Platina Resources Limited has been actively exploring its portfolio of gold projects in Western Australia. Xanadu The phase 1 maiden reverse circulation drilling program at Xanadu has been completed. A total of 11 holes were drilled for 2,214m.

The current program was widely spaced which covered drilling over 4km within the 10km mineralised and altered corridor, has been valuable in identifying various stratigraphic horizons and mineralisation patterns which will add to the knowledge of mineralisation controls. A detailed geochemical analysis of the samples will be carried out to define alteration and near mineralisation assemblage which will help in future targeting of the drilling and geophysical surveys. This definition will also be used to target the remaining tenement package.

Most planned targets were tested, however, a number of holes ended shallower due to the weathered clay-chert-breccia intersected in the top part of most holes which caused the drill rods to get bogged. Diamond drilling will be required to target mineralisation beyond approximately 200m depth. The RC chips have been sent to the laboratory for assaying.

Once the assays are interpreted, a future exploration program will be designed to test the more than 60km of the Nanjilgardy fault zone within the tenement package. All the assays from the Phase 1 air-core drilling program at Challa have been received. The aim of the drilling program was to drill beneath surface soil anomalies and target gold anomalism in the bedrock below the transported soil cover.

No wide- scale significant gold mineralisation was returned in the assays. The best intercept returned was 4m @ 0.2g/t from 32m in CHAC0081. This assay potentially joins up to the 4m @ 0.08g/t from 32m in CHAC0050 to the south.

The plan of the phase 1 drilling program was to drill three air-core lines over two structural target areas out of the seven identified by the soil program and magnetic reinterpretation. Heritage surveys will be carried out later this year to open access to other five target areas for a future phase 2 drilling program. Whilst the initial assays have not demonstrated broad scale gold mineralisation, the technique of low-cost soil sampling and air-core drilling has proved a successful exploration approach.

This approach has proved successful with the discovery of other world-class orebodies in the Yilgarn Craton. Challa's combination of structure (Challa shear zone) and host rocks makes it an attractive exploration target within the company portfolio. Sangold In August 2022, Platina signed a conditional binding term sheet with Sangold Resources Pty Ltd. (Sangold) to acquire 100% of the advanced, high-grade, near-surface Brimstone Gold Project, 40km north-east of Kalgoorlie.

The transaction is subject to a three-month exclusivity and due diligence period, that expires on 31 October 2022, during which time all conditions must be either satisfied or waived. Platina is advanced in its due diligence process and has now lodged a Notice of Meeting on the ASX for approving the issue of the consideration shares for the transaction at Extraordinary General Meeting to be held on 21 October 2022. The 277km2 tenement package will add critical mass to the company's Western Australian gold portfolio at a low acquisition cost in world-class gold districts.

Brimstone is an advanced stage exploration project with immense appeal given the previously defined broad widths and high-grade gold assay results from numerous holes drilled across the tenement package. This historical work has never been followed up with a systematic exploration campaign, and therein lies the opportunity. Brimstone includes six separate walk-up drill targets, including the Garibaldi prospect, which includes a historical drill intersection of 55m @ 2.07 g/t Au and the Jammie Dodger prospect, which includes a historical drill intersection of 22m @ 1.96g/t Au, both of which remain open in all directions.

The Beete and Binti Binti projects are both located in proven mineralised provinces, with the Historical Beete Gold Mine situated inside the tenure under option. Platina considers that with the planned exploration on this new ground, it will result in a solid pipeline of positive news flow over the next 12 to 24 months.