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Platina Resources posts 127% increase in Owendale scandium resource

Platina Resources Ltd. said Aug. 9 that the higher-grade scandium resource at its Owendale scandium-cobalt project in New South Wales increased by 127% in an updated estimate, while the lower-grade resource increased 21%.

The higher-grade resource, the company's development priority, was estimated using a cutoff of 600 parts per million of scandium, while the lower-grade resource was estimated using a cutoff of 300 ppm of scandium.

Owendale hosts higher-grade measured, indicated and inferred resources totaling 1.5 million tonnes grading an average 675 ppm of scandium, 0.32 g/t of platinum, 0.16% nickel and 0.14% cobalt. Contained metal is estimated at 1,600 tonnes of scandium, 16,000 ounces of platinum, 2,500 tonnes of nickel and 2,100 tonnes of cobalt.

At the lower cutoff grade, Owendale hosts measured, indicated and inferred resources totaling 33.7 million tonnes grading an average 395 ppm of scandium, 0.28 g/t of platinum, 0.11% nickel and 0.06% cobalt.

The updated estimate incorporates results from a 3,792-meter drill program completed in June and results from the reassaying of historical drilling.

Platina Resources said the new estimate confirms that the Owendale North deposit, the key focus of a recent pre-feasibility study, hosts sufficient measured and indicated resources to define ore reserves.

The study completed in mid-July outlined a 44-year operation producing 50,000 dry tonnes of scandium per year, with initial production anticipated in 2020.