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Platina Resources Ltd

Platina Resources' subsidiary lodges mining lease application for Platina Scandium Project in NSW

The application is supported by a comprehensive technical study process which included a DFS that demonstrated a strong economic case for the project’s development.

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Platina shares were up 4% today to 5.2 cents each

Platina Resources Limited’s (ASX:PGM) wholly-owned subsidiary Red Heart Mines Ltd has lodged a mining lease application for its Platina Scandium Project (PSP) with the NSW Department of Planning and Environment.

The application paves the way for completion of the permitting process, including continuation of Platina’s stakeholder engagement program.

READ: Platina Resources’ quality scandium a win for namesake project in NSW

Platina managing director Corey Nolan said the PSP mining lease application was a significant milestone in the project’s development.

He added: “[It] is supported by a comprehensive definitive feasibility study, environmental studies and stakeholder consultation process in its design.

“The company will continue its program of engagement with the local community, councils and state government as the project moves towards the development stage.

“Critical to this pathway is the continuation of the strong marketing effort to secure offtake for the project’s high-purity scandium oxide, which will facilitate the securing of project financing.”

Key project parameters

 

READ: Platina Resources bags $1.1 million cash refund

Platina has begun preparing the project’s development applications which require landholder lease or land purchase agreements to be secured.

The company is also continuing its stakeholder engagement program to establish its licence-to-operate within the communities that surround the project, namely Condobolin, Fifield and Tullamore.

Cash resources will be conserved by finalising environmental impact assessments once Platina has further advanced offtake negotiations.

READ: Platina Resources to engage technical advisor for Skaergaard scoping study

PSP is the company’s flagship project, potentially enabling Platina to become Australia’s first scandium producer with cobalt, platinum and nickel credits.

A definitive feasibility study was completed late last year and demonstrated both the technical and economic viability of the project.

Quick facts: Platina Resources Ltd

Price: $0.03

Market: ASX
Market Cap: $8.72 m
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