Platina Resources Limited (ASX: PGM) will undertake further exploration and drilling at its promising Xanadu and Challa gold projects in Western Australia after receiving a further milestone payment from the sale of its scandium project to Rio Tinto.

Platina Managing Director, Mr Corey Nolan, said the company's strong cash position meant drilling programs could be delivered without dilution to shareholders. 'There is significant share price upside leverage from discovery success. Platina will take advantage of its strong balance sheet to continue a program of drilling its prospects throughout the remainder of 2024,' Mr Nolan said. 'At our Xanadu Project in the Ashburton Basin, we're particularly eager to commence further geological mapping and sampling at the Hermes prospect while new deep drilling of our 'Xanadu Deeps' target will look to unlock the potential presence of a very large gold system.'

Xanadu Project: Hermes prospect

The company's reverse circulation (RC) drill campaign over 10 holes at Hermes in late 2023 outlined the presence of a larger mineralised system zone open along strike and dip in all directions with two holes in the southern area intersecting well mineralised wide zones: 15m @ 0.88g/t Au from 20m (incl. 2m @ 2.05g/t from 24m & 2m @ 2.3g/t from 32m) in HERC009. 9m @ 0.62g/t Au from 26m (incl. 1m @ 1.3g/t from 28m & 1m @ 1.27g/t from 33m) in HERC010. Hermes is located 8.5kms southeast along strike of the same structure and lithology as Kalamazoo Resources' Mt Olympus deposit (1.07moz @ 2.7g/t Au) and Zeus deposit (121koz @ 2.5g/t Au). The current total resource at Kalamazoo's Ashburton project is 1.44moz @ 2.8g/t Au

Xanadu West: Deeps prospect

In Xanadu's western tenements (Xanadu West), which is located along the Nanjilgardy fault system that also hosts the nearby Mt Olympus gold deposit, three proposed diamond drill (DD) tails up to 500m each, will seek to find the source of dispersed oxidised gold within the system by testing deeper targets identified by reprocessing historical aero-magnetics and previous induced polarisation geophysical surveys.

Contact:

Corey Nolan Gareth Quinn

Managing Director Investor Relations

Tel: +61 (0)7 5580 9094

Email: admin@platinaresources.com.au

DISCLAIMER

Statements regarding Platina Resources' plans with respect to its mineral properties are forward-looking statements. There can be no assurance that Platina Resources' plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that Platina Resources will be able to confirm the presence of additional mineral deposits, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of Platina Resources' mineral properties.

ABOUT PLATINA RESOURCES LIMITED (ASX: PGM)

Our vision is to become a leading exploration company by exploring our high-potential projects and leveraging cutting-edge technology, innovative strategies, and the knowledge of our highly skilled technical team. Shareholder value is created by advancing these projects through exploration, feasibility, and permitting, and monetising through either sale, joint venture or development. Commitment to sustainable and responsible practises, ensures the long-term prosperity of local communities, and the preservation of the environment and cultural heritage in the areas we operate

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