Platina Resources (ASX:PGM) Unveils New Gold Targets at Beete Project, shares up 17%

August 08, 2024 02:55 PM AEST | By Aditi Sarkar

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Platina Resources (ASX:PGM) Unveils New Gold Targets at Beete Project, shares up 17% — Image source: Company update

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Highlights

Platina Resources has identified new anomalous gold targets at the Beete Gold Project.

Drilling has confirmed the presence of a greenstone belt across the tenure, potentially extending from the Norseman greenstone belt.

Target areas show high gold and arsenic levels, correlating with multi-element geochemistry.

Next steps include geochemical analysis, drone magnetic surveys, and infill drilling in Q4 2024.

Shares of Platina Resources Limited (ASX:PGM) are experiencing a notable rise, trading at AU$0.027, reflecting a 17.391% increase by midday on 8 August 2024. This surge followed the company's announcement of new gold findings at its Beete Gold project, where several new anomalous gold targets have been identified.

The Beete Gold project is located in a historic high-grade mining district near Norseman, just 10km south of the Scotia gold deposit.

The recent findings come after the completion of a maiden 6,331-metre aircore drilling program, which comprised 202 holes.

Major Findings

Platina's Managing Director, Mr. Corey Nolan, noted that the initial wide-spaced scoping drill program successfully achieved its goals, pinpointing key target areas for further exploration and development.

The drilling confirmed the presence of a greenstone belt across the tenure, potentially extending from the Norseman greenstone belt, challenging earlier interpretations that it was part of the Albany-Fraser Orogeny.

Further exploration will focus on this greenstone belt, which is expected to host high-grade gold deposits similar to the mineralisation trend found to the north in Norseman.

The identified target areas are primarily characterised by clusters of gold exceeding 10 ppb and arsenic levels above 100 ppm, aligning with geophysical trends. Additionally, these zones show correlations with elevated multi-element geochemistry, including silver, zinc, copper, tin, lead, bismuth, and molybdenum.

Notable results from the drilling program included 1m @ 0.13g/t Au from 22m in BEAC020, 1m @ 0.25g/t Au from 38m in BEAC124 & 3m @ 416ppm As from 36m and 2m @ 661ppm As from 52m incl. 1m @ 1,180ppm As from 52m.

Upcoming Exploration Plans at Beete Gold Project

The next phase of exploration will include comprehensive geochemical analysis, closely spaced drone magnetic surveys over the identified target areas, and infill aircore drilling, which is scheduled for the fourth quarter of 2024.

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