Platina Resources’ (ASX:PGM) drilling has intersected significant scandium and cobalt intercepts at its Owendale project in central New South Wales.
The drilling intersected several high-grade scandium and cobalt zones at the Owendale North prospect, including:
- 32 metres at 410 ppm scandium;
- 11 metres at 715 ppm scandium;
- 1 metre at 0.48% cobalt; and
- 3 metres at 0.33% cobalt.
The drilling was intended to cover some sterilisation areas and part of a shallow potential starter-pit area; however, scandium and cobalt mineralisation was found to be more extensive than expected.
In particular, there were significant scandium intercepts in terms of both high grade and thickness and some significant cobalt intercepts with several 1 metre sample assays over 0.4% cobalt.
The Owendale project has a total resource of 27.9 million tonnes at 385 ppm scandium containing a total in-situ content of 16,500 tonnes of scandium oxide.
The objective of this drilling program is to provide further confidence in the scandium and cobalt resource as well as add to the resource inventory.
Platina is awaiting further drilling results in the coming weeks as part of its ongoing pre-feasibility study.
The company recently raised $7 million from a share placement to fast-track completion of the pre-feasibility study and to complete a definitive feasibility study by the end of 2017.