Platina Resources Ltd (ASX:PGM) is finalising plans to begin field activities, including a low-cost Rotary Air Blast (RAB) drilling program to test primary targets, at its new Challa Gold Project in Western Australia.
The company previously entered into a conditional agreement to acquire a 100% interest in the Challa project in-between the prolific Mt Magnet and Sandstone gold districts, 500 kilometres northeast of Perth.
Although the Challa gold tenements have now been granted, the transfer of the licences from Corporate & Resource Consultants Pty Ltd and Bruce Legendre to Platina requires Mines Minister approval, which is expected to occur shortly.
Meanwhile, the company's sale of its wholly-owned Skaergaard Project in Greenland and exploration licences EL2007/01 and EL2012/25 is progressing towards completion but remains subject to finalisation of a number of conditions precedent.
This includes a Greenland Minerals Act requirement that the Mines Minister approves the transfer subject to certain technical and financial conditions.
The application process was completed last week and includes a consultation and ministerial approval process.
On June 1, the company announced a conditionally binding sale and purchase agreement with Major Precious Metals Corp whereby Major will acquire a 100% interest in Skaergaard.
Major is set to pay Platina C$500,000 in cash as well as 55 million common shares.
Platina will become a significant shareholder of Major and will have the right to appoint a board member.
Munni Munni proceedings
The company is a party with both Artemis and Munni Munni to a Heads of Agreement entered into on August 4, 2015, as varied from time to time.
Platina considers that each of Artemis and Munni Munni has breached this agreement by reason of Artemis entering into contractual arrangements with the UK, AIM-listed company Empire Metals Limited and Almeera Ventures Limited, and is seeking various relief, including an order that it is entitled to exercise its right to buy back the respective interests in the project.