Platina Resources (ASX:PGM) Secures Government Grant for Xanadu Gold Drilling

Highlights

• Platina secured a AU$54,750 government grant for diamond drilling at Xanadu Deeps target.
• The upcoming drill campaign aims to unlock deeper sulfide potential linked to surface oxide mineralization.
• The Cleopatra target will be drilled down to 380m to target a significant reprocessed aero-electromagnetic anomaly.

Platina Resources Limited (ASX:PGM) has announced an encouraging update regarding its Xanadu Gold project. The company has secured a grant under the Western Australian government's Exploration Incentive Scheme for diamond drilling at the Xanadu Deeps target. The grant, totaling AU$54,750, will cover up to 50% of the direct drilling costs for this promising deep geophysical target within Platina's 100%-owned Xanadu Gold project.

Platina’s Managing Director Mr Corey Nolan highlighted that the planned drill campaign aims to unlock the deeper sulphide potential of a system represented by dispersed oxide mineralisation closer to the surface. “These deeper targets could be the key to unlocking Xanadu’s full value. We are seeking to find the source of gold within a 10km mineralised corridor defined by previous shallow drilling in the project’s western tenements,” Mr Nolan noted.

He added that Cleopatra, identified as the most prospective target, will be drilled down to 380m to reach the core of an unexplained reprocessed aero electromagnetic anomaly along an 800m long arsenic trend identified in historical drilling.

Cleopatra is located about 2km east of the Amphitheatre deposit, which was mined until 1994. A heap leaching operation there was suspended in 1995.

According to the agreement with the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS), drilling is planned from 01 December 2024 to 30 November 2025. Weather conditions in the Pilbara region and drill rig availability will influence the schedule; however, the goal is to complete the drilling program as soon as practically possible.

Additionally, the company announced that Chalice Mining Limited has terminated its Mt Narryer Joint Venture with Platina. Since their farm-in agreement began in March 2023, Chalice invested over AU$400,000 in field visits, surface sampling, and new airborne geophysical data. Platina's technical team will now conduct a detailed assessment of Chalice's work and consider re-assaying of existing samples to determine the next steps for tenement E 09/2704.

The share price of PGM was AU$ 0.022 at the time of writing on 01 November 2024.