Platina Resources Limited (ASX: PGM) plans to drill three of its gold projects in Western Australia over the next five months after receiving approximately A$10.8M cash from the recent sale of its scandium project.
Early phase exploration activities have been completed and cultural heritage and statutory clearances approved ahead of drilling at Xanadu in the Ashburton Basin and Brimstone near Kalgoorlie in the Yilgarn Craton. Once final cultural heritage and landowner clearances are secured, two phases of drilling will be completed at Beete later in the year.
Platina managing director, Mr. Corey Nolan, said the company had a clear strategy to add value to its portfolio of projects through the drill bit, “Earlier exploration works have identified a number of exciting prospects worth a closer look, the drilling programmes provide an opportunity for significant share price upside leverage upon discovery success,” Mr. Nolan said.
At Xanadu, the company will conduct a 2,250m reverse circulation drilling programme at its Hermes prospect, which shares a similar mineralization style and is situated on the same fault structure that hosts the nearby 1.4Moz Mt Olympus gold deposit.
Recent field work has discovered a 1km gold mineralized structure and multiple parallel zones within a broader mineralized corridor up to 80m wide. Brimstone is located within a proven gold district in close proximity to the Penny’s Find gold deposit and 25km from the Kanowna Belle gold mine.
A maiden 4,381m aircore drilling programme in April identified strongly mineralized structures at the Brandy and Billabong North prospects. A 3,500m RC programme is planned to be drilled at the follow up aircore targets and Garibaldi.
Additionally, Beete lies within a possible extension of the Norseman greenstone belt, a prolific gold producing region. The area has not been systematically explored historically.
Platina has planned a 1,200m reverse circulation programme at the Beete mine area, and a 10,000m aircore programme across the entire tenement to follow up on the subtle soil anomalies overlapping geophysical targets.
To find out more, please visit www.platinaresources.com.au
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