Sangold
In August 2022, Platina signed a conditional binding term sheet with Sangold Resources
Pty Ltd (Sangold) to acquire 100% of the advanced, high-grade, near-surface Brimstone
Gold Project, 40km north-east of Kalgoorlie (refer ASX release dated 10 August 2022).
The transaction is subject to a three-month exclusivity and due diligence period, that
expires on 31 October 2022, during which time all conditions must be either satisfied or
waived.
Platina is advanced in its due diligence process and has now lodged a Notice of Meeting
on the ASX for approving the issue of the consideration shares for the transaction at
Extraordinary General Meeting to be held on 21 October 2022.
The 277km2
tenement package will add critical mass to the company’s Western
Australian gold portfolio at a low acquisition cost in world-class gold districts.
Brimstone is an advanced stage exploration project with immense appeal given the
previously defined broad widths and high-grade gold assay results from numerous holes
drilled across the tenement package. This historical work has never been followed up
with a systematic exploration campaign, and therein lies the opportunity.
Brimstone includes six separate walk-up drill targets, including the Garibaldi prospect,
which includes a historical drill intersection of 55m @ 2.07 g/t Au and the Jammie
Dodger prospect, which includes a historical drill intersection of 22m @ 1.96g/t Au, both
of which remain open in all directions.
The Beete and Binti Binti projects are both located in proven mineralised provinces, with
the Historical Beete Gold Mine situated inside the tenure under option.
Platina considers that with the planned exploration on this new ground, it will result in a
solid pipeline of positive news flow over the next 12 to 24 months
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