Platina Resources has announced it will drill three of its gold projects in Western Australia over the next five months after receiving $10.8 million from the recent sale of its scandium project to Rio Tinto.
Early phase exploration activities have been completed and cultural heritage and statutory clearances approved ahead of drilling at its Xanadu project in the Ashburton Basin and its Brimstone project in the Yilgarn Craton near Kalgoorlie.
Platina is waiting on final cultural heritage and landowner clearances to be secured for its Beete project near Norseman, after which two phases of drilling will be completed later in the year.
“Earlier exploration works have identified a number of exciting prospects worth a closer look, the drilling programs provide an opportunity for significant share price upside leverage upon discovery success,” Platina managing director Corey Nolan said.
At Xanadu, the company will conduct a 2250m reverse circulation drilling program at its Hermes prospect, which shares a similar mineralisation style and is situated on the same fault structure that hosts the nearby 1.4 million ounce Mt Olympus gold deposit.
Recent field work at Xanadu has discovered a one kilometre gold mineralised structure and multiple parallel zones within a broader mineralised 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 4381m aircore drilling program in April identified strongly mineralised structures at Brimstone’s Brandy and Billabong North prospects. A 3500m reverse circulation program is planned to be drilled at the follow up aircore targets and Garibaldi.
Beete lies within a possible extension of the Norseman greenstone belt, a prolific gold producing region.
The area has not been systematically explored historically but Platina has planned a 1200m reverse circulation program at the Beete mine area and a 10,000m aircore program across the entire tenement following up on the subtle soil anomalies overlapping geophysical targets.