Summary
- Platina Resources is strategically focused on the precious metal projects in Australia.
- Its wholly owned Challa Gold Project in a prolific gold producing district is progressing well.
- The Company seeks to unlock value from other assets.
The unprecedented year of 2020, no doubt, sparked considerable disruptions in the business environment. The pandemic-related travel and other restrictions severely impacted the businesses worldwide, pushing them to rethink their strategies in the changed circumstances.
In view of that, Australian company Platina Resources Limited (ASX: PGM) also proactively revised its strategy to make the most out of the emerging market trends.
Amid the prolonged COVID-19-related travel restrictions around the globe and skyrocketing prices of the precious metal, the Company gauged the latest trend and strategically decided to focus on Australian gold assets.
Must read: Going for Gold: Platina Resources' Strategic Shift Towards Expanding Australian Gold Footprint
As the Company entered 2021, it has reiterated its renewed strategic focus towards the precious yellow metal in the proven Australian gold province. Besides acquiring a gold project and applying for another in Western Australia, Platina Resources is evaluating further M&A opportunities to expand its gold footprint on the home ground.
Challa Gold Project – Eyeing Undercover Major Gold Deposits
The project is one of the most valuable gold assets in the Company’s portfolio. Its tenements lie within the prolific gold producing zone with two exploration licences covering 293km2.
The Challa gold tenure includes Mt Magnet (6 million ozs), Youanmi (670,000 ozs) and Sandstone (1.3 million ozs). Despite being located in a prime location with four processing mills nearby, the tenements have undergone limited modern exploration activities. The project area is covered by shallow outcrop, and it attracts strong corporate interest.
The project is segregated in two parts - Challa West and Challa East. The West zone hosts favourable greenstone rocks with hydrothermal alteration around areas of significant structural dislocation. The major structure is associated with 1Moz Au deposits. The East zone hosts outcropping gold mineralisation with the Paynesville gold trend apart from several gold occurrences.
Soil Sampling Programs In Full Swing: The first phase of the soil sampling program at the project area was concluded at the end of 2020. Around 700 samples were collected and assayed, showing rock chip samples with gold grades of 1.62g/t and 5.89 g/t.
The second phase is scheduled to commence in the first quarter of 2021, comprising an extensive scale-grid sampling program. Phase 3 would include drilling, to immediately follow up targets defined from the soil sampling program.
Also read: Platina Resources (ASX:PGM) set for another soil sampling at Challa Gold Project
Mt Narryer Project in Western Yilgarn Craton
Similar to the Challa Gold Project, the Mt Narryer project area has undergone minimal recent exploration.
The ideal location is highly encouraging for metal prospects. The tenement E09/242 covers 165km2 and comprises the right rocks between Archean granites and gneisses, and sediments. There are targets analogous to the Julimar nickel-copper-PGE discovery, 160km to the south.
A soil sampling campaign would be planned once the tenement is granted.
Unlocking Value of Other Assets
Munni Munni Project - A Significant Australian PGM Deposit- Besides gold assets, the Company also has a significant platinum group metals-focused project, located 100km from Karratha. The project in the well-known mining district is 20km from the Radio Hill processing plant.
The historical resource contains platinum, palladium, rhodium and gold. The project location has an open cut and underground mining potential.
The high prices for precious metals in 2020 have created favourable conditions for realising value from the project.
Scandium Project - On The Right Track - Platina Resources is also engaged in exploring options to unlock value from its Platina Scandium Project, targeted to reduce the capex and start at a smaller scale.
To know more, read here: Platina Resources to Look Closer for Platinum and Copper Potential at Scandium Project
Skaergaard Project - Sale Completed in 2020 - After the acquisition of the project by Major Precious Metals Corp, the Company remains a significant shareholder of Major. Major Precious Metals remains focused on adding value to the globally significant, multi-million-ounce palladium and gold deposit.
Read here: Platina Resources (ASX:PGM) to Crank Up Gold Hunt after Skaergaard Sale
PGM traded at AUD 0.052 on 22 January 2021 (AEDT 11:43 AM).
