Drive through Platina Resources’ (ASX:PGM) expanded WA gold footprint

Highlights

• Platina Resources (ASX:PGM) believes that the acquisition of Sangold Resources is pivotal, expanding its WA gold footprint.
• The company is gearing up to undertake drilling at its Challa and Xanadu projects as well as explore new prospects when granted.
• PGM is eyeing to unlock the value of its world-class scandium resource.

Platina Resources Limited (ASX:PGM) has been aiming to cut the mustard in the gold sector by capitalising on opportunities presented by the tier 1 mining jurisdiction of Western Australia. In tandem, the gold explorer has been undertaking numerous key developments to advance its WA gold portfolio.

In a recent strategic move, the company inked a deal to acquire Sangold Resources, which will add three Western Australian gold projects to PGM’s portfolio.

Besides expanding its Western Australian gold footprint, PGM is gearing up for drilling programs at its Challa and Xanadu gold projects as well as exploring new prospects when granted.

What makes Sangold Resources a pivotal acquisition

PGM considers its latest move as a pivotal development, expanding its WA gold footprint. The conditional binding term sheet signed with Sangold enables the company to acquire 100% of the following three projects:

Source: PGM Presentation

Following are the terms and conditions of the transaction with Sangold:

Source: PGM Presentation

Brimstone Project indicates significant potential

The tenement package at the Brimstone Project comprises five prospecting licences, one mining licence, one miscellaneous licence and three exploration licences, which further includes 1 granted and 2 pending licences.

The advanced-stage exploration project is believed to hold significant potential, owing to previously drilled broad widths and high-grade gold mineralisation.

The project comprises walk-up drill targets, including Garibaldi, Old Camp, Eastern Workings, 5 Bob, Jammie Dodger and Lapage VHMS.

Source: PGM Presentation

Deeper drilling has followed up a few drill intercepts, and historical work has never been followed up by a systematic tenement-wide exploration campaign.

Beete Project surrounded by discoveries indicating gold potential 

The Beete Project sits within a historical mining district with numerous small high-grade gold mines. The project, which includes an exploration licence application, can be accessed from Coolgardie to Esperance Highway.

The gold potential has been highlighted through the latest discoveries to the south by Aruma Resources and Meeka Gold.

Source: PGM Presentation

Furthermore, the potential for rare earth elements is planned to be screened subsequent to Meeka Gold’s success.

Potential across PGM’s existing projects

Furthermore, PGM’s existing project portfolio includes the Xanadu Project, Challa Project, Jubilee Project, Mt Narryer Project and the Platina Scandium Project.

The historical focus at the Xanadu Project was on shallow oxide mineralisation for the heap leach operation, with a significant number of economic grade and width drill intersections received. PGM looks to commence a 4,000m RC program at the project in late August 2022.

Source: PGM Presentation

At the Challa Project, PGM recently initiated an air core drilling program to define and prioritise bedrock targets for upcoming RC drilling.

The Jubilee Project features an application (EL 51/2114) and has witnessed very less modern exploration. The project indicates attractive geological features with magnetic interpretation indicating a favourable structural setting, which can possibly host gold mineralisation.  

The Mt Narryer Project has also undergone very less modern exploration due to the lack of outcropping rocks. The company now seeks to commence a soil sampling program once the tenement is granted.

PGM’s Platina Scandium Project indicates the potential to unlock the value of a world-class scandium resource. Currently, work related to permitting is underway to secure a mining licence. The company believes that recent developments in the scandium space from major players have drawn attention to the scandium market opportunity.

PGM shares were trading at AU$0.029 midday on 26 August 2022.