Platina Resources (ASX:PGM) buoyed up on completing acquisition of Xanadu gold project


  • Platina Resources has completed the acquisition of the Xanadu Gold Project following the allotment of ~12.73 million fully paid ordinary shares. 
  • The Company intends to commence the exploration phase at the project, further boosting its gold presence in Western Australia.
  • The recently acquired gold project enjoys immense appeal due to lack of systematic follow-up exploration campaigns on encouraging intercepts. 

Focused on advancing early-stage projects, Australian explorer Platina Resources Limited (ASX: PGM) is making all the right moves to expand its gold presence in Western Australia.

Effectively steering its initiatives, the Company has announced the completion of the acquisition of the Xanadu Gold Project following the allotment of ~12.73 million fully paid ordinary shares as consideration. 

In addition, Platina Resources has issued two million shares for introduction and advisory services concerning the project acquisition.

GOOD WATCH: Expert Talks With Mr Corey Nolan - Managing Director Of Platina Resources

Source: PGM Presentation, dated 28 May 2021

Located in the Ashburton Basin, Xanadu lies 38 kilometres southeast of Paraburdoo and 95 kilometres south of Tom Price. In what would mark a strategic stride for PGM, the completion of the acquisition process would kick off the exploration phase at the Xanadu Gold Project. 

READ MORE: Platina Resources’ (ASX:PGM) Xanadu Gold Project set to enter exploration phase

Xanadu boasts strong potential

The recently acquired project has immense potential for favourable exploration outcomes, as a systematic exploration campaign has never been undertaken to follow up on several economic-grade gold drill intercepts of significant width. 

ALSO READ: Platina Resources (ASX:PGM) continues WA gold quest with developments at Challa and Xanadu

The Xanadu Project has an extensive alteration system, which is hosted within sediments and carbonates considered prospective for intrusion-related gold mineralisation such as the Hemi discovery of De Grey Mining Limited (ASX:DEG) and the Telfer Gold Mine of Newcrest Mining Limited (ASX:NCM).

Xanadu also exhibits strong similarities to the Carlin gold deposits, located in Nevada (US). 

Xanadu’s geology bolsters its upside

The significant upside of Xanadu can be attributed to several factors. The project, which has a favourable regional-scale structural setting, is located 7 kilometres to the east of the multi-million-ounce Mt Olympus gold deposit. Furthermore, a large and intense hydrothermal alteration system, extending for a strike extent of more than 10 kilometres, hosts widespread gold mineralisation. 

ALSO READ: Platina Resources’ March Quarter Marked By Golden Strides At WA Assets

The project’s host lithology also includes a highly reactive rock called the Duck Creek Dolomite, which is considered a favourable host to the target intrusion-related and Carlin styles of gold mineralisation.

At the project, immediate targets from the surface and at depth are present within the interpreted east plunging alteration system.

Platina advancing exploration strategically

The Company’s exploration strategy will initially cover low-cost geophysics and geochemistry for building a deeper knowledge of the Xanadu project’s geological potential. It would also define both shallow and deeper targets for drilling.

Platina believes in the significant potential to develop upon the known oxide mineralisation. From a long-term perspective, the Company plans to target primary mineralisation present within the alteration core of the system, which has never been subject to drill testing in the historical programs. 

ALSO READ: Platina Resources Sitting On A Goldmine Of Opportunities in Western Australia

PGM shares traded at A$0.078 on 23 June 2021 (at 02:39 PM AEST).

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.



Top Penny Picks under 20 Cents to Fit Your Pocket! Get Exclusive Report on Penny Stocks For FREE Now.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK