Platina Resources Limited

Platina Resources Limited (Platina), an Australian-based company, is identifying, exploring, developing and intending to produce platinum group metals (PGM) and gold.

Platina was listed on the Australian Securities Exchange (ASX) in 2006, having acquired PGM assets from Helix Resources Limited (Helix).  Helix is a 1986 ASX-listed company for which Robert W Mosig, Platina’s founding Chairman, previously acted as chairman for 15 years. Platina’s goal is to identify, develop and eventually produce PGM and gold deposits across the globe.

“Platina Resources was listed on the Australian Stock exchange in 2006. I was the founding Executive Chairman, and more recently the Managing Director. The company was set up to explore and develop platinum group metals projects worldwide with the belief that as the world becomes more environmentally conscious, so the need for the PGM’s will increase in their role as catalysts.” Mr. Mosig, a geologist with 30 years experience says.

“Additionally, with over 70 per cent of the world’s supply of PGMs coming from South Africa, there is a strategic requirement for new supplies to be developed outside of South Africa. And finally, whilst Australia is comprised of all the correct rock types needed to host a PGM deposit, there has still been no significant discovery. Somewhere out there is a new PGM deposit, although it probably does not possess any of the Bushveldian hallmarks.”

IRJ spoke with Mosig about Platina’s continued efforts in search of PGM projects and the exciting projects within the company portfolio today.

The Platina Portfolio–Munni Munni

Platina’s 100 per cent owned Munni Munni project covers one of Australia’s largest layered ultramafic intrusions known as the Munni Munni Igneous Complex (MMIC).  This geological region is situated 45 kilometers south of Karratha in the Pilbara region of Western Australia.

“Munni Munni is Australia’s largest PGM deposit with Measured, Indicated and Inferred Resources of 24 million tonnes, grading 2.9g/t PGM’s plus gold (calculated in accordance with the JORC Code, 1.4mt Inferred, 9.8mt Indicated and 12.4mt Measured),” Mr. Mosig says.

The last Pre-Feasibility Study on the MMIC was carried out in 2002 and considered both underground and open-cut mining proposals for the entire resource defined in the central zone. Although the current resource estimate at Munni Munni was considered sub-economic at 2002 PGM prices, identification of a higher grade component to the resource together with the increase in PGM prices could have a positive effect on the project economics. Accordingly, the further investigation of a higher grade core within the current resource estimate is considered an immediate priority target for the Munni Munni intrusion.

“Munni Munni is currently subject to a Scoping Study, with the outcome expected in the first half of November,” Mr. Mosig says.

Munni Munni is poised to provide some exciting results within the coming month, however the best of Platina’s portfolio is yet to come.

The Platina Portfolio - Skaergaard

“The jewel in the crown for Platina is the 100 per cent owned Skaergaard gold and PGM project situated on the East coast of Greenland,” Mr Mosig says. “It has an Inferred Resource calculated under Canadian National Instrument 43-101 of 29.81Moz palladium, 10.26Moz gold and 1.95Moz platinum.  Skaergaard is presently at the Pre-Feasibility stage with a large drilling program scheduled for 2010, targeting a higher-grade mineralized core.” 

Recent metallurgical test work at Skaergaard has highlighted the unique characteristics of its mineralization, including its amenability to extraction.  Mr. Mosig says that gold recoveries of up to 92.7 per cent have been obtained using a simple flotation circuit.

Skaergaard has been big news for Platina this year. On October 7th, the results of the Scoping Study Review on this project were announced “paving the way for the next stage of evaluation and development of the multi-million ounce deposit to proceed,” according to Platina’s press release.

“The announcement confirms the economic viability of the gold zone within Skaergaard, as well as the outstanding metallurgical test work results and potential for a higher-grade core toward the centre of the intrusion.  As such the company is preparing further Pre-Feasibility studies in 2010, the major component of which is a large-scale drilling program,” Mr. Mosig reveals.

“Additionally, an announcement was released on October 27th detailing the results of the 2009 Greenland field season.  Outstanding assays for gold, silver, molybdenum, lead and zinc were obtained, all of which are within 20km of Skaergaard and will be followed up in the 2010 field season.”

Platina’s continued quest for PGM

The Skaergaard project remains central to Platina’s goals going forward. “(In the) short-term we wish to complete Pre-Feasibility at Skaergaard and fast track the project to production,” Mr. Mosig explains.

“As always, we are explorers at heart and are always on the lookout for new and compelling frontiers to explore. We anticipate making more discoveries similar to those uncovered in Greenland this year.”

The expertise within the Platina ranks has been a key factor in the company’s growth and development. “We are a small company, we are quick to respond to new technical information and we have a top team of geologists who are able to assess new prospects quickly and thoroughly,” Mr. Mosig says.
He couples the technical excellence of Platina’s team with Greenland’s stance on mining.

“Greenland is a mining friendly country that relies on future mining revenue to assist with its ambition to be independent from Denmark.  The Skaergaard project has no fatal flaws, including from an environmental and social perspective,” he says.

“A typical problem facing mining operations in Greenland is the small shipping window due to sea ice; the new metallurgical test results show that gold bullion can be produced on site and therefore can be transported via aircraft.  The shipping issue is therefore negated and year-round cashflow can be generated.”

As Platina continues on its quest for PGM, Mr. Mosig explains that the company is coupling the latest technological advancements with tackling such new frontiers.
“Searching for PGM is a long and difficult task. Luckily, analytical techniques have improved over the last 15 years and the application of geochemistry is an important tool,” he says.

“The Company has a focus toward new, under-explored frontiers such as Greenland where the potential to find a new deposit is high.  We undertake a grass roots approach of first-pass assessment of prospective geological terrains and then develop them to a sufficient level of confidence where we can then realize the company’s ambition of becoming a producer.”

As Greenland emerges as a future centre for PGM, Platina Resources is ready to grow, develop and achieve this ambition.  

For more information, please visit http://www.platinaresources.com.au.

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