Quarterly Activities Report
Brisbane, April 27, 2012 AEST (ABN Newswire) - Platina Resources Limited (
ASX:PGM) is pleased to provide its Quarterly Activity Report for the quarter ended 31 March 2012.
HIGHLIGHTS
- Resource update completed, incorporating an additional 73 drill-holes.
- Scandium Inferred and Indicated Resource increases by ~100%.
- Approximately 62% of the reported platinum and 93% of the reported scandium falls within the Indicated Resource category:
- Indicated and Inferred Mineral Resource for platinum of 12.7 Mt @ 0.7 g/t Pt
(~287,000 Pt ounces) using a 0.4g/t platinum cut-off (Table 1)
- Indicated and Inferred Mineral Resource for scandium of 10.1 Mt @ 340 g/t Sc
(~3,400 Sc tonnes) at a 200g/t ppm cut-off (Table 2).
- Tender process underway for completion of a Scoping Study on the economic viability of a near surface mining operation at Owendale.
- Electromagnetic geophysical survey completed.
- Drilling for primary platinum mineralisation currently in progress. Limited assays received to date. Significant assays received thus far:
-- 1m @ 12.8g/t platinum from 178m drilled depth (FKD12-297)
-- 5m @ 1.7g/t platinum from 54m drilled depth (FKD12-298)
-- 4m @ 2.1g/t platinum from 69m drilled depth (FKD12-302)
-- 4m @ 1.0g/t platinum and 0.7% copper, from 94m drilled depth (FKD12-302)
- First phase scandium metallurgical test programme completed.
- Test work for platinum recovery underway.
Skaergaard, Greenland
- Updated Inferred Resource Estimate has been received:
-- 23Mt @ 2.3g/t gold, 0.7g/t palladium & 0.1g/t platinum (~1.7Moz gold, 0.5Moz palladium & 0.04Moz platinum) using a 1.5g/t gold equivalent (AuEq) cut-off (Table 4).
- All mineralisation within the Resource table is hosted within the Platinova 7 Reef (P7 Reef), the uppermost of 7 distinct mineralised reefs.
- The Inferred Resource Estimation differs from the previous Roscoe Postle Associates Inc. (2005) estimate, due to the application of a 1.5g/t AuEq cut-off, and the exclusion of historic (pre-Platina) drill-holes and channel samples that do not satisfy data integrity requirements, or are spatially isolated.
To view the complete Platina Resources Quarterly Report, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-PGM-241416.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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