- Platina Resources (PGM) has expanded its presence in Western Australia after agreeing to purchase the Xanadu Gold Project
- The company believes Xanadu will add critical mass to the company’s gold portfolio at a low cost
- The project has been subject to a number of shallow drilling programs and a historical gold heap leach operation
- On the market today, Platina is down 5.26 per cent and is trading at 5.4 cents per share
Platina Resources (PGM) has expanded its presence in Western Australia after agreeing to purchase the Xanadu Gold Project.
Xanadu is located near the multi-million-ounce Mt Olympus gold deposit currently owned by ASX-listed Kalamazoo Resource (KZR).
The project has been subject to a number of shallow drilling programs and a historical gold heap leach operation.
Platina believes Xanadu is home to a large alteration system hosted within sediments and carbonates prospective for intrusion-related gold mineralisation similar to the Telfer Gold Mine and the famed Hemi discovery.
Additionally, Xanadu also displays strong similaries to the Carlin gold deposits in Nevada, U.S.
Managing Director Corey Nolan says Xanadu will add critical mass to the company’s gold portfolio at a low cost.
“Xanadu has immense appeal given the number and width of economic grade gold drill intercepts which have never been followed up with a systematic exploration campaign,” he added.
“Whilst we believe there is significant potential to expand upon the known oxide mineralisation, the longer-term prize is targeting primary mineralisation within the alteration core of the system which has never been tested by historical drill programs,” he added.
On the market today, Platina is down 5.26 per cent and is trading at 5.4 cents per share at 11:12 am AEST.