Platina Resources Limited (ASX:PGM) Received Full Assay Results from Owendale Platinum Project
Brisbane, Aug 8, 2011 AEST (ABN Newswire) - Platina Resources Limited (
ASX:PGM) is pleased to confirm the receipt of all assay results from its recently completed 4,591 metre RC drilling program at the Owendale Platinum Project, New South Wales. The Owendale Platinum Project is a 100% wholly owned project, which covers the 30 square kilometre Owendale Igneous Complex (OIC).
Approximately one-third of the total area of the OIC contains ultramafic rocks that are overlain by a 40 metre thick weathered laterite profile. Drilling by the Company has focused on this laterite profile, where significant enrichment in platinum (predominantly as the alloy isoferroplatinum) has occurred.
Results from the drilling program have demonstrated a consistent 10 to 15 metres thickness of laterite containing platinum mineralisation. In addition to platinum elevated scandium, nickel, cobalt and copper mineralisation was also encountered in selected parts of the laterite profile. Whilst these latter elements add additional encouragement, the Company is comfortable that a review of the economic potential of Owendale can now be carried out predicated solely on the platinum mineralisation encountered.
Mineralisation appears to be consistent between the majority of drill-holes, which have been spaced 50m apart. The drilled extent for each prospect is 1.3km2 at Owendale North, 1km2 at Cincinnati, 0.2km2 at Box Cowal and 0.2km2 at Milverton. As expected, most of the platinum mineralisation is open-ended and further RC drilling is required to determine the overall extent of platinum anomalism. Plan maps and south-north cross sections through the localities are shown in Figures 2 through 7 and Table 1 (see link at the bottom of the release). A new 4,000 metre program of RC drilling is expected to commence around August 15th. The drilling will be designed to continue delineating the extents of the platinum mineralisation previously intersected whilst evaluating new areas of platinum anomalism that are currently untested.
Work will commence immediately on estimating a platinum resource within the laterite based on the recent RC drilling. In addition, mineralogical and metallurgical investigations will also commence particularly in relation to the nature of the platinum mineralisation encountered and its ability to be upgraded into potentially commercial platinum concentrates. Diamond drill core and residual samples from the RC drilling program will initially provide material for the planned metallurgical tests.
Density measurements of Owendale laterite were obtained via a four hole diamond drilling program, conducted at the Owendale North and Cincinnati prospects. Weighted average specific gravity for Owendale North is 1.9kg/m3 over 16m thickness, and 1.8kg/m3 over 31m for Cincinnati.
New geophysical information has also been received from a recently completed highresolution gravity survey. In conjunction with the new information provided from RC drilling and down-hole geophysical surveys, future activities will also focus on the location of the deeper seated freshrock primary source of the near-surface platinum-rich laterite. Further information regarding the Company's future activities at Owendale will be provided in the next few weeks.
For the complete Platina Resources announcement including figures and tables, please refer to the following link:
http://media.abnnewswire.net/media/en/docs/68891-ASX-PGM-233972.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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