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Platina Resources’ Owendale project boosted by strong scandium results

Resource definition drilling has also returned high-grade cobalt and platinum results.

Scandium on periodic table
Scandium has superior strength and thermal characteristics

Platina Resources Limited (ASX:PGM) has intersected higher than expected scandium mineralisation along with high-grade cobalt and platinum at the Owendale project in central New South Wales.

Of the 31 resource definition holes drilled 15 intersected more than one-metre widths at scandium grades greater than 550 ppm, including 5 metres at 710 ppm.

Cobalt grades of greater than 0.15% were returned from 25 holes, including 3 metres at 0.76% while an added bonus was platinum of up to 5.5 g/t.

READ: Platina Resources expands scandium potential at Owendale

Data from the drilling will now be used to update the resource for the scandium, cobalt, nickel and platinum project for inclusion in a definitive feasibility study (DFS) due for completion in the December quarter of 2018.

Platina managing director Corey Nolan said: “It’s very pleasing to have intersected high-grade scandium and cobalt mineralisation in areas which can be incorporated into an updated JORC mineral resource for the DFS.

“Owendale has cemented itself as one of the world’s high-grade scandium projects and the new results will enhance the overall economics and competitive position of the project.”

Highlight results

Best scandium results were 15 metres at 515 ppm, including 5 metres at 710 ppm; 16 metres at 535 ppm, including 5 metres at 670 ppm; and  9 metres at 555 ppm, including 3 metres at 725 ppm.

The highlight cobalt results were 2 metres at 0.42%, including 1 metre at 0.68%; and 3 metres at 0.76%, including 1 metre at 1.36%.

Best high-grade platinum result was 8 metres at 2.2 g/t, including 1 metre at 5.5 g/t.

The data will also be used for development permit applications.

Extension of cobalt and platinum areas

As well as higher than expected scandium mineralisation, the drilling has resulted in southwards extension of the high-grade cobalt and platinum areas previously defined at North Box Cowal.

Sampling from the new drilling includes 968 additional assays from 1,182 metres of predominantly aircore and some RC drilling.

The aim of the drilling program was to infill drill two additional prospect areas as part of the DFS and assist in modelling the widened area for mine permitting.

Potential water resources

In addition, a number of holes were drilled for environmental sampling, groundwater monitoring and trial water bores.

The drilling has added groundwater monitoring and environmental information required for the DFS.

One drill hole intersected a water resource that has the potential to supply the future mine water requirements.

Strong scandium demand

Demand for scandium has the potential to increase rapidly given the superior strength and thermal characteristics of using scandium in materials manufacturing.

Scandium is used in a number of existing, high-end applications, including:

– Solid oxide fuel cells (SOFCs) – Bloom Energy;
– Aluminium alloys, used in aircraft, automobiles and sporting equipment; and
– High power metal halide lamps and lasers.

Quick facts: Platina Resources Ltd

Price: 0.054 AUD

Market: ASX
Market Cap: $20.05 m

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