Platina Resources Limited (ASX: PGM) has received firm commitments for a placement of shares to raise $2.225 million.
Funds raised from the Placement will be applied to advancing Platina’s expanding WA gold portfolio, including:
- Reverse circulation drilling of the Xanadu Gold Project in Western Australia’s Ashburton Basin, scheduled for late August 2022;
- Phase II air-core drilling of the Challa Gold Project in the Yilgarn Craton, Western Australia, once Phase 1 assay results have been received and reviewed;
- Due diligence and acquisition costs associated with the acquisition of Sangold Resources Pty Ltd, which delivers the high-grade Brimstone Gold Project and the Beete Gold Project located approximately 25km and 50km NE of Kalgoorlie respectively, and the Binti Binti Gold Project, located approximately 50kms south of Norseman; and
- General working capital.
In addition to applying Placement funds to advancing its Western Australian gold portfolio, the company will be progressing it master alloy development program and permitting to secure a Mining License in respect of the Platina Scandium Project in NSW.
In parallel, the company continues to focus on how it can maximise value for this advanced asset, which is one of the largest and highest-grade scandium projects in the world.
Platina is seeking to expand its portfolio of gold assets and has signed a conditionally binding term sheet to acquire Sangold Pty Ltd.
The Sangold acquisition includes full ownership of the Brimstone, Beete, and Binti Binti gold projects all located in world-class gold districts.
The acquisition remains subject to completion of due diligence by Platina.
Euroz Hartleys Limited is Lead Manager to the Placement.
Platina controls a 100% interest in the following projects:
- Xanadu Gold Project – located in the Ashburton Basin in Western Australia in close proximity to the Mt Olympus gold project, a multi-million ounce gold endowment;
- Challa Gold Project – located between the prolific Mt Magnet and Sandstone gold districts in Western Australia, 500km north-east of Perth;
- Mt Narryer Gold Project (not granted) – located 300km north-west of the company’s Challa Gold Project on the fringe of the Yilgarn Craton, a prodigious gold and base metal producing province;
- Jubilee Gold Project (not granted) – located in the Murchison province 15 km east of Meekatharra and 150 km north of the company’s Challa Gold Project; and
- Platina Scandium Project – located in central New South Wales, the project is one of the largest and highest-grade scandium deposits in the world.
