PLATINA RESOURCES LIMITED - ASX: PGM

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Description

The Company has a global portfolio of Platinum Group Metals (PGM) and gold projects, with a core focus on the development of two key advanced assets – the Skaergaard PGM-Gold Project in Greenland and the Munni Munni PGM Project in Western Australia. Together, the Skaergaard and Munni Munni projects contain a world-class JORC compliant Mineral Resource inventory comprising more than 10 million ounces of gold, over 30 million ounces of palladium, nearly 3 million ounces of platinum and almost 80,000 ounces of rhodium.

Skaergaard Project, Greenland (100%)

Platina Resources’ flagship Skaergaard PGM/Gold Project is located on the East Coast of Greenland, one of the world’s most exciting emerging mineral provinces, and lies approximately 400km west of geothermal power-rich Iceland. The Skaergaard Inferred Resource is reported in accordance with the JORC Code and Canadian National Instrument 43-101 and contains 5.8 million ounces of gold, 2.03 million ounces of palladium and 0.17 million ounces of platinum, making Skaergaard one of the world’s largest known palladium deposit and gold deposits. The Skaergaard Project is 100%-owned by Platina Resources with no royalties payable on production. A Scoping Study review for Skaergaard was completed in October 2009 by international engineering group, AMEC Minproc, which confirmed the technical viability of a conceptual 2.4 million tonne per annum underground mine development. Platina is now focusing on the completion of a 6,000 metre diamond drilling program over the 2010 calendar year targeting a potential high-grade gold zone within the Skaergaard deposit. The Company then intends to proceed with a detailed Pre-Feasibility Study for completion by December 2011 that will include a second drilling program designed to progress the area of interest to “Indicated” resource classification. Platina will progress the Pre-Feasibility Study to a very high standard and level of detail to facilitate an efficient and rapid transition to the Definitive Feasibility Study (DFS) stage. It is envisaged that this extensive higher grade zone, comprising material which could contain combined grades of +4g/t Au + PGM (platinum group metals), would provide a strong foundation to underpin a robust, long-life mining operation. The Skaergaard Project covers a total area of 141km2 and infrastructure on site includes a 20-person accommodation village and 600 metre airstrip.

Munni Munni Project, Western Australia (100%)

Platina Resources’ Munni Munni Project is located in the world-class Pilbara mineral province in northern Western Australia. The Project comprises eight granted mining leases and two exploration licenses, covering 64.26km2 of the Munni Munni intrusive complex. The Munni Munni Project is 100%-owned by Platina Resources with no royalties payable on production. The Project contains a JORC Compliant measured, indicated and inferred mineral resource estimate of 24 million tonnes grading 2.9g/t combined PGM’s and gold, making it one of Australia’s largest undeveloped platinum-palladium projects. Platina Resources is currently working with international engineering group, AMEC Minproc, to produce an updated concetual mining study to assess the best way of taking this Project forward. The objectives of this study are to identify the potential high-grade portions of the resource, review metallurgy and processing options, review the possibility of on-site smelting and completely review and audit previously estimated operating and capital costs. The results of this study will be used to provide a solid platform from which to take this project forward. The Munni Munni Project is extremely well located, lying 40km from the deepwater port at Dampier and 8km from rail access. Grid power and groundwater are available on site, and the area has abundant skilled workforce nearby.

Miki Fjord and Kangerlussuaq Project, Greenland (100%)

Platina’s 100% owned Exploration Licence (EL2009/09) covers a 1,346km2 area of the East Greenland Igneous province, and lies adjacent to Skaergaard. The area is broken up into two significant regions - the Kangerlussuaq Complex and the Miki Fjord Dyke. The Kangerlussuaq Complex is a 1,000km2 circular target, with at least 13 satellite intrusions. The area is dominated by the syenitic Kangerlussuaq Intrusion with a variety of smaller ultramafic-mafic, granitic and syenitic intrusions at its periphery. Platina Resources conducted sampling within the exploration licence during the 2009 field season. Assay results from epithermal veins have returned grades of up to 2.5g/t gold, 1,583g/t silver, 7.7% copper, 4.3% molybdenum, 10.1% lead and 12.2% zinc. The Miki Fjord Dyke is a steeply dipping tholeiitic gabbro dyke that begins only 2km from Skaergaard and extends for in-excess of 55km varying in width from 20 to 600m, and is believed to be highly prospective for gold and base metals. Platina Resources conducted sampling in 2008 and 2009 with assays returning grades of up to 4.0g/t silver, 3.3g/t palladium, 2.09% copper and 0.74% nickel. While exploration activities within EL2009/09 remain at a very early stage, they show excellent encouragement and further geophysical and outcrop investigations will continue throughout 2010.

Kobberminebugt Project, Greenland (100%)

Platina Resources’ Kobberminbugt Project is located in south-west Greenland and covers an area of 489km2. The Exploration Licence (2010/06) contains the historic Josva Copper-Gold Mine, a small-scale underground operation that closed in 1915, and Platina is investigating the potential for additional mineralisation both in the near-mine environment and in the surrounding tenement area. The Company conducted an initial field program in 2010 to establish a list of preliminary targets, and plans to complete further exploration activities within the Kobberminebugt region in the 2011 field season.

