 is acquiring all the shares in Jasper Exploration, which owns a 100% interest in the Mt McKenna gold project in WA.){kind=link}
Platina acquires Mt McKenna gold project
Platina Resources (ASX: PGM) is acquiring all the shares in Jasper Exploration, which owns a 100% interest in the Mt McKenna gold project in WA.
The project is located 13km east of Laverton in close proximity to Genesis Minerals (ASX: GEN) Laverton project and 20km northeast of the Granny Smith mine.
Platina is acquiring the project for $320,000 cash, the issue of 20 million ordinary shares in Platina and a 1.5% net smelter royalty for which Platina can buy-back 50% of the royalty at market value.
An additional $25,000 cash and 1.75m shares will be issued in consideration for finders and corporate advisory services in relation to the acquisition.
The Mt McKenna project is situated in prime geological setting with greenstones traversed by major faults and intrusives conducive to hosting multi-million-ounce deposits in the Yilgarn Craton.
Platina managing directory Corey Nolan says the combination of prospective geology, encouraging earl-stage exploration results and limited historical exploration highlight Mt McKenna’s significant untested potential.
“Mt McKenna presents a near drill ready project opportunity with significant exploration upside, which aligns closely with our corporate objective of drilling to generate shareholder value,” he said.
“Historical shallow RAB drilling intercepts include 16m @ 1.05g/t gold (including 4m @ 3.41g/t from 32m) and 15m @ .87g/t gold. More recent gold rock chip sampling of laterites and nearby gold nugget finds potentially indicate that the geology is more prospective to the east of the historical drilling along more than 20km of strike along the greenstone belt traversed by the Granite Well fault structure and intrusives.
“Recent regional success stories like Magnetic Resources (ASX: MAU) with a gold resource of 2.4moz located 27km west of Mt McKenna demonstrates that the district is still not fully matured and there is potential for further large discoveries. This is further reinforced by Genesis Minerals’ recent $250m acquisition of the Laverton project immediately west of Mt McKenna.”
A comprehensive exploration campaign is planned for Mt McKenna, including soil and rock chip sampling, gravity survey and drilling to commence immediately after the completion of a cultural heritage survey.