Platina Resources (ASX:PGM) issues update on progress across WA gold projects - Kalkine Media

Highlights

• Platina Resources (ASX:PGM) is going full steam ahead at its WA gold project portfolio.
• The ASX-listed explorer has completed phase 1 of the maiden RC drilling at its Xanadu project.
• PGM has secured assays from the phase 1 air-core drilling at the Challa project.
• The company has expanded its portfolio with three new projects.

Platina Resources Limited (ASX:PGM), an ASX-listed gold explorer, has been making great strides in developing its projects in Western Australia.

In the latest update, Platina has updated the market about the recent developments across two of its fully owned projects – the Xanadu Gold Project and Challa Gold Project – and its latest move of acquiring new gold projects to expand its gold footprint in Western Australia.

Xanadu: phase 1 maiden RC drilling program

Platina has wrapped up the phase 1 maiden reverse circulation (RC) drilling at the Xanadu Gold Project. The program covered 11 holes for 2,214 m across the project located in Western Australia’s Ashburton Basin.

The program identified various stratigraphic horizons and mineralisation patterns, thus adding to the knowledge of mineralisation controls. The widely spaced program expands over 4 km within the 10 km mineralised and altered corridor.

Source: Company’s update

The samples are planned to be geochemically analysed to define alteration and near-mineralisation assemblage. It will support in planning drilling and geophysical surveys in the future, as well as targeting the remaining tenement package.

The company tested most of the planned targets; however, due to the presence of weathered clay-chert-breccia in the top part of most holes, diamond drilling is needed to target mineralisation beyond approximately 200 m depth.

The RC chips have been sent to the laboratory for assaying; once assayed, the company plans to design a campaign to test more than 60 km of the Nanjilgardy fault zone lying within the tenement package.

Challa: phase 1 air-core drilling program

Platina has executed a drilling program to drill beneath surface soil anomalies and target gold anomalism in the bedrock below the transported soil cover.

The best intercept returned from the assays was 4 m @ 0.2 g/t from 32 m in CHAC0081. However, no wide-scale significant gold mineralisation was interpreted based on the assay results.

The company plans to conduct heritage surveys by the end of the year. The aim is to open access to five other target areas for a future phase 2 drilling program.

Low-cost soil sampling and air-core drilling have proved a successful exploration approach with the  discovery of other world-class orebodies in the Yilgarn Craton.

Source: Company’s update

Sangold: low-cost acquisition to expand WA gold footprint

Platina has extensively expanded its portfolio by executing a conditional binding term sheet with Sangold Resources Pty Ltd to fully acquire the Brimstone, Beete, and Binti Binti projects.

Source: Company’s update

The company has advanced in the due diligence process and even lodged a notice of meeting for approving the issue of the consideration shares for the transaction.

Click here for comprehensive information about the acquisition.  

PGM shares were trading at AU$0.021 midday on 5 October 2022.