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Platina Resources completes Blue Moon acquisition ahead of schedule

Planning of an initial 10,000-metre first phase drilling program is advanced with the program fully permitted.

Platina Resources Ltd - Platina Resources completes Blue Moon acquisition ahead of schedule
Platina is now seeking proposals from drilling contractors

Platina Resources Ltd (ASX:PGM) has finalised the transaction that gives it the ability to gain a 70% interest in the Blue Moon Zinc Project in the US.

Platina can acquire 70% by spending $CAD3.25 million over 18 months to get 50% and an additional $3.75 million over 18 months to increase to 70%.

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.

Around 113 holes for 43,000 metres have been drilled in the deposit to date.

Drill permits approved, ready to expand

A drill permit has been approved for a 10,000-metre program comprising infill and exploration drilling with contractor now being sort.

Platina believes there is good potential to grow this already large, well-defined resource which is open at depth and along strike.

The company has identified a number of areas to test for resource extensions as well as other untested anomalies nearby. VMS-style deposits are often found in clusters.

Drilling will also collect important data for metallurgical test work and incorporation into feasibility studies.

The program is expected to generate significant news flow over the coming six months.

Quick facts: Platina Resources Ltd

Price: 0.0215 AUD

ASX:PGM
Market: ASX
Market Cap: $7.01 m
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