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Platina Resources 'going for gold' in renewed focus on Australian gold portfolio

The revised strategy to build a gold portfolio in proven Australian provinces was transformed into action in June when the company entered into a conditional agreement to acquire the Challa Gold Project.

Platina Resources Ltd - Platina Resources shifts focus towards building Australian gold portfolio
Platina has redirected its focus away from overseas territories to Australia and to gold

Platina Resources Ltd (ASX:PGM) has shifted its focus towards building its Australian gold portfolio following international travel and lockdown restrictions caused by the COVID-19 pandemic.

In an update, Platina highlights its ‘going-for-gold’ strategy which the company said had been met by a positive response from the share market.

Highlighting this response is share price growth and from a low of 2.1 cents on June 16, shares have been as high as 6.6 cents on July 13 and today PGM has been as much as 6% higher to 5 cents.

The revised strategy to build a gold portfolio in proven Australian provinces was quickly transformed into action in early June when Platina entered into a conditional agreement to acquire the Challa Gold Project between the prolific Mt Magnet and Sandstone gold districts in Western Australia.

“Great vote of confidence”

Managing director Corey Nolan said the positive response prompted the company to apply for another gold exploration licence in Western Australia at Mt Narryer South, which like the Challa tenements was within the prodigious gold producing province of the Yilgarn Craton.

He said: “Our cash position was strengthened by two private placements on the back of new acquisitions and our shift into a more material gold portfolio.

“Canada’s Palisades Goldcorp, a resource focused merchant bank contributed $894,400 of the $1.8 million raised to become a major shareholder.

“It’s backing, together with support from new and existing shareholders is a great vote of confidence for which we’re grateful.”

Maximising value from Australian projects

He said the other Australian assets such as the Munni Munni Project still remained a priority.

“Recent drill results at Munni Munni in Western Australia have confirmed the potential of the project to host one of Australia’s largest undeveloped palladium deposits, with credits of platinum, gold and rhodium.

“At our scandium project in New South Wales, we’re testing new extraction technologies to improve the overall economics, which will support the company’s campaign to secure production offtake agreements and enable project financing."

International activities

Platina’s decision to revise its strategy and focus more locally coincides with the sale of its Skaergaard Project in Greenland to Canada’s Eastern Zinc Corporation, now called Major Precious Metals Corp (MPMC).

The transaction of A$30 million is subject to completion.

Quick facts: Platina Resources Ltd

Price: 0.05 AUD

Market: ASX
Market Cap: $20.2 m

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