Owendale Project, Australia (100%)

Platina Resources’ Owendale Project is located in the Fifield region of New South Wales, which was the centre of Australia’s first platinum production. Platina holds 98km2 within one exploration licence over the Owendale Intrusion – an Alaskan-type intrusion composed of mafic and ultramafic lithologies. Platina is evaluating the Owendale Intrusion for primary (hard rock) platinum mineralisation and for ‘laterite’ mineralisation - occurrences of nickel, cobalt, scandium and platinum concentrated by chemical weathering. In April 2010, the Company identified a large geophysical feature from a magneto-telluric survey carried out over the north-eastern quadrant of the Owendale Intrusive Complex. The anomaly also coincided with a large aeromagnetic and ground-borne gravity feature identified by earlier explorers. Platina carried out a single hole, 500 metre diamond drilling program in conjunction with re-sampling of historic drill hole FKD-15 (drilled by the previous owner in 1987). Drill hole OWDD001 aimed to investigate the coincident geophysical anomalies whilst the re-sampling of FKD-15 was conducted to achieve more accurate analytical analysis than was possible in the 1980’s. Analytical results from OWDD001 showed significant anomalous geochemistry as well as substantial platinum grades. Nine separate intersections of greater than 1g/t Pt were intersected over the 500 metres, with best values of 3.6g/t and 6.9g/t over 1 metre intervals at drilling depths of 324 and 349 metres respectively. In addition, 11 metres of Pt mineralisation grading 1.2g/t was intersected from a drilled depth of 340 metres. Re-sampling of the 1987 drill hole FKD-15 also showed spectacular platinum intersections, with 1 metre grading 13.5g/t Pt at 139 metres drilled depth, and a broad 66 metres of 0.8g/t Pt intersected at 96 metres drilled depth. The surficial lateritic component of Owendale is located above the primary Pt mineralisation and also reported significant metal concentrates with elevated cobalt (Co), nickel (Ni), copper (Cu) and scandium (Sc). Best drilling intersects in the laterite were 9m @ 0.3% Co, 0.3% Ni and 514g/t Sc. Following the success of these results, a second 500-metre diamond drill?hole commenced in mid?October 2010, along strike from the geophysical anomaly and 200m due south of historic drill?hole FKD?15. Assay results from this drill hole are expected before the end of calendar 2010. Re?sampling of a second historic 1987 drill?hole, FKD?16, was also conducted, returning numerous zones of significant PGM mineralisation, including 3 metres @ 1.4g/t platinum from 312 metres drilled depth. Further re?sampling of historic drill core will occur in the coming months. Platina is highly encouraged by the exploration results received to date from the Owendale Project, which together with historical data outline a focal point for near surface platinum and multi-element mineralisation grading into significant primary platinum mineralisation which was not observed by earlier explorers.

Mt Venn Projects, Australia (20%)

Located approximately 150km north-east of Laverton in Western Australia, the Mt Venn project covers an area of 60km2 within the Eastern Goldfields province. The Company’s tenements are host to a mafic intrusive, prospective for magmatic and hydrothermal nickel, copper and platinum group elements. The intrusive is in part obscured by a thin veneer of overburden with a bed rock rarely deeper than 20m. Historical drilling focused on the southern portion of the intrusion which was anomalous in nickel and copper, with the most northerly hole (MVRC010) intercepting 4 metres at 1.3% copper, including 2 metres at 1.2% nickel. The northern segment of the intrusion remains untested and will be the focus for possible further fieldwork during 2010.

Tadpole Creek Projects, Australia (100%)

The Tadpole Creek Project is located in far north Queensland, 10km west of the town of Coen on the Cape York Peninsula. The Exploration Licence (EPM15841) covers approximately 240km2. The area has been the site of numerous gold and uranium prospects which were operational in the early 1900’s. The largest of these was the Lochinvar Provisional Goldfield, which had recorded production of 2.2kg of gold from 50 tonnes of ore mined in 1904 (equivalent to approximately 44 grams of gold per tonne). Platina acquired the Tadpole Creek tenement in August 2009, and has since focused on the acquisition and interpretation of geological and geophysical information for the area, as well as reviewing spectral processing of Landsat imagery to gain an insight into regional geology and structural controls. This work has identified a number of anomalous areas of interest, and Platina is now planning to conduct a regional field exploration program including soil sampling in 2011 to systematically test the area for economic mineralisation.

Mine For

platinum, platinum group elements, cobalt, nickel, copper, gold, silver

Location of operation(s)

Western Australia, Greenland

Address

Level 8 Waterfront Place , 1 Eagle Street
BRISBANE, QLD, AUSTRALIA

Phone

(07) 5580 9094

Email

Website

http://www.platinaresources.com.au

Last Updated

21/02/2010