Platina Resources Ltd (ASX:PGM) has increased the JORC resource estimate at its 100% owned Owendale Scandium-Cobalt-Nickel Project in central New South Wales.
The resource update results in a 6% increase in the overall resource size and 2% increase in scandium grade.
Notably, the higher-grade 600 ppm cut-off scandium resource increased by 13%.
The overall resource using a 300 ppm scandium cut-off grade stands at 35.6 million tonnes grading 405 ppm scandium, 0.28 g/t platinum, 0.10% nickel and 0.06% cobalt.
READ: Platina Resources progressing towards development at Owendale Scandium-Cobalt-Nickel Project
Platina’s managing director Corey Nolan said: “Owendale is now positioned as one of the highest grade scandium resources projects in the western world with the potential to also derive by-product revenue including, nickel-cobalt intermediate products and high purity alumina.
“The focus is now on completing the feasibility study and the commencement of off-take marketing to facilitate project financing and development when permits are approved.”
The new resource estimate positions Owendale as one of the largest and highest-grade scandium projects in the western world.
New resources aim to result in longer mine life
These new resource areas are expected to be converted into new Ore Reserves and increase a future mine’s life.
Mine planning and feasibility work continues with the definitive feasibility study (DFS) due for completion in the fourth quarter of 2018.
The resource upgrade was the result of a small resource drilling program earlier this year, which shows the potential of the project to grow.