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Platina kicks off 3,000-meter drilling program at Owendale project

Platina Resources Ltd. on April 10 said it has kicked off a 3,000-meter drill program at the company's Owendale scandium-cobalt-nickel-platinum project in New South Wales, Australia.

The program will comprise 100 holes of predominantly percussion drilling with some diamond core drill holes. The drilling is expected to take about three weeks to complete, with analyses results for the cobalt resource anticipated by mid-June.

The 2017 program aims to convert existing inferred and indicated mineral resources into the measured category and increase the size of the cobalt resource.

The program also aims to support a pre-feasibility study that is due for completion in the second quarter and a definitive feasibility study by the end of this year.

Managing Director Rob Mosig said the drilling would also provide samples for a continuous pilot plant program, which is expected to commence in late July.

In March, the company received commitments from institutional and sophisticated investors to raise up to about A$7.1 million via a placement of shares to fast-track Owendale studies.