Platina Resources Limited - March 2014 Quarterly Activities Report
29.04.2014 | ABN Newswire
Brisbane, Australia (ABN Newswire) - Platina Resources Ltd. (ASX:PGM) (OTCMKTS:PTNUF) is pleased to report its activities for the March 2014 quarter on the Company's 100%-owned Owendale Platinum, Scandium, Nickel and Cobalt Project in Australia and new projects in Western Australia. Highlights
OWENDALE
- 105.5 metres of large (8.3 cm) diameter core drilling completed in three holes.
- Metallurgical testing of platinum and scandium in diamond drill core underway.
NEW PROJECTS WESTERN AUSTRALIA
- Rason Project geology reviewed and potential drill sites finalised.
- Exploration Licences E28/2340 and E38/2879 granted at the Roundill and Rason Projects.
CORPORATE
- Completion of a non renounceable Rights Issue raises a further $851,000.00 during quarter.
JUNE 2014 QUARTER PLANS
- Owendale metallurgical testing to be completed by end of quarter. Review of high grade platinum distribution at Owendale expected to be completed with potential extraction concepts proposed. Field reconnaissance for drill planning for Rason project, Western Australia.
SUMMARY
The Company has commenced detailed metallurgical testwork on a sample of drill core from the Owendale Platinum, Scandium, Nickel and Cobalt Project which contains an Indicated and Inferred Mineral Resource estimate of 520,000 ounces of platinum and 9,100 tonnes of scandium (JORC 2012). The drill core is currently undergoing drying, sub-sampling and assaying. After these routine activities, the samples will be subjected to a series of tests using gravity, flotation, magnetic separation and leaching techniques. Early indications suggest that the Owendale platinum and scandium mineralisation is amenable to these simple and inexpensive extraction treatments, and full results are expected before the end of the June quarter of operations.
During the quarter, the Company continued its investigations into the Owendale grade and tonnage distributions of the platinum and scandium mineralisation respectively. In conjunction with the metallurgical activities, plans are underway to select the initial location for potential commencement of a platinum and scandium mining operation, should the metallurgy indicate viable extraction methods.
Accordingly, it is expected that many significant metallurgical extraction issues should have been completed by June, when the Company will make further announcements.
In Western Australia, the Company has finalised its selection of potential drill targets at the Rason Project, 400 kilometres northeast of Kalgoorlie. Field examination and reconnaissance is also planned for the June quarter with drilling planned for September.
On a Corporate note, the Company closed its non renounceable Right Issue entitlement to all shareholders on the 19th March with a 64% take up raising just over $850,000. Additional take up subscriptions accounted for 13% of the overall 64% take up and the Company has until the 19 June to place the remaining shortfall of $470,000. Major shareholders, Directors and staff all took up their Rights Issue entitlements.
To view complete report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-PGM-794488.pdf
About Platina Resources Limited:
Platina Resources Ltd. (ASX:PGM) (OTCMKTS:PTNUF) has a global portfolio of Platinum Group Metal (PGM), gold and scandium projects, with a core focus on the development of two key advanced assets – the Skaergaard PGM-Gold Project in Greenland and the Owendale Platinum and Scandium Project near Fifield, NSW, Australia.
Contact:
Platina Resources Ltd.
T: +61-7-5580-9094
F: +61-7-5580-9394
WWW: www.platinaresources.com.au
