRA Exploration (1994-1996), Placer (Granny Smith) Pty Ltd (1999), and Baxter Geological Services included soil and auger sampling programs. Of the 713 holes drilled, 99% were less than 95 metres deep, and 90% were less than 60 metres. This indicates that key structural targets such as the Granite Well fault and majority of syenite-mafic contact have not been systematically tested.
Historical shallow RAB drilling intercepts include:
- 16m at 1.05 g/t Au from 32m, including 4m at 3.41 g/t from 32m (95GWR352).
- 15m at 0.87 g/t Au from 24m, including 4m at 2.48 g/t from 32m (94GWR109).
Modern Exploration Activities
Previous owners of the project carried out rock chip sampling and prospecting programs using metal detectors. These efforts led to the recovery of numerous gold nuggets across the tenement. Recent gold rock chip samples include 248g/t, 21g/t and 5g/t in the vicinity of the gold nugget finds.
Exploration Strategy
Platina has outlined an aggressive exploration program for Mt McKenna. The initial phase will include a detailed review and reinterpretation of historical datasets, including the re-processing of geophysical work.
The company plans to engage seismic consultants to re-process and re-evaluate the basin architecture and analyse the gold fluid carrying high frequency structures. A ground gravity survey will also be commissioned in the northern part of the project.
Mapping, rock and soil sampling, and aircore drilling will be carried out in prospect areas. Deeper reverse circulation holes will be planned around historical RAB drilling with significant intercepts and high-grade rock chip sites.
Notably, the comprehensive exploration campaign will commence after the conclusion of a cultural heritage survey.
With Mt McKenna located near major mines, processing facilities, deposits and infrastructure in Laverton, Platina is positioned to mobilise exploration activities in a cost-effective and streamlined manner.
PGM Shares Rally
PGM shares were trading 20.45% higher at AUD 0.026 per share at the time of writing on 3 September 2025.
