Excellent Testwork Results From Owendale Scoping Study
Brisbane, Jan 20, 2015 AEST (ABN Newswire) - Platina Resources Ltd (
ASX:PGM) (PTNUF:OTCMKTS) is pleased to advise that hydrometallurgical testwork, a major part a scoping study at the Company's Owendale Scandium Project is now complete.
The tests were designed to achieve the maximum extraction possible for the scandium, platinum, nickel and cobalt contained within the Owendale laterite ore and were carried out under the supervision of Brisbane based Scoping Study Manager, SNC-Lavalin Australia Pty Ltd.
Highlights
- Excellent extraction of scandium (>85%), platinum (>80%) nickel (>95%) and cobalt (>99%) from High Pressure Acid Leach ("HPAL") tests from Owendale Scoping Study
- Solvent extraction testing to commence this week
- Owendale Scoping Study on schedule for completion end of February
- Negotiations to finalise scandium oxide offtake agreements with two Chinese scandium companies has been extended to March 31 and May 31
- Baseline environmental studies and Final Feasibility Studies expected to commence in March
Highly encouraging extraction results of up to 87% for scandium, 82% for platinum, 95% for nickel and 99% for cobalt have been achieved.
Solvent extraction tests are now the only laboratory testing remaining to be completed for the Scoping Study and these should be finished in January.
The Scoping Study is evaluating the mining, processing and treatment of approximately 50,000 tonnes of Owendale scandium and platinum ore to produce approximately 30 tonnes of Scandium Oxide at 99.9% purity.
The confirmation of excellent extraction rates for scandium, platinum, nickel and cobalt under commercial processing treatments such as HPAL is considered a significant milestone in the potential development of the Owendale deposit, which is located in central New South Wales, Australia.
Platina Managing Director and CEO Robert Mosig said:
"These results from our Scoping Study show what we have always understood; that Owendale will be Australia's first scandium mine with robust platinum credits and appreciable amounts of nickel and cobalt."
"We are now looking at ways to commence our environmental and final feasibility studies as soon as possible."
SNC-Lavalin is expected to complete the Owendale Scoping Study by the end of February.
Off-Take Agreements
The Company continues to seek off-take agreements for the supply of scandium oxide and scandium metal from Owendale.
Currently, Platina has signed heads of agreements (HoA) with two Chinese Scandium producing companies, Inner Mongolia Honfine Zirconium Industry Co Ltd (Honfine) and Hunan Oriental Scandium Co. Ltd (HNOSC) for the supply of scandium oxide.
The deadline for completion of off-take negotiations has been mutually extended to the 31 March 2015 (HNOSC) and 31 May 2015 (Honfine).
Within the past four years scandium oxide (99.9% purity) has sold within a range of USD$1,400-3,700 per kilogram.
The Owendale Project hosts an Indicated and Inferred Mineral Resource (JORC 2012) of 24 million tonnes of scandium grading 384ppm Sc (at a cut-off of 300ppm Sc) and contains a total in-situ content of 9,100 tonnes of scandium metal or 14,000 tonnes of scandium oxide (Table 1 in link below). Details of the resource are in the technical description of the Company's ASX release dated 3 October 2013.
To view figures and tables, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-PGM-839030.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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