Platina Resources reported steady progress across multiple Western Australian gold projects in the June 2025 quarter, balancing promising drill results with operational hurdles and a solid cash position.
- Aircore and diamond drilling programs advanced at Xanadu, Challa, and Beete projects
- Government grant supports up to 50% of Xanadu drilling costs
- Weather and core loss issues delayed assay results and complicated drilling
- Challa project relinquished due to weak gold anomalism despite initial intersections
- Company ended quarter with A$11.4 million in cash and tradeable investments
Exploration Momentum at Xanadu and Beyond
Platina Resources Limited continued its methodical exploration push during the June 2025 quarter, focusing on its portfolio of gold projects across Western Australia. The company’s flagship Xanadu Project in the Ashburton Basin saw the commencement of a diamond drilling program, supported by a government exploration grant covering up to half of direct drilling costs. Despite challenging weather conditions and significant core loss due to deeply weathered and fractured rock, the drilling intersected promising mineralisation zones, including disseminated quartz, pyrite, and multigenerational veinlets indicative of gold emplacement.
These geological insights suggest mineralisation is closely associated with sedimentary strata near dolomite beds, a finding that could refine future targeting strategies. The use of advanced core logging technology helped salvage valuable data from compromised core samples, underscoring Platina’s commitment to leveraging innovative techniques.
Mixed Outcomes at Challa and Beete Projects
At the Challa Project in the Yilgarn Craton, aircore drilling tested structural targets along a 17-kilometre shear zone. While some gold anomalism was detected, including a 12-metre interval averaging 0.66 grams per tonne gold, the overall tenor was weak and lacked corroborating multi-element signatures. Consequently, Platina decided to relinquish the Challa tenements, aligning with its strategy to concentrate resources on higher-potential assets.
Conversely, the Beete Project near Norseman underwent a second phase of infill aircore drilling designed to better define anomalous gold and arsenic zones identified in 2024. The program aimed to improve resolution at shallow depths, with assay results pending. This follow-up work reflects Platina’s cautious yet persistent approach to advancing promising targets within historically productive gold districts.
Other Projects and Corporate Developments
Platina’s other projects, including Brimstone, Binti, Jubilee, and Mt Narryer, saw limited on-ground activity during the quarter, primarily due to ongoing heritage negotiations and approvals. The company remains optimistic about securing agreements to enable future exploration.
Financially, Platina closed the quarter with a robust cash and tradeable investments position of approximately A$11.4 million. Exploration and corporate costs were carefully managed, with no production or development expenditures reported. Notably, the company continues to benefit from the 2023 sale of its scandium project to Rio Tinto, which includes contingent milestone payments that may provide additional funding in the future.
Looking Ahead
Platina’s June quarter report paints a picture of a disciplined explorer balancing technical challenges with strategic capital allocation. The company’s focus on high-potential gold projects, supported by government incentives and innovative exploration methods, positions it well for potential discoveries. However, weather delays, core loss, and the relinquishment of lower-potential tenements highlight the inherent uncertainties in mineral exploration.
Bottom Line?
Platina’s next assay results and heritage agreement outcomes will be pivotal in shaping its exploration trajectory and investor confidence.
Questions in the middle?
- Will upcoming assay results from Beete confirm the presence of economically viable gold mineralisation?
- How will Platina navigate heritage negotiations to unlock drilling access at Brimstone and Jubilee?
- What impact will relinquishing the Challa tenements have on Platina’s overall exploration strategy and capital allocation?