Platina Resources (ASX:PGM) is seeking to expand its portfolio of gold exploration assets in Western Australia.
The company reports it is applying for an exploration licence (E51/2114) for the Jubilee Gold Project, 15km east of Meekatharra in the Murchison Province. Located within the ‘prolific’ gold producing Yilgarn Craton, the exploration licence application covers 156km-square over 51 blocks.
Jubilee lies 150km north of the company’s Challa Gold Project where it recently completed a 3,500m air core drill program.
the exploration licence application covers 156km-square over 51 blocks
It is in close proximity to Westgold Resources’ (ASX:WGX) Meekatharra Gold Operation, which incorporates the 1.8 million tonnes per annum Bluebird gold processing hub covering the Paddy’s Flat, Yaloginda, Nannine, and Reedy’s open pit and underground mining centres.
Paddy’s Flat is a large, historic goldfield which has produced in excess of 1.5Moz.
Platina notes that Jubilee also adjoins the eastern border of Great Boulder Resources’ (ASX:GBR) Side Well Project which hosts the ‘high-grade’ Mulga Bill prospect which has returned very ‘high-grade’ drilling intersections.
The company’s share price was up almost 17% as of 11.30am AWST on the back of the announcement.
Commenting on its expansion plans, Platina Managing Director Corey Nolan said: “Great Boulder reported recent drilling intersected very high-grade and large widths of gold mineralisation at the Mulga Bill prospect, which is over 6km in strike length and hosts a mineralised system open to the north, south and to depth.
Mulga Bill’s high-grade mineralisation is parallel to the eastern limb of the Polelle Syncline.
Regional magnetics indicate a similar favourable structural setting at Jubilee with several north-south and east-west trending structures.
There appears to have been limited historical exploration over the Jubilee tenement which is interpreted to have a shallow level of transported cover.”
Mr Nolan said that once the tenement was granted, Platina could quickly mobilise via the Goldfields Highway and commence field activities, which would include a gravity survey and a low-cost reconnaissance geochemistry program to identify targets for future drilling.
Platina is an Australian-based company advancing early-stage metals projects through exploration, feasibility, permitting, and into development.
