Platina’s Exploration Strategy Narrows as Low-Potential Projects Face Divestment

Exploration Progress at Xanadu Deeps

Platina Resources (ASX: PGM) has successfully completed diamond drilling at its flagship Xanadu Deeps gold target in the Ashburton Basin, Western Australia. The drilling program, designed to probe the deeper sulphide potential beneath widespread oxide mineralisation, faced logistical challenges including difficult ground conditions and a cyclone evacuation but was completed to target depths. Core samples are currently being processed with assay results expected in May 2025, which will be pivotal in determining the next steps for this promising target.

Expanding Exploration at Challa and Beete

Building on encouraging gold intersections from previous campaigns, Platina is preparing for another phase of low-cost aircore drilling at its Challa and Beete gold projects, both located in prolific gold regions of Western Australia. Recent aircore drilling at Challa confirmed new mineralised zones, including a notable 12m intersection at 0.66g/t Au, highlighting the potential for significant gold deposits along major structural trends. The Beete project, near the historical Scotia deposit, is also being assessed for targeted drilling based on multi-element geochemical anomalies.

Strategic Portfolio Management

Platina continues to refine its project portfolio by planning to relinquish the low-potential Binti Binti project and conducting a final review of the Mt Narryer project. This strategic pruning aims to focus resources on high-potential assets where the company believes it can discover +1 million ounce gold deposits. The company’s approach leverages cutting-edge technology, expert geological knowledge, and innovative exploration strategies to maximise value.

Unlocking Value at Brimstone

In the Eastern Goldfields near Kalgoorlie, Platina is advancing discussions to unlock the value of its Brimstone project, which is situated close to Horizon Minerals’ high-grade Penny’s Find deposit. Heritage approvals and mining lease access remain key milestones before drilling can expand the known mineralised zones, including the Garibaldi deposit. These developments could position Brimstone as a significant contributor to Platina’s growth strategy.

Financial Position and Corporate Updates

At quarter-end, Platina held a robust cash balance of A$11.77 million alongside tradeable equity investments. The company reported no mining production or development activities during the quarter, consistent with its focus on exploration and project acquisition. Notably, Platina is entitled to milestone payments from Rio Tinto following the sale of its scandium project, contingent on Rio Tinto’s progress towards mining lease grants. Corporate governance and expenditure disclosures were maintained in line with ASX requirements.