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Platina Resources signs MoU for scandium project

Scandium’s greatest value is as an aluminium alloy.

Platina Resources Ltd - Platina Resources signs MoU for scandium project
The Platina Scandium Project in NSW was formerly known as the Owendale Project

Platina Resources Ltd (ASX:PGM) has signed a memorandum of understanding (MoU) to assess scandium product and market development for its Platina Scandium Project in New South Wales.

The MoU is with Traxys Europe S.A, a global leader in sales, marketing, sourcing, and supply chain management in the metals, minerals and mining industries.

Traxys will also assist with arranging potential funding for the project.

The MoU will be valid for six months during which time the two parties will work to prepared binding documentation for a multi-staged cooperation agreement, and a marketing and distribution agreement with a future working capital component.

Aim to bring project into production as quickly as possible

Platina’s managing director Corey Nolan said: “While the solid oxide fuel cell industry has been the dominant consumer of scandium in recent years, the metal’s greatest value is as an aluminium alloy.

“Scandium can produce stronger, more heat-tolerant, weldable aluminium products which are being increasingly incorporated into transportation applications for electric vehicles and lowering fuel efficiency requirements.

“Platina and Traxys will work on determining the optimal paths for exploring this significant market opportunity and other segments by leveraging Trayxs’s global network aiming to bring the PSP into production as quickly as possible.”

Multiple projects being advanced

Platina’s other project includes its Blue Moon Zinc Project in the US, Skaergaard Gold-PGE Project, and Munni Munni Gold-PGE Project.

The company recently signed a joint venture to earn a 70% interest in the Blue Moon Zinc Project.

Blue Moon hosts a drill-ready high-grade VMS-style zinc-copper-gold deposit with significant resource expansion and development potential.

The existing deposit has an NI 43-101 resource estimate of 7.79 million tonnes for 4.95% zinc, 0.46% copper, 0.29% lead, 0.04 g/t gold and 1.33 g/t silver or 8.07% zinc equivalent.

This results in 771.2 million pounds of zinc, 71.7 million pounds of copper, 45.2 million pounds of lead, 0.3 million ounces of gold, and 10.4 million ounces of silver.

Quick facts: Platina Resources Ltd

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ASX:PGM
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