Exploration/Development, Finance, Gold, News

Scandium sale to Rio puts the wind in Platina’s sails

Evolution Cue, platina, gold

After walking away with A$10.8 million from the sale of its NSW scandium project to a Rio Tinto subsidiary, Platina Resources is launching a major drilling campaign across its WA gold projects.

Platina will conduct a 2250m reverse circulation RC drilling program at the Hermes prospect within the larger Xanadu project. The company recently discovered a 1km gold mineralised structure and multiple parallel cones within a broader mineralised corridor up to 80m wide.

The company has 3500m of RC drilling planned for its Brimstone project, which is located 25km from Northern Star Resources’ 1.2 million tonnes per annum Kanowna Belle gold mine.

A previous drill program in April identified strongly mineralised structures at the site.

The third target is Beete,  lies within a possible extension of the Norseman greenstone belt, a prolific gold producing region.

The area has not been systematically explored historically but Platina has planned a 1200m RC and a 10,000m aircore program across the entire tenement, following on subtle soil anomalies overlapping geophysical targets, which is previously identified.

Platina scandium sale

The sale of the company’s Platina scandium project was for a combined US$8 million ($A12.3 million), less a US$1 million warranty, repayable after 30 months by Rio if there are no warranty breaches.

Platina may also receive future cash payments totalling US$6 million (~A$9.2 million) subject to Rio Tinto achieving project milestones including granting of a mining lease.

“This acquisition supports our commitment to critical minerals and finding better ways to provide materials the world needs,” Rio Tinto minerals chief executive Sinead Kaufman said.

Previous ArticleNext Article
Send this to a friend