Why are Platina Resources (ASX: PGM) Western Australian gold projects set for exciting time ahead? - Kalkine Media

Highlights

• Platina Resources (ASX: PGM) has multiple high-potential projects in the premier mining jurisdiction of Western Australia (WA)
• PGM highlights that it is well funded to continue with its "sophisticated exploration and drilling capability"
• Drilling activity is planned in the ongoing year at Xanadu (gold), Brimstone (gold) and Beete (gold, nickel, and lithium) projects

Gold-focused ASX-listed explorer Platina Resources (ASX: PGM) has been making strides across its high-potential projects in the premier mining jurisdiction of Western Australia. PGM, which holds expertise in exploring projects and at the same time executing new acquisitions, states that the company is well funded to continue with its "sophisticated exploration and drilling capability".

Notably. PGM's exploration activities deserve attention at a time when gold price is hovering at near record high, both in USD and AUD terms.

Activities planned ahead for Western Australian gold portfolio

Source: Company update

Platina Resources has seven gold-focused projects in the Ashburton Basin and the Yilgarn Craton region. The ASX-listed company highlights that some of the activities that are pushing up value creation include the sale of its New South Wales (NSW) scandium project for US$14 million, and the plans to undertake drilling activity at Xanadu (gold), Brimstone (gold) and Beete (gold, nickel, and lithium) projects in the ongoing year.

For the sale of the NSW scandium project, PGM has a binding sale agreement with a subsidiary of Australian-listed company Rio Tinto Ltd. Corey Nolan, the Managing Director of PGM, has commented that the transaction would enable shareholders to benefit from an injection of new funding for advancement of the company’s gold portfolio.

RC drilling at Brimstone Project in July

This asset of PGM is close to the high-grade Penny’s Find deposit. It has a significant number of broad widths and high-grade gold mineralisation (historical drilling). Reverse circulation (RC) drilling is planned in July 2023 to test the mineralisation at depth and along strike at Brandy, Garibaldi, Old Camp and Billabong North.

Xanadu exploration and drilling planned for 3Q

This asset of PGM is stated to be "adjacent to million-ounce resource, Mt Olympus deposit", with numerous multi-million gold discoveries on the trend. Mapping and rock chipping activity is ongoing to assess the potential scale of the system. RC drilling is planned for 3Q 2023.

Beete to undergo drilling in 4Q

The asset with gold, lithium and nickel potential is 10km south of 1Moz Scotia Mining centre and north of the recent Salmon Gums discovery.

Aircore drilling and RC drilling is planned for north of Beete gold mine and south of the mine, respectively, in 4Q 2023.

Mt Narryer Project JV

This asset -- with tenement package of 211 sq.km -- is a joint venture of PGM with ASX-listed company Chalice Mining. Platina Resources mentions that the project’s geological setting is analogous to the Julimar deposit, which is located 380km to the south.

ASX-listed shares of the company traded at AU$0.024 on 4 July 2023.