Platina Resources Limited (ASX:PGM) Quarterly Activities Report
Brisbane, April 27, 2012 (ABN Newswire) - Platina Resources Limited (ASX:PGM) is pleased to provide its Quarterly Activity Report for the quarter ended 31 March 2012.
- Resource update completed, incorporating an additional 73 drill-holes.
- Scandium Inferred and Indicated Resource increases by ~100%.
- Approximately 62% of the reported platinum and 93% of the reported scandium falls within the Indicated Resource category:
- Indicated and Inferred Mineral Resource for platinum of 12.7 Mt @ 0.7 g/t Pt
(~287,000 Pt ounces) using a 0.4g/t platinum cut-off (Table 1)
- Indicated and Inferred Mineral Resource for scandium of 10.1 Mt @ 340 g/t Sc
(~3,400 Sc tonnes) at a 200g/t ppm cut-off (Table 2).
- Tender process underway for completion of a Scoping Study on the economic viability of a near surface mining operation at Owendale.
- Electromagnetic geophysical survey completed.
- Drilling for primary platinum mineralisation currently in progress. Limited assays received to date. Significant assays received thus far:
-- 1m @ 12.8g/t platinum from 178m drilled depth (FKD12-297)
-- 5m @ 1.7g/t platinum from 54m drilled depth (FKD12-298)
-- 4m @ 2.1g/t platinum from 69m drilled depth (FKD12-302)
-- 4m @ 1.0g/t platinum and 0.7% copper, from 94m drilled depth (FKD12-302)
- First phase scandium metallurgical test programme completed.
- Test work for platinum recovery underway.
- Updated Inferred Resource Estimate has been received:
-- 23Mt @ 2.3g/t gold, 0.7g/t palladium & 0.1g/t platinum (~1.7Moz gold, 0.5Moz palladium & 0.04Moz platinum) using a 1.5g/t gold equivalent (AuEq) cut-off (Table 4).
- All mineralisation within the Resource table is hosted within the Platinova 7 Reef (P7 Reef), the uppermost of 7 distinct mineralised reefs.
- The Inferred Resource Estimation differs from the previous Roscoe Postle Associates Inc. (2005) estimate, due to the application of a 1.5g/t AuEq cut-off, and the exclusion of historic (pre-Platina) drill-holes and channel samples that do not satisfy data integrity requirements, or are spatially isolated.
To view the complete Platina Resources Quarterly Report, please refer to the following link below:
Contact: Platina Resources Limited T: +61-7-5580-9094 F: +61-7-5580-9394 WWW: www.platinaresources.com.au