Half Yearly Accounts For The Period Ended 31 December 2011
Brisbane, Mar 9, 2012 AEST (ABN Newswire) - Platina Resources Limited (
ASX:PGM) are pleased to provide an Interim Financial Report for the half-year ended 31 December 2011.
Review of Operations
Skaergaard Precious Metal Project
Skaergaard is a gold and palladium project, located on the east coast of Greenland. Activities consisted of drilling, assaying and surveying historic drill locations. This data in conjunction with historic data has been incorporated into new 2D and 3D resource models of the project area. The models are now being used to assist in a new resource estimation that is currently underway.
Owendale Platinum and Scandium Project
Owendale is a platinum and scandium project located nearby to the town of Tullamore, NSW. A large-scale field programme was conducted within the period and consisted of drilling, assaying and metallurgical test work culminating in the formation of two maiden resource calculations (refer to Tables 2 & 3). One for platinum, and another for scandium - both of which are coincident with one another and hosted in laterite. A further resource update which includes recent drilling (73 holes) is currently underway, as is further metallurgical test work. Refer to Figure 1 for the locations of the 2012 drill-holes and resource outlines.
A 3.6km2 Induced Polarisation (IP) geophysical survey completed at Owendale has displayed an anomaly with potential for primary platinum and base metal mineralisation. An Electro-Magnetic (EM) survey over the same location commenced late in the period, with the anomaly subject to a drill programme in early 2012.
Table 2: Owendale total platinum resource using a 0.4g/t Pt cut-off, and showing resource classification
----------------------------------------------ResourceClassification Tonnage (Mt) Pt (g/t)---------------------------------------------- Owendale North Deposit----------------------------------------------Indicated 3.5 0.8Inferred 2.6 0.6Total 6.1 0.7---------------------------------------------- Cincinnati Deposit----------------------------------------------Indicated 1.7 0.8Inferred 4 0.7Total 5.7 0.7---------------------------------------------- Milverton Deposit----------------------------------------------Inferred 1.2 0.6----------------------------------------------Grand Total 13.1 0.7----------------------------------------------
Table 3: Owendale total scandium resource using a 200g/t Sc cut-off, and showing resource classification
----------------------------------------------ResourceClassification Tonnage (Mt) SC (g/t)---------------------------------------------- Owendale North Deposit----------------------------------------------Inferred 2.2 359---------------------------------------------- Cincinnati Deposit----------------------------------------------Inferred 2.6 330----------------------------------------------Grand Total 4.8 344----------------------------------------------
To view the complete Platina Resources Half Year Accounts and Report, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-PGM-240402.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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