Platina Resources has secured full ownership of the Sunrise Bore Project near Laverton, WA, and kicked off a 2,775-metre drilling program targeting a historically mineralised gold corridor.
- Acquisition of 100% interest in Sunrise Bore Project
- Consideration includes $350,000 cash, 40.6 million shares, and 1% NSR royalty
- Phase 1 reverse circulation drilling of 23 holes commenced
- Drilling targets 1.2km historical gold mineralisation trend
- Project located in underexplored, prospective Eastern Goldfields region
Sunrise Bore Acquisition Finalised
Platina Resources (ASX:PGM) has completed the acquisition of the Sunrise Bore Project through the purchase of Bravo Minerals Pty Ltd, securing a 100% interest in Exploration Licence E38/4038. Located within the Mt Morgans gold district near Laverton, Western Australia, the project adds a fresh target to Platina’s growing Laverton portfolio.
The purchase price comprised $350,000 in cash (including a previously paid deposit), the issuance of over 40.6 million Platina shares valued at $800,000, and a 1% Net Smelter Return royalty. This deal follows Platina’s recent acquisition of the Mt Morgans South Project, further consolidating its presence in this prolific gold region.
Immediate Drilling to Test Historical Gold Trend
With settlement complete, Platina has wasted no time commencing a Phase 1 reverse circulation (RC) drilling program designed to test a 1.2-kilometre mineralised trend identified historically within the 3.6-kilometre structural corridor. The program consists of 23 holes totalling approximately 2,775 metres, focused on a 0.25-kilometre section where historical gold mineralisation was recorded.
The drilling campaign is expected to take around 14 days and aims to extend known mineralisation both along strike and at depth. Platina CEO Corey Nolan highlighted the potential to rapidly advance Sunrise Bore towards a mineral resource, noting the lack of modern exploration since 1998 and the project's proximity to existing infrastructure and processing facilities.
Strategic Expansion of Laverton Gold Portfolio
Sunrise Bore sits within a highly prospective corridor in the Eastern Goldfields, an area renowned for structurally controlled gold deposits. The tenement covers ground with limited modern exploration, offering Platina a compelling opportunity to unlock value through systematic drilling.
This acquisition complements Platina’s broader Laverton strategy, which includes the Mt Morgans South Project and Mt McKenna, positioning the company to leverage multiple targets in a well-endowed gold district. The company recently secured cultural heritage clearances, ensuring the drilling program can proceed without delay.
Forward-looking statements caution that while the project shows promise, there is no guarantee that drilling will confirm additional economic mineralisation or lead to mine development.
Bottom Line?
Platina’s swift move to drill Sunrise Bore signals confidence in underexplored gold corridors near Laverton, but assay results will be critical to validate this strategic expansion.
Questions in the middle?
- Will the Phase 1 drilling confirm extensions of the historical gold mineralisation?
- How might the 1% NSR royalty impact future project economics if a resource is defined?
- Could Platina’s growing Laverton portfolio attract joint venture interest or further consolidation?