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ASX:PGM Completes Skaergaard Sale, Funds to Advance WA Gold Projects | Australia

  • November 30, 2020 10:07 PM AEDT
  • Team Kalkine

Platina Resources (ASX:PGM) Completes Skaergaard Sale, Funds to Advance WA Gold Projects

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Platina Resources Limited (ASX:PGM) has announced the completion of its Skaergaard gold and palladium project in Greenland to Canadian-listed Major Precious Metals Corp (CSE:SIZE) in a deal worth AUD 13.7 million.

The Company has received AUD 0.52 million in cash and 55 million Major shares, which based on the last traded price represents AUD 13.2 million in value for PGM shareholders. Besides becoming a major shareholder in Major, Platina Resources has a right to a seat in Major's board.

The funds are planned to be directly towards ramping up exploration activities at the Company’s promising Challa Gold Project.

Post the significant market update, PGM stock traded higher by 4.347% to AUD 0.048 on 30 November 2020, at AEDT 11:28 AM.

First Au Limited (ASX:FAU) Commences Deep Diamond Drill at Gimlet

Gold explorer, First Au Limited (ASX:FAU) announced the commencement of drilling at the deep diamond hole at Gimlet project in the vicinity of Kalgoorlie goldfields. The drill hole campaign will be co-funded under the West Australian Government Exploration Incentive Scheme (EIS) grant and will target the mineralisation beneath 500 metres.

Further, First Au has completed the recent RC drilling program at Gimlet and the assay results are pending for now. Under the drilling program, as many as 15 holes aggregating to 2,160 metre were drilled.

on 30 November 2020, First Au traded at $0.022 a share at 11:19 AM.

All financial information pertains to Australian Dollars unless stated otherwise.

SX:POD Extends Mineral Resource Estimate For Parks Reef

Podium Minerals Limited (ASX:POD) has generated a substantial growth in the Mineral Resource estimate for Parks Reef with contained metals rising to a total of 1,390,000 ounces of combined platinum, palladium and gold plus base metal credits with 53,900 tonnes copper through modelling of recent drilling.

Currently, a metallurgical test work programme focused on selecting and optimising a leaching process to treat the oxide mineralization in Parks Reef is continuing in parallel with the resource development work.

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