Platina Resources (ASX:PGM) zeroes in on key assets; enters Mt Narryer JV with Chalice

Highlights 

• Platina Resources has entered a binding agreement to farm out its Mt Narryer Project to Chalice Mining
• Platina's Managing Director Corey Nolan has commented this would help leverage Chalice's expertise in nickel, copper and PGE
• The Mt Narryer Project (Western Australia), the company says, could have similar mineralisation as Chalice's Julimar Project
• The development would enable PGM to channel its time and financial resources towards other key projects in Western Australia

Platina Resources (ASX: PGM) -- which is into advancing early-stage metal projects toward development -- has announced a binding agreement with another ASX-listed entity Chalice Mining Limited.

Under the agreement, the company is farming out its Mt Narryer Project in the Western Yilgarn Craton region. As per Platina, this development will aid the company in optimising its exploration portfolio. Notably, Chalice has its Julimar Project almost 480 km south of the Mt Narryer project.

Source: PGM ASX announcement dated 27 March 2023

The development

Australia’s early-stage metals projects focused developer Platina Resources has taken a step toward optimising the company’s portfolio. In this regard, a joint venture (JV) has been established for PGM’s Mt Narryer Project. Notably, the other company, Chalice Mining, involved in the JV is also a major explorer and a listed entity on ASX. Platina has also mentioned about the proximity of Chalice’s Julimar Project to PGM’s Mt Narryer, which suggests synergy.

It is also pertinent to note that Chalice Mining developed a major greenfield in early 2020 at Julimar (PGE-nickel-copper-cobalt-gold discovery). The Mt Narryer Project is nearly 480 km south of Chalice’s Project. PGM has also cited the “tier-1 scale maiden mineral resource” at Julimar mid-last year to indicate how the JV advances synergy.

The Mt Narryer Project of PGM covers aeromagnetic highs -- suggesting large-scale ultramafic units -- splaying off a major fault (Palaeozoic Lyons Group sediments, and Archean granites and gneisses). These ultramafic units could have comparable mineralisation as is in Chalice’s Julimar Project, PGM mentions.

Source: PGM ASX announcement dated 27 March 2023

Management Comments

Mr Corey Nolan, the Managing Director of Platina Resources has lauded the development by saying that this collaboration offers "tremendous opportunity" to the company to use Chalice Metal's expertise in nickel, copper, and PGE metal. He has commented that Chalice has the requisite "financial and technical capability" to undertake works at Mt Narryer more quickly and efficiently. This owes to Chalice's development works at its own Julimar Project covering the Ni-Cu-PGE discovery.

Source: PGM ASX announcement dated 27 March 2023

About Platina Resources

Platina focuses on development of early-stage metals projects by way of exploration, feasibility, and permitting. The company asserts that it creates value for stakeholders by monetising its holdings by sale or JVs or through development. It has fully owned portfolio of gold (Au) projects in mineral rich Western Australia's Yilgarn Craton and Ashburton Basin. Platina's Scandium Project is in central NSW, which ranks among the biggest and highest-grade scandium deposits globally.

PGM's ASX-listed shares last traded at AU$0.018 on 22 March 2023.