Platina Resources Limited (ASX: PGM) has announced the completion of phase 1 drilling at the Mt McKenna Gold Project and the early receipt of US$1 million from the sale of its scandium project. Platina Resources is an Australian-based company focused on advancing early-stage metals projects through exploration, feasibility, and permitting towards development. The company aims to create shareholder value by monetising projects through sale, joint venture, or development.
The aircore drilling program at Mt McKenna comprised 6,056 meters across 126 holes in the northern section of Target 2 area. The drilling tested four interpreted splays off the Granite Well fault. Assays from the drilling are expected in January 2026 and will support litho-geochemical classification of the bedrock to better understand alteration halos. The company will also continue to collect and map end-of-hole drill chips from historical drilling to identify favorable geological settings.
Platina has also received an early release of the US$1 million warranty retention bond related to the August 2023 sale of its scandium project. The bond was held in trust for 30 months, pending warranty breaches. Platina is eligible for an additional US$2 million cash payment upon approval of the Owendale (now called Burra) Mining Licence or three years from the signing of the sale contract (August 31, 2026).
Additionally, Platina surrendered the Mt Narryer Project after reviewing historical data, including results from Chalice Mining Ltd’s exploration campaign. Platina sold the exploration information to Western Mines Group Ltd (ASX: WMG) for $10,000 worth of WMG ordinary shares, which will settle in early 2026. The sale of the Xanadu Project in Western Australia to Kalamazoo Resources (ASX:KZR) is expected to be finalized in January 2026. Platina will receive 1,250,000 ordinary shares and retain a 1% Net Smelter Royalty, with a potential additional $500,000 payment based on Kalamazoo defining a JORC resource within five years.
