Platina Resources (ASX:PGM) sets drill in motion at Xanadu Gold Project

Highlights

• Platina Resources (ASX:PGM) has started maiden reverse circulation drilling at its 100%-owned Xanadu Gold Project.
• The Xanadu Project is only a short distance from Mt Olympus, which is a multi-million-ounce gold deposit.
• The 15-day drilling program will test several IP chargeable anomalies.

Platina Resources Limited (ASX:PGM) has marked an important milestone in the latest development at its Xanadu Gold Project. The company has commenced a maiden Reverse Circulation (RC) drilling program at its wholly owned gold project, which sits within the Ashburton Basin in Western Australia.

The project is close to the Mt Olympus gold project, which is a multi-million-ounce gold endowment.

Overview of RC drilling at Xanadu

The first phase of the planned 3,000m RC drilling program will cover 11 holes at the Xanadu Gold Project. The initial phase will target the core 4km out of the 10km section of the Xanadu gold trend differentiated by historical gold occurrences drilled within the Duck Creek Dolomite.

The company looks to test several induced polarisation (IP) chargeable anomalies along this target area. The anomalies further potentially represent sulphides with associated gold mineralisation, along with shallower oxide mineralised zones.

Source: PGM Announcement

PGM believes that there exists a variety of high-grade gold historical drill intercepts that are yet to witness a systematic exploration campaign.

Multiple drilling targets at Xanadu

Numerous anomalies for drill testing were identified at the Xanadu Gold Project through a geophysics program undertaken across the project. This program comprised an Induced Polarisation (IP) survey, and the geophysical data enhanced the understanding of the regional 25km strike of the prospective Xanadu trend.

The company believes that the project has immense appeal based on the number and width of economic-grade gold drill intercepts.

Source: PGM

The drilling program is anticipated to complete in around 15 days as PGM has been actively engaged with traditional landowners to get the necessary site clearances.

Notably, the project is placed in a favourable regional-scale structural setting, where widespread gold mineralisation is identified within a large and intense hydrothermal alteration system which extends for over 10km in strike extent.

PGM shares closed the day’s trading at AU$0.032 on 29 August 2022, up more than 3% from the last close.