Platina Resources Ltd (ASX:PGM) (OTCMKTS:PTNUF) (FRA:P4R) is seeking to build its portfolio of gold exploration assets in Western Australia with the application for an exploration licence at Mt Narryer South, 300 kilometres northwest of its recently acquired Challa Gold Project.
The exploration licence application (E 09/2423) covers 165 square kilometres and like the Challa project, is within the Yilgarn Craton, a prodigious gold producing province since the 19th century and home to many successful mining operations.
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Platina managing director Corey Nolan said: “The Mt Narryer area has not undergone intense mineral exploration in the past due to the lack of outcropping ‘greenstones’ that have hosted most of the gold and base metal deposits discovered to date in Western Australia.
“However, Chalice Gold Mines Ltd (ASX:CHN) at the Julimar Nickel-Copper-PGE project has shown that a reinterpretation of the regional geology along with aeromagnetics can yield substantial new mineral deposits.
“Plus, earlier geochemical sampling in 2010 of only nine rock chip samples by Athena Resources returned assays of up to 48 parts per billion gold offering encouragement that the district hosts gold mineralisation,” he said.
The application straddles the Carnarvon-Mullewa Road and is only 20 kilometres north of Murchison, providing easy access and accommodation for the field crews.
“Once the tenement is granted, Platina can quickly mobilise on-site via an all-weather access road and commence field activities, which includes a low-cost reconnaissance geochemistry program to identify targets for future drilling,” Nolan added.
Mt Narryer project
Mt Narryer project covers aeromagnetic highs splaying off the major fault between the Palaeozoic Lyons Group sediments and the Archean granites and gneisses.
The Archean igneous and metamorphic rocks include the Narryer Terrane metagranitic unit composed of granitic gneiss and granitic rocks; minor granodiorite, muscovite granite, amphibolite, and ultramafic rocks.
It is interpreted by Platina that the aeromagnetic highs may indicate the presence of large ultramafic units within these gneisses that could host similar mineralisation to that found at Julimar.