Announcement Date: 2022-11-29
Announcement Type: Drilling Results
Announcement Code: JORC
Company name: Platina Resources Ltd.
Project name: Xanadu
Location: Australia
Commodities: Gold
Highlight: Drilling results incl. 8m at 1.79g/t Au, from 38m
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Platina Resources Limited’s (ASX: PGM) maiden Xanadu drilling program over 2,214m has demonstrated the presence of gold mineralisation at depth and up to 900m of strike on untested ground immediately west of the historical Amphitheatre open pit (refer Figure 4). Encouraging gold assays were intersected including 7m @ 1.05g/t Au from 168m in XARC005. Mineralisation at Cleopatra was also intersected with 8m @ 1.79g/t Au from 38m in XARC009. An interesting copper anomaly of 1m @ 8.3% from 99m in XARC003 will be assessed in more detail. Platina Managing Director Corey Nolan said new assay results from the very short drilling program were assisting in building a deeper knowledge of a complex geological model at Xanadu, which neighbours the Mt Olympic Gold Project. “Xanadu remains a very attractive geological target due to the number of historical high-grade gold intersections within a widespread, 10km zone of hydrothermal alteration on the Nanjilgardy fault zone and its splays in close proximity to the multi-million Mt Olympus gold deposit,” Mr Nolan said. “Future drilling will be focused on unlocking the project’s potential by testing the 900m zone west of the Amphitheatre pit and defining the down dip extension and strike of strong mineralisation in XARC009 at Cleopatra.” Mr Nolan said a diamond drilling rig would be used for a second phase drilling program to avoid the problems associated with reverse circulation (RC) drilling in the area. A cultural heritage survey and phase 2 drilling program are planned for the second quarter next year following a maiden drilling program at Platina’s newly acquired Brimstone project near Kalgoorlie.
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