Platina Resources Limited's maiden Xanadu drilling program over 2,214m has demonstrated the presence of gold mineralisation at depth and up to 900m of strike on untested ground immediately west of the historical Amphitheatre open pit. Encouraging gold assays were intersected including 7m @ 1.05g/t Au from 168m in XARC005. Mineralisation at Cleopatra was also intersected with 8m @ 1.79g/t Au from 38m in XARC009.

An interesting copper anomaly of 1m @ 8.3% from 99m in XARC003 will be assessed in more detail. Platina Managing Director Corey Nolan said new assay results from the very short drilling program were assisting in building a deeper knowledge of a complex geological model at Xanadu, which neighbours the Mt Olympic Gold Project. A cultural heritage survey and phase 2 drilling program are planned for the second quarter next year following a maiden drilling program at Platina's newly acquired Brimstone project near Kalgoorlie.

The maiden phase 1 RC drilling program at Xanadu comprised a total of 11 holes over 2,214m. The program was widely spaced, targeting a 4km section within the 10km mineralised and altered corridor. This program has been valuable in identifying various stratigraphic horizons and mineralisation patterns which has added to the knowledge of mineralisation controls.

The detailed geochemical analysis of the samples has helped define stratigraphic and alteration assemblages relating to vectoring gold mineralisation, which will help in future targeting of the drilling. This definition will also be used to target the remaining tenement package. New results from the phase 1 RC drilling include: 1m @ 1.57g/t Au from 23m in XARC009; 8m @1.79g/t Au from 38m in XARC009; incl.

1m @ 8.37g/t from 43m; 2m @ 1.16g/t Au from 94m in XARC003; 1m @ 0.94g/t Au from 45m in XARC002; 7m @ 1.05g/t Au from 168m in XARC005; 1m @ 0.53g/t Au from 9m in XARC008; 2m @ 0.95g/t Au from 53m in XARC009; 2m @ 0.68g/t Au from 18m in XARC010. The results in drilling from section across XARC003 and XARC005 are considered extremely encouraging as a down dip trend has been highlighted from the strong surface expression of historic assays. Historical diamond hole WDNS005 had intersected 14m @ 2.14g/t from 31m, this zone was located across the bottom part of the clay chert breccia zone and top section of the sedimentary sequence.

XARC003 was planned with an aim to test a down dip extension of this historical intersection. Although no gold assays were returned in the sedimentary stratigraphy of this hole a 14m zone of massive sulphides was intercepted. In this zone, 14m @ 593ppm arsenic was returned (minimum cut-off 117ppm with no internal dilution) and just above this zone from 99-100m, 8.3% Cu was also returned.

The significance of these assays is being studied for future targeting. Further 120m down dip in XARC005 an aggregate zone of 43m @ 0.36g/t Au from 143m including a core of 7m @ 1.05g/t Au from 168m was returned. Quartz stringers were associated with this zone.

This intersection is considered highly encouraging as it highlights a potential structure feeder and deeper extension of gold mineralisation. This section also opens up the possibility of a replication of the style, structure and mineralisation of the Amphitheatre pit. Future Work: A geochemistry and structural mapping assessment will be carried out on areas west of the Amphitheatre pit and east of Cleopatra followed up by second phase drilling.

This drilling will be targeted towards the poorly tested 900m zone west of Amphitheatre pit and define the down dip extension and strike of strong mineralisation in XARC009 at Cleopatra. A future diamond drilling program will also allow testing of previous chargeability anomalies identified from an IP geophysics survey completed last year. Platina believes it has the potential to identify the source of primary mineralisation at Xanadu.

An updated cultural heritage survey will be completed in the first quarter of calendar 2023 with a view to a second phase drilling program in the second quarter. Furthermore, Platina is currently negotiating cultural heritage agreements at its Brimstone project (in anticipation of drilling early in 2023) and the Beete project, so field reconnaissance activities can commence as soon as possible.