Financial Report for Half Year Ending December 2013
Brisbane, Mar 14, 2014 AEST (ABN Newswire) - During the half-year the principal activities of Platina Resources (
ASX:PGM) consisted of exploration and evaluation of the group's precious metal holdings.
Review of Operations
Owendale Platinum and Scandium Project
Owendale is a platinum, nickel, cobalt and scandium project located nearby to the town of Tullamore, NSW. A new Mineral Resource estimate for the Owendale Project was completed by Golder Associates of Brisbane in October 20131 . The Mineral Resource estimate is provided separately for both platinum (0.3 g/t Pt cut-off) and scandium (300 ppm Sc cut-off) and contains a total in-situ content of 0.52 million ounces of platinum metal and a total in-situ content of 9,100 tonnes of scandium metal.
The Company also completed an RC program comprising 1,170 metres in 21 holes on three near-surface laterite targets, four deeper primary (fresh rock) targets and an electromagnetic (EM) anomaly.
Skaergaard Precious Metal Project
Skaergaard is a gold and palladium project, located on the east coast of Greenland. In July 2013, Warded Armstrong estimated a new resource for the Skaergaard Project of 202 million tonnes grading 0.88g/t Au for 5.8 million ounces of gold and 1.33g/t Pd for 8.7 million ounces of palladium. This resource estimate has been prepared in accordance with the guidelines of the JORC Code (2012 edition) and identifies Skaergaard as the largest gold and palladium resource in Greenland. In addition to the gold and palladium, significant credits of titanium, vanadium and magnetite are also associated with t h e host rock for the Skaergaard mineralisation.
Skaergaard remains a major asset within the Company's portfolio, and a review is in progress to attempt to determine the best way forward for further development of the Project.
Project generation work has been successful in adding three new wholly-owned projects to the Company's exploration portfolio in Western Australia. Three Exploration Licences and nine applications now comprise six project areas and have potential for Ni-Cu-PGE and gold deposits in the Albany Fraser Orogen and Eastern Goldfields, WA. The Company also received co-funding from the WA Government as part of the Innovative Drilling Program within the Exploration Incentive Scheme for a planned reverse circulation drilling program at the Rason Project.
To view the full Financial Report, please visit:
http://media.abnnewswire.net/media/en/docs/76758-ASX-PGM-788133.pdf
About Platina Resources Limited
Platina Resources Limited (ASX:PGM) (OTCMKTS:PTNUF) is an Australian-based company focused on returning shareholder value by advancing early-stage metals projects through exploration, feasibility, permitting and into development.
The Company has interests in the following projects:
- Platina Scandium Project (100% interest) - located in central New South Wales, the project is one of the largest and highest-grade scandium deposits in the world, which has the potential to become Australia's first scandium producer with cobalt and nickel credits. A Definitive Feasibility Study was completed in late 2018 demonstrating the technical and economic viability of constructing the project. The Company is now focused on completing the permitting and securing offtake and financing.
- Skaergaard (100% interest) - One of the world's largest undeveloped gold deposits and one of the largest palladium resources outside of South Africa and Russia, located in Greenland;
- Munni Munni (30% interest) - Situated in the Pilbara region of Western Australia, the project is one of Australia's most significant Platinum Group Metal occurrences. Munni Munni also has potential for conglomerate hosted gold and is a Joint Venture with Artemis Resources Limited; and
- Blue Moon (to earn a 70% interest) - Located in California, U.S.A, the project is subject to a Nl 43-101 Mineral Resource estimate. The resource is open at depth and along strike and has favourable metallurgy.
For more information please see: https://www.platinaresources.com.au
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