Platina Resources (ASX:PGM) Reports EIS Grant and Gold Discovery in Quarterly Report

Highlights

• Platina Resources secured an AU$54,750 grant to cover nearly 50% of drilling costs at the Xanadu Deeps target.
• Two new mineralised gold targets were confirmed at the Challa Gold Project, with key results including 12m @ 0.66g/t gold and 4m @ 1.7g/t gold.
• Platina plans additional shallow and deep slimline RC drilling at the Challa Project.
• The company ended the quarter with a cash balance of AU$12.3 million.

Platina Resources Limited (ASX:PGM), an Australian mining and exploration company, has released its report for the December 2024 quarter. Major highlights for the three months ended 31 December 2024 include the discovery of gold mineralisation at the Challa Gold Project and an Exploration Incentive Scheme (EIS) grant to fund diamond drilling at the Xanadu Deeps target.   

PGM ended the quarter with a cash balance of AU$12.3 million.

EIS grant for drilling the Xanadu Deeps target

The company secured an AU$54,750 Exploration Incentive Scheme (EIS) grant to cover nearly half of the direct drilling costs for diamond drilling at the Xanadu Deeps target.

The drilling campaign aims to explore the deeper sulphide systems below the dispersed oxide mineralisation closer to the surface. The focus is on identifying the source of gold mineralisation within a 10km mineralised corridor previously identified through shallow drilling on the project’s western tenements.

The first drill target will be Cleopatra, planned to be drilled to a depth of 380m to investigate an unexplained aero electromagnetic anomaly along an 800m long arsenic trend identified in historical drilling.

Platina plans to begin the drilling program, contingent on drill rig availability and weather conditions in the Pilbara region \.

Gold discovery at Challa project

During the quarter, PGM confirmed two new mineralised gold targets at the Western Australia-based Challa Gold Project. The discoveries followed a second-phase aircore drilling program, which included 41 holes totalling 1,856m.

Hole CHAC0155 encountered a 12m mineralised zone grading 0.66g/t gold from 100m, including 4m at 1.7g/t gold from 100m.

Data source: Company update

Platina's systematic exploration strategy, which includes leveraging geophysical data re-interpretation, soil sampling, and aircore drilling, has successfully targeted second-order structures and contrasting geological boundaries.

Another notable result from hole CHAC0140 included 4m at 0.37g/t gold from 72m, located along a north-south fault in the project’s central area.

Both intersections were encountered in areas where 94-117m deep holes were drilled, suggesting the presence of prominent faults or shear zones.

Notably, the findings confirmed the presence of gold mineralisation under cover on the southwest section of the recently discovered Paynesville gold trend.

Following these encouraging results, PGM plans further drilling, including both shallow and deep slimline RC holes, with the aim of determining the geometry of the mineralisation.

PGM shares were trading at AU$0.02 per share at the time of writing on 28 January 2025.