Platina Resources Limited (ASX:PGM) Announces Platinum and Scandium Resource Estimate for Owendale Project
Brisbane, Nov 7, 2011 AEST (ABN Newswire) - Platina Resources Limited (
ASX:PGM) is extremely pleased to announce the maiden resource estimation for its 100% owned Owendale Platinum and Scandium Project, located in central New South Wales, Australia. A Mineral resource for platinum of 13.1 Mt @ 0.7 g/t Pt(~293,000 ounces) has been estimated at a 0.4g/t platinum cut-off. An Inferred Mineral resource for scandium of 4.8Mt @ 344g/t Sc (~1,700 tonnes) at a 200 ppm cut-off has also been estimated. A total of 46per cent of the platinum resource falls within the Indicated category.The resource estimation adheres to both the Australasian JORC Code, and Canadian National Instrument 43-101 guidelines. The entire platinum and scandium resource estimate is contained within the weathered profile and is situated less than 50 metres deep and would be amenable to mining by open cut methods.
SUMMARY
- Maiden platinum resource: 13.1 Mt @ 0.7g/t platinum (5.2Mt @ 0.8 g/t Pt Indicated, and 7.8 Mt @ 0.6g/t Pt Inferred)
- Maiden scandium resource: 4.8 Mt @ 344 g/t scandium
- Resource estimation calculated using 2011 drilling, and some historic drill-holes
- Resource update to occur in January, 2012
- 4 tonne bulk sample prepared for metallurgical test work
DETAIL
It is with great pleasure that Platina Resources Limited ("The Company") announces the maiden resource estimation for the 100% owned Owendale Platinum and Scandium Project ("Owendale") in central NSW. A total resource of 13.8Mt @ 0.7g/t platinum has been estimated using a 0.4g/t platinum cut-off and 4.8 Mt @ 344 g/t scandium using a 200 g/t scandium cut-off. Both were estimated by Snowden Mining Industry Consultants ("Snowden") adhering to the Australasian JORC Code, and Canadian National Instrument 43-101 guidelines. The Owendale resource estimate comprises 3 separate deposits - Owendale North, Cincinnati and Milverton. A resource breakdown for platinum per deposit and by material type is contained within tables 3, 4 and 5 (see link at the bottom of the release). A resource breakdown for scandium per deposit and by material type is contained within table 6 (see link at the bottom of the release). Drilling, sampling, QA/QC procedures, geological modelling and estimation parameters are summarised in Table 7 (see link at the bottom of the release).
It is the Company's intention to fast track the development of the Owendale platinum and scandium resources as soon as practicable. It is the Company's belief that Owendale has the potential to become Australia's sole platinum mine, with the added upside of coincidentally containing one of the world's highest grade scandium resources. Although further investigations need to be carried out into the demand and marketing issues of scandium, this metal may have the potential to contribute towards the projects economics.
Australia's only historical platinum production has come from alluvial mine workings nearby to the township of Fifield, located approximately 10km south of the Company's Owendale Project. Production commenced in the 1880's with an estimated 25,000 ounces of platinum produced.
Mineralisation is hosted within a weathered ultramafic sequence, which is enriched in platinum and scandium relative to the unweathered rock at depth. Mineralisation commences at a 1m depth in places and continues to a maximum vertical depth of 50m, covering an aerial extent of approximately 0.8km2. The platinum and scandium mineralisation is largely coincident with one another laterally, however within the laterite profile the two metals are distributed differently with platinum distributed throughout the profile, whilst scandium is concentrated in the upper portion.
Separate resource estimations were made for platinum and scandium due to their respective cut-off grades and difference in stratigraphic distribution. A conservative cut-off grade of 200 g/t was chosen for scandium due to the lack of information regarding market fundamentals for this specialty metal. Over 46% of the platinum resource is within the Indicated resource category, due to its continuous and predictable nature. Scandium is equally continuous and predictable, however it does not qualify for an Indicated resource status until pending mineralogical appraisal and identification of scandium-bearing minerals has been completed. This work is underway and it is anticipated that a significant portion of the scandium resource will be converted to Indicated when the next update occurs in January.
The Owendale resource has been estimated using data from the recently completed 50m x 50m spaced drilling program consisting of 107 Reverse Circulation (RC) in addition to 326 historic percussion drill-holes. Rigorous sampling, QAQC, and logging procedures were applied to 2011 drilling which has lead to a high level of confidence in the data.
Results from the phase two RC drill program are continuing to be received and further announcements (including any further resource updates) are anticipated in the next 6 to 8 weeks.
Ancillary activities that have recently commenced include the collection of a bulk sample for metallurgical test work purposes. AMEC Minproc are in the process of devising a pilot plant test program that is likely to commence in late November. Environmental baseline studies are also set to commence in November.
In addition, the positive estimation of a near-surface platinum and scandium resource at Owendale now provides excellent information for the potential identification of a primary platinum resource deeper within the Owendale Alaskan-type intrusion. Accordingly, some specific deeper exploration activities will continue at Owendale over the next six months whilst the Company concurrently continues its near surface metallurgical and development activities.
In summary, the maiden resource estimate for the Owendale Platinum and Scandium Project provides great impetus for fast tracking the project with further development activities that could ultimately lead toward early production. Over the next few months, the Company anticipates keeping shareholders informed with a steady news flow, not only for Owendale but also its flagship Skaergaard Project in Greenland where an updated resource estimate and report on project economics are expected to be announced shortly.
For the complete Platina Resources announcement including tables and figures, please view the following link:
http://media.abnnewswire.net/media/en/docs/ASX-PGM-237016.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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