Platina Resources (ASX:PGM) reports promising gold zones at Challa Project

October 04, 2024 11:16 AM AEST | By Team Kalkine Media

Platina Resources (ASX:PGM) reports promising gold zones at Challa Project — Image source: Company website

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Highlights

Second phase aircore drilling at the Challa Gold project has identified two new gold mineralised zones.

The drilling results indicate the presence of significant faults or shear zones in the area.

Platina plans further drilling up-dip and along strike of the mineralisation, along with resampling of the intersections.

Platina Resources Limited (ASX:PGM) has announced promising results from its second-phase aircore drilling program at the Challa Gold Project, located near Mt Magnet in Western Australia. The company has identified two new gold-mineralised intersections after completing 1,856m of drilling across 41 holes.

Mineralised zones confirmed at Challa Gold Project

A mineralised zone of 12m @ 0.66g/t Au from 100m (incl. 4m @ 1.7g/t from 100m) was encountered in aircore hole CHAC0155. Another zone of 4m @ 0.37g/t Au from 72m was found in hole CHAC0140, situated along a north-south fault in the project’s centre area.

Both mineralised intersections were encountered at depths of 94-117m, suggesting the presence of significant faults or shear zones.

Platina’s drilling has confirmed gold mineralisation on its tenements, particularly in the covered areas at the southwest end of the newly identified Paynesville gold trend. These findings encourage further exploration, with plans for additional drilling up-dip and along strike of the mineralisation.

Further work

The company plans to resample the mineralised intersections at 1m intervals (to be assayed as individual 1m lengths) to assess the grade distribution and structure width. If widespread mineralisation is confirmed, both deep and shallow dip slimline RC drilling will be conducted as soon as possible, using an aircore rig to determine the geometry of the mineralisation. Additional heritage surveys will be required for further drilling along strike.

Additionally, a comprehensive analysis of the multi-element geochemistry data will be conducted to identify alteration assemblages and litho-geo-chemical classifications, which are expected to assist in better targeting anomalous zones.

PGM shares traded at AU$0.021 apiece on 3 October 2024 with a market capitalisation exceeding AU$13.08 million.

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