Join our daily newsletter At The Bell to receive exclusive market insights
- Platina Resources (PGM) has spruiked a “significant” mineral resource estimate increase from its Canadian mining investment, Major Precious Metals
- Platina has a 49 million share stake in the explorer, which owns the Skaergaard Gold Project in Greenland
- Exact details regarding the resource upgrade and under which category the increases lie have not been disclosed, however, PGM affirmed the update showed substantial potential for the size and extent of mineralsation
- On the back of these developments, Platina said its stake in Major has now increased to A$30 million based on its last traded price of C$0.60 (around A$0.62) per share
- Platina Resources shares closed the day down 5 per cent at 7.6 cents
Platina Resources (PGM) has spruiked a “significant” mineral resource estimate increase from its Canadian mining investment, Major Precious Metals.
Platina has a 49 million share stake in the explorer, which owns the Skaergaard Gold Project in Greenland and is tipped to host “one of the world’s largest undeveloped gold deposits and one of the largest palladium resources outside of South Africa and Russia.”
According to PGM, Major Precious Metal’s re-modelling of the deposit under Canadian mining standards showed substantial potential for the size and extent of the palladium, gold and platinum mineralisation.
As a result, the company is looking to lay plans for a proposed 12,500-metre-to-15,000-metre drilling programme.
The exact details regarding the mineral resource upgrade and under which category these increases lie, have not been disclosed.
On the back of these developments, Platina said its stake in Major has now increased to A$30 million based on its last traded price of C$0.60c per share.
Additionally, Platina revealed approximately 20.625 million shares have been released from escrow to Platina.
Platina Managing Director Corey Nolan said the new resource estimate came at a time of record prices for palladium.
“The palladium price has climbed to a record high of over US$2900 (approximately A$3717) per ounce in April, over a 40 per cent rise from a year ago,” Mr Nolan said.
“Major’s planned drilling program will seek to expand and boost the confidence level of the mineral resource, and better understand the nature of the vanadium, titanium and iron mineralisation within the deposit,” he concluded.
Platina Resources shares closed the day down 5 per cent at 7.6 cents.
