Hand holding Aussie cash handout concept
Adobe Stock
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

Platina Resources (ASX:PGM) has confirmed its receipt of Exploration Incentive Scheme (EIS) co-funding from the WA State Government to underpin its next drill run.

EIS payments are a WA government initiative to shore up critical and precious metal projects in the state by providing junior explorers partial funding a bid to boost the chances of finding new large deposits onshore WA broadly. Both hard rock miners and oil and gas drillers are eligible.

Preparing to conduct a diamond drill run at its Xanadu Gold Project (XGP), the Cook government has chucked a relatively paltry $54,700 at Platina to drill the Xanadu Deeps target – a prospect on-site the larger play of the same name.

Platina highlighted on Friday that its XGP acreage is nearby the Mt Olympus project boasting an estimated 1.44Moz resource the remit of Kalamazoo Resources (ASX:KZR).

Drillers are focusing on Xanadu Deeps due to the presence of a geophysical anomaly – deep underground – which the company hopes is a deeper-lying sulphide mineralisation system “represented by dispersed oxide mineralisation closer to surface.”

“These deeper targets could be the key to unlocking Xanadu’s full value,” Platina chief Corey Nolan said.

“We are seeking to find the source of gold within a 10km mineralised corridor defined by previous shallow drilling in the project’s western tenements.”

Additional to Xanadu Deeps is another target of interest named Cleopatra – but what is of interest to geotechs downhole that asset lies 380m underground, basically confirming any future profitable operation would be an underground play.

“As our most prospective target, Cleopatra will be drilled first down to 380m to target the core of an unexplained reprocessed aero electromagnetic anomaly along an 800m long arsenic trend identified from historical drilling,” Nolan added.

In the background, there was news perhaps of a more sombre note: Chalice Mining (ASX:CHN) has pulled out of a JV with Platina at Mt. Narryer. The former has spent some $0.4M in early-stage works on-site with that data to now go to Platina for its own geotechnical review.

PGM last traded at 2.2cps.

Join the discussion: See what HotCopper users are saying about Platina Resources and be part of the conversations that move the markets.

PGM by the numbers
More From The Market Online
The Market Online Video

ASX Market Close: Bourse finishes week on a high as Wisetech pummeled | November 22, 2024

The ASX200 closed up 0.85% at 8,393 points. Economists increasingly expect interest rates in Australia won’t…
The Market Online Video

HotCopper Highlights: Your most watched stocks for Week 47, 2024

In this segment we’ll look at the top stocks HotCopper users have been watching, and discussing,…
Nuclear explosion mushroom cloud concept

Week 47 Wrap: HotCopper users’ most watched; Brent lifts on Putin’s scary letter; RFK dents CSL

Welcome to the end of another week. Let's start with what HotCopper users have been watching…
Dale Gillham's photo, and wording 'Words from Wealth Within's Chief Analyst Dale Gillham.

Dale Gillham’s weekly wrap: Sigma-Chemist Warehouse merger creates pharma powerhouse

The $8.8 billion dollar merger between Sigma Healthcare and Chemist Warehouse is poised to reshape the Australian pharmacy landscape, consolidating power in th…