Platina (ASX:PGM) applies for new EL for Jubilee Gold Project, shares jump 17%

Highlights

• Platina Resources (ASX:PGM) is eyeing an exploration licence E 51/2114 for the Jubilee Gold Project.
• The project, which has seen very little modern exploration, is located in proximity to Westgold’s Meekatharra Gold Operation.
• PGM looks to quickly mobilise and initiate field activities to identify targets for future drilling as soon as the tenement is granted.

Platina Resources Limited (ASX:PGM) is committed to deepening its gold footprint in the world-class provinces of Western Australia.

In line with its objective, the company has applied for an exploration licence (E 51/2114) for the Jubilee Gold Project, which sits within the prolific gold producing Yilgarn Craton.

Subsequent to the announcement, the PGM share price surged by over 16.66% and the shares were noted at AU$0.035 during the early hours of trading on 03 August 2022.

Source: PGM Announcement 03/08/2022

Proximity of E 51/2114 to prospective tenements

Notably, the Jubilee Project is located 150km north of PGM’s Challa Gold Project, where a 3,500m air core drill program has recently been completed.

The tenement area is situated between the north-south trending Archaean Gnaweeda Greenstone Belt (GGB) on the east, and the adjacent sub-parallel multi-million-ounce endowed NNE Meekatharra-Widgie Greenstone Belt on the west.

The exploration licence, covering an area of more than 156 square kilometres, is near to the Meekatharra Gold Operation of Westgold Resources (ASX:WGX).

The gold operation covers the Bluebird gold processing hub, which has an annual capacity of 1.8 million tonnes. The processing hub further extends over open-pit and underground mining centres including Yaloginda, Nannine, Paddy’s Flat, and Reedy’s.

Source: PGM Announcement 03/08/2022

Amongst these, Paddy’s Flat is a big, historic gold field, which has delivered more than 1.5 million ounces.

Besides this, the project adjoins the eastern border of the Side Well Project of Great Boulder Resources (ASX:GBR). This project is host to Mulga Bill, a highly prospective prospect that has returned high-grade drilling intersections.

Exploration opportunity for PGM

The Jubilee tenement has witnessed limited exploration historically and is interpreted to have a shallow level of transported cover. As suggested by the historic prospector activity claims, the project area seems to have high probability of mineralisation.

Once the tenement is granted, the company looks forward to immediately mobilising through the Goldfields Highway and starting field activities.

The company plans to commence a low-cost reconnaissance geochemistry campaign and a gravity survey to define targets for future drilling across the project area.