Annual Report
Perth, Sep 30, 2019 AEST (ABN Newswire) - Platina Resources Limited (
ASX:PGM) (P4R:FRA) (PTNUF:OTCMKTS) has taken steps to broaden its asset portfolio with its recently announced farm-in and joint venture deal with TSX-V listed Blue Moon Zinc Corp ("BMZ") and its wholly owned subsidiary Keystones Mines, Inc, on its Mariposa County , Blue Moon project in California, USA.
Blue Moon is a drill-ready, high-grade zinc-copper-gold deposit with significant resource expansion and development potential. Recent drilling in 2018, intersected some of the highest grades ever encountered in the deposit and provides scope to expand the existing mineral resource at high grades, especially in gold. Platina is planning a drilling program for the fourth quarter 2019.
Platina can acquire up to a 70% interest in the Blue Moon Project by spending initially CAD3.25 million over 18 months to earn 50% and a further $ CAD3.75 million over another 18 months to earn an additional 20%. Platina will be operator of the Joint Venture.
Platina will, in the near term, acquire a 5% equity interest in BMZ, the Project owner, by subscribing to shares for CAD300,000. In addition, Platina has a six-month option to acquire a further 5% equity interest in BMZ at market prices. If the Company reaches a 10% interest in BMZ, it becomes entitled to appoint a member to the board of BMZ.
Additionally, in the past year Platina completed its Definitive Feasibility Study for its Platina Scandium Project in central New South Wales, Australia, one of the world's highest-grade scandium projects. The results were very positive, and Platina remains focussed on a staged development strategy, which was adopted to match market demand. Platina continues to seek off-take interest and examine future development options.
Platina retains full ownership of the Skaergaard project in Greenland, one of the world's largest undeveloped gold and palladium resources. Platina is currently updating its 2009 scoping study, with a view to then being able to determine the best options to monetise the project with an objective of ensuring shareholder value can be achieved from this project.
Platina and its 70 per cent JV partner Artemis Resources Ltd, continue to examine options to monetise the Munni Munni project in Western Australia.
To view the Annual Report, please visit:
https://abnnewswire.net/lnk/M8J15953
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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