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Platina Resources to begin exploration at newly acquired Challa Gold Project

The company is planning to mobilise resources for field activities including soil geochemistry and drilling programs.

Platina Resources Ltd - Platina Resources to begin exploration at newly acquired Chala Gold Project
Challa lies within an area defined by more than 50 gold occurrences

Platina Resources Limited (ASX:PGM) has completed the acquisition of the Challa Gold Project in Western Australia and is planning to begin an exploration program.

Planning is underway to mobilise resources to begin field activities in the third quarter of 2020 including a soil geochemistry and a low-cost rotary air blast (RAB) drilling program to define and test primary targets.

Project location.

The Challa Gold Project tenements include two high-quality exploration licence applications covering 293 square kilometres in between the prolific Mt Magnet and Sandstone gold districts.

Notably, the Sandstone province has produced over 1.3 million ounces of gold while over 6 million ounces of gold have been mined from Mt Magnet since its discovery in 1891.

Structural setting for plus million-ounce deposits

Platina managing director Corey Nolan said he was excited to get started on exploration in a proven gold province.

He added: “The Yilgarn Craton of Western Australia has been a prodigious gold producing province since the 19th century and home to many successful mining operations.

“Challa lies within an area defined by more than 50 gold occurrences, on a previously unrecognised gold trend - Paynesville Gold Trend, which intersects and interacts with the Challa Shear, a classic Yilgarn Craton structural setting for plus million-ounce gold deposits.

“A reconnaissance site visit to the northern end of the project area identified outcropping quartz veins that assayed 5.1 and 6.8 g/t gold from the rare basement geology exposed at surface.

“This vein trends to the north-west and disappears under thin transported cover”.

Quick facts: Platina Resources Ltd

Price: 0.055 AUD

ASX:PGM
Market: ASX
Market Cap: $22.22 m
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