Platina Resources Acquires Mt McKenna Gold Project in WA’s Laverton District

Platina Resources (ASX: PGM) has acquired the Mt McKenna gold project east of Laverton, securing a new foothold in one of Western Australia’s most productive gold belts.

The 174 square kilometre tenement sits in the Eastern Goldfields, where operating mines such as Granny Smith and Wallaby highlight the region’s multi-million-ounce endowment.

Recent sampling has produced rock chips grading as high as 248 grams per tonne gold, pointing to the project’s potential as a near drill-ready opportunity.

Highly Prospective Geology

Mt McKenna occupies ground along the Granite Well fault system where Archean greenstones meet syenite intrusions, a highly prospective structural environment that mirrors settings in the district already hosting large deposits.

Historic rotary air blast drilling delivered results such as 16 metres at 1.05g/t gold including 4m at 3.41g/t gold, while other holes returned widths of 15m at 0.87g/t.

Although shallow, these intercepts demonstrate that mineralisation extends below surface and has not been systematically tested.

Rock chip sampling of laterites has confirmed high-grade potential, while the Diorite Hill intrusive complex to the east also carries signs of nickel mineralisation, adding an additional layer of exploration interest.

Reinterpretation of Datasets

Platina will move quickly to compile and reinterpret all historical datasets before commencing modern programs across the tenement.

The company intends to complete detailed soil and rock chip sampling, mapping, and a ground gravity survey to refine drill targets.

Aircore and reverse circulation drilling will then test the highest-priority structures along more than 20km of untested strike, and Platina also plans to reprocess a regional seismic line that crosses the project to better understand the structural architecture controlling mineralisation.

The location provides logistical benefits, with sealed and unsealed roads leading directly from Laverton and several operating processing plants within 50km ensuring that the company can advance any future discoveries without major infrastructure hurdles.

Transaction Details

Platina purchased Jasper Exploration, the private company that owns the Mt McKenna tenure, in a deal that balances upfront consideration with longer-term exposure.

The company paid $320,000 in cash, issued 20 million shares and granted a 1.5% net smelter royalty that it can partially buy back at market value.

In addition to the vendor package, Platina agreed to provide $25,000 and 1.75 million shares to corporate advisors and finders who facilitated the transaction, which it will issue under existing placement capacity with no need for shareholder approval.

Platina expects to complete the transaction within five business days, giving it immediate ownership and the ability to begin field activities once it has finalised heritage surveys.

Value through Discovery

Managing director Corey Nolan said the acquisition marks a significant step in Platina’s strategy of creating value through discovery rather than incremental development.

“Mt McKenna presents a near drill ready project opportunity with significant exploration upside, which aligns closely with our corporate objective of drilling to generate shareholder value,” Mr Nolan said.

He added that the district continues to prove its prospectivity, with Genesis Minerals’ (ASX: GMD) $250m Laverton acquisition and Magnetic Resources’ (ASX: MAU) 2.3Moz project to the west demonstrating that major new deposits remain to be found.