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Platina Resources Ltd.
Summary
| Project: | Owendale | |
|---|---|---|
| Deposit: | Owendale North | |
| Location: | Australia | |
| Commodities: | Scandium-Platinum-Nickel-Cobalt | |
| Date: | 7/10/2017 | |
| Report Code: | JORC | |
| Report Type: | Pre-Feasibility Study | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 10-7-2017: Platina Resources Ltd. announces a Pre-Feasibility Study report for its Owendale North deposit at the Owendale project. PFS results incl. Pre-Tax NPV (10%) of $180M, IRR of 27% and LOM of 44 years. Platina Resources Limited (ASX: PGM) is please | |
| Resources: | (Resource, Total): 27.9Mt @ 385ppm Sc, 0.33g/t Pt, 0.12% Ni, 0.06% Co at project (300ppm Sc cut-off) | |
| CP/QP: | [Overall Report]: Boyd Willis (Boyd Willis Hydromet Consulting) | |
| ABSTRACT: | Platina Resources Limited (ASX: PGM) is pleased to announce results of a PFS completed over the Company’s 100% owned Owendale Scandium, Cobalt, Nickel project (“Owendale Project”) in central New South Wales. Conclusions of the study are positive and recommend that Platina proceed to further testwork, study and engineering development to further progress the Owendale Project. The PFS was completed by Brisbane-based Prudentia Process Consulting Pty Ltd (Prudentia) and is summarised in Table 1. Study Parameters and Cautionary Statements Note the PFS results rely on Mineral Resources that currently have a high proportion of Inferred classification. Whilst there are sufficient Measured and Indicated Mineral Resources to complete the production schedule during the 3 to 4 years payback period, there is a reliance on Inferred Mineral Resources for the extended schedule. Inferred Mineral Resources by definition have a low level of geological confidence, which might not necessarily convert with further drilling to Measured Mineral resource status. Accordingly, the production target for the extended schedule might not be able to be achieved. The PFS focusses on a development option which has been selected as the most likely mining start up location at this stage. The PFS has targeted a single area of the Owendale Project where it is considered that reasonable grounds exist for the production target to be achieved in both the grade and size which has been reported. This PFS development option is also well supported by the larger Owendale Mineral Resource where there are additional Measured and Indicated Mineral Resources which have not been used in the study. In addition, very positive results have been received from the recent 2017 drilling programme in the PFS development area (ASX announcements May 29 and June 15, 19 and 26). | |
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