Platina Resources Unveils Promising Gold Discoveries at Xanadu Project

 

Platina Resources Limited (ASX: PGM) has announced significant findings from its maiden drilling campaign at the Xanadu Gold Project, revealing promising gold mineralisation at depth and across a 900m untested strike zone. The initial Reverse Circulation (RC) drilling program, spanning 2,214m across 11 drill holes, has provided valuable insights into the project’s mineralisation potential. Key assay results include 7m @ 1.05g/t Au from 168m in XARC005 and 8m @ 1.79g/t Au from 38m in XARC009 at the Cleopatra prospect. Additionally, a high-grade copper anomaly of 1m @ 8.3% Cu was intersected in XARC003, warranting further evaluation.

The Phase 1 drilling program targeted a 4km section of a broader 10km mineralised corridor, assisting in refining the geological model for future exploration. The company believes that deeper mineralisation could be further delineated through diamond drilling, as several holes were limited by shallow weathered formations. Managing Director Corey Nolan has emphasized the importance of a second-phase diamond drilling campaign to better assess the strike potential of key gold intersections, particularly in the 900m zone west of the historical Amphitheatre open pit.

In addition to the planned follow-up drilling, Platina Resources is progressing with cultural heritage surveys, expected to be completed in the first quarter of 2023, in preparation for the next exploration phase. The company is also advancing its Brimstone and Beete gold projects, further expanding its footprint in Western Australia’s prolific gold provinces.

With a strong leadership team, including Corey Nolan—an experienced mining executive with over 25 years in exploration, development, and investment—Platina Resources continues to position itself as a key player in gold exploration. The company’s focus remains on targeting high-grade gold deposits, leveraging its expertise and strategic landholdings.

Platina’s diversified portfolio extends beyond Xanadu, encompassing key assets such as the Challa Gold Project, Brimstone, and the world-class Platina Scandium Project in New South Wales. The company’s investments in exploration-focused firms, including Alien Metals Ltd, Blue Moon Zinc Corporation, and Nelson Resources Limited, further bolster its growth strategy.

With a current share price of AUD0.02 and a market capitalization of AUD12.46 million, Platina Resources continues to build momentum in the mining sector. As the company advances its second-phase drilling at Xanadu and explores new project opportunities, investors remain keenly focused on its next moves in unlocking high-grade gold potential.

 

 


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