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Platina shifts focus to local gold

18th August 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Junior Platina Resources on Tuesday announced plans to shift its focus towards Australian gold assets in order to take advantage of record gold prices.

The ASX-listed company in June this year inked a conditional agreement to acquire the Challa gold project, in Western Australia, in exchange for 10-million shares and a 0.75% gross gold royalty is payable on any gold produced from the tenements.

The project includes two high-quality exploration licence applications covering 293 km2, and is located in-between the prolific Mt Magnet and Sandstone gold districts.

Platina said on Tuesday that with the Challa tenements now granted, the company was looking forward to starting a low-cost drilling programme in order to identify targets.

The company told shareholders that its other Australian assets would also remain a priority as travel restrictions related to the Covid-19 pandemic shifted its focus away from its international assets.

Field activities at the company’s Blue Moon project, in the US, remain suspended and the company is in discussions with its joint venture partner on how to realise value from the project.

Platina’s decision to revise its strategy to focus more locally also coincided with the sale of its Skaergaard project, in Greenland, to Canada’s Eastern Zinc Corporation for A$30-million in shares.

Edited by Creamer Media Reporter

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