- Platina Resources (PGM) begins a 3000-metre reverse circulation (RC) drilling program at its Xanadu gold project in Western Australia
- The first phase of the drilling program will target the core four kilometres of a 10-kilometre section of the Xanadu gold trend
- Platina will test several induced polarisation chargeable anomalies that it says potentially represent sulphides with associated gold mineralisation
- According to Managing Director Corey Nolan, the drilling work should take around 15 days to complete
- Shares in Platina are down 3.23 per cent on the market and trading at 3.2 cents at 3:23 pm AEST
Platina Resources (PGM) has begun a 3000-metre reverse circulation (RC) drilling program at its Xanadu gold project in Western Australia.
The first phase of the drilling program will target the core four kilometres of a 10-kilometre section of the Xanadu gold trend.
Platina will test several induced polarisation chargeable anomalies that it said could potentially represent sulphides with associated gold mineralisation.
Platina Managing Director Corey Nolan said the drilling program was “exciting” given the number of historical high-grade intercepts that had never been followed up with a systematic drilling program.
“Xanadu is located in a favourable regional scale structural setting, with the multi-million-ounce Mt Olympus gold deposit situated seven kilometres to the east. Widespread gold mineralisation is identified within a large and intense hydrothermal alteration system that extends for over 10 kilometres in strike extent,” Mr Nolan said.
“The drilling program is expected to take 15 days to complete. The company has worked closely with the traditional landowners to secure the required site clearances.”
The Xanadu project lies in Western Australia’s Ashburton Basin and comprises seven prospecting licences and five exploration licences for 498 square kilometres.
Shares in Platina were down 3.23 per cent on the market and were trading at 3.2 cents at 3:23 pm AEST.