Scoping Study to assess development options - Skaergaard
Perth, Dec 19, 2018 AEST (ABN Newswire) - Platina Resources Limited (Platina or the Company), (
ASX:PGM) (PTNUF:OTCMKTS) is pleased to provide an update on the Skaergaard project in Greenland.
The Company owns 100% of the Skaergaard project in Greenland which is one of the world's largest undeveloped gold and palladium deposits outside of South Africa and Russia. The Company has historically invested more than $16 million in the development of the asset including drilling, metallurgy and technical studies.
In July 2013, the Company reported a JORC compliant Mineral Resource estimate of based on metal price assumptions of US$1,400/oz for gold and platinum, and US$560/oz for palladium (refer ASX release dated 23 July 2013). In the last five years, the price of palladium has increased from US$736/oz to US$1,250/oz.
Moreover, during the year, the Company also received a number of highly conditional, non-cash, offers for the project. To ensure the best outcome for shareholders, the Company engaged an experienced advisor to assist in a review of the offers received. In light of the advisors recommendations and the recent increase in the Palladium price, the Company is going to engage a suitably qualified technical advisor to prepare a Scoping Study for the project. The Scoping Study will define the potential development options available for the project.
Corey Nolan, Managing Director of Platina Resources stated, "The Company believes that a Scoping Study will provide a basis for evaluating the potential development options for the project so it can make an informed judgement about the best future path forward for the project".
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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