Gold, News

Platina enters golden joint venture

The Julimar project was among the projects commended at the Association of Mining and Exploration Companies’ awards handed out in Perth.

Platina Resources will optimise its exploration portfolio after signing a joint venture with Chalice Mining for the Mt Narryer gold project in Western Australia.

Australian-based Platina is focused on advancing early-stage metals projects through exploration, feasibility and development. It controls 100 per cent interest in a portfolio of gold projects in the Yilgarn Craton and Ashburton Basin in WA.

Platina’s Mt Narryer gold project is located 300km north-west of the company’s Challa gold project on the fringe of the Yilgarn Craton, a prodigious gold and base metal producing province of WA.

Chalice Mining is a globally recognised specialist explorer and developer with a major greenfield platinum group element (PGE), nickel, copper, cobalt and gold discovery at its Julimar Project in WA.

Under the terms of the binding farm-in agreement, Chalice will initially earn a 51 per cent interest in the project by spending $600,000 over two years, including a minimum spend of $150,000 in the first year.

Chalice can then earn an additional 24 per cent interest by spending a further $1.8 million over the next two years.

Platina managing director Corey Nolan said the new joint venture offered a tremendous opportunity to leverage the nickel, copper and PGE metal expertise which Chalice used to discover Julimar.

“Chalice has a proven, low-cost model for discovering major mineral deposits using reconnaissance, geochemical sampling and geophysical surveys backed by a bank of geological knowledge from its (nickel-copper-PGE) discovery at Julimar,” Nolan said in an announcement.

“Mt Narryer covers more than 200 square kilometres and Chalice brings both the financial and technical capability to explore the Mt Narryer project rapidly and efficiently in this region.”

Nolan said the joint venture would allow Platina to channel its time and financial resources towards its other key projects in WA, Brimstone, Xanadu and Beete.

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