Platina Resources (ASX:PGM) on course to pursue its golden dreams at Challa project

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Summary

  • Platina Resources’ Challa Gold Project is nearing its inaugural drilling program.
  • The final soil sampling program is expected to be finalised in a week.
  • RAB drilling program is planned to target prospects generated during the soil sampling programs.

Challa Gold Project is a promising asset of Platina Resources Limited (ASX:PGM), a global mineral resources exploration and development company.

The Western Australian project is at the core of the company's revised strategy focused on building a gold portfolio in proven Australian provinces. The company owns 100% interest in the project.

Image source: PGM announcement dated 31 March 2021

Platina Gearing Up for Maiden Drilling at Challa Gold Project

PGM is primarily focused on accelerating its endeavours towards the development of Challa Gold Project.

Notably, the Company is stepping closer towards its first maiden drilling program at the project as the final soil sampling program is expected to complete in a week. The comprehensive program follows earlier promising assay results from selective sampling of outcropping veins (grades of 5.89 grams per tonne and 1.62 grams per tonne of gold in rock chip samples).

The unique sampling program of the company had distinguished anomalous bedrock through the transported cover, according to Platina Managing Director Corey Nolan.

After receiving assay results from the current soil sampling, Platina plans to undertake a rotary-air-blast (RAB) drilling program to target various prospects identified by the soil sampling programs.  

Also read: Platina Resources (ASX:PGM) set for another soil sampling at Challa Gold Project

A Flashback to Previous Activities on Challa Gold Project

Exploration activities on the Challa Gold Project began in November 2020. So far, the company has completed over 1,880 soil samples.

The soil sampling has located various prospective targets that will be drilled during the drilling phase.

Due to transported sands and silts covering a large part of the project area, the region was not systematically explored in the past, which means it has a lot to offer in terms of the precious yellow metal.

Why Challa Gold Project is Significant

The project location makes it highly promising as it sits between the proven gold districts of Mt Magnet and Sandstone, 500km N-E of Perth in Western Australia. The Sandstone province, Mt Magnet and nearby Youanmi gold mine have produced significant ounces of gold.

The project has two tenements - E58/552 and E58/553, covering an area of 293km2.  

Platina Plans to Add More Gold Assets to the Portfolio

On the back of excellent performance of the yellow metal in the pandemic era and a positive outlook of gold assets, Platina is examining various new gold project opportunities.

The company remains committed towards expanding its gold footprint in Western Australia. It has identified multiple projects, and negotiations with related parties are progressing well. These projects, if added to the company's portfolio, will complement its strategy and existing projects.

On 1 April 2021, PGM closed the day's trade at AUD 0.054, up by 5.882% from its last closing price.

Also read: Platina Resources (ASX:PGM) In Fine Fettle To Unlock WA Gold Potential


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