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Platina falls despite 50% California zinc hit

Drilling at Platina Resources’ newly acquired Blue Moon project in California has confirmed high-grade zinc mineralisation.
Platina falls despite 50% California zinc hit Platina falls despite 50% California zinc hit Platina falls despite 50% California zinc hit Platina falls despite 50% California zinc hit Platina falls despite 50% California zinc hit

Core from Blue Moon

Staff reporter

A diamond hole hit the highest zinc interval to date, 1.71m at 51.9% zinc, 1.49% copper, 0.05% lead, 0.85 grams per tonne gold and 31.9gpt silver from 414.7m.

The hole also returned 7.47m at 25.55% zinc, 0.87% copper, 0.68gpt gold and 17gpt silver from 412.81m, including 3.05m at 49.60% zinc, 1.39% copper, 0.91gpt gold and 30gpt silver, as well as a second zone of 10.96m at 3.11% zinc, 0.47 % copper and 0.27% lead from 450.37m, including 2.08m at 4.22% zinc.

The intervals are 50m above a previously reported high-grade hit of 36.5m at 9.45% zinc, 0.58% copper, 1.1gpt gold and 42.9gpt silver, including 9.35m at 30.3% zinc, 1.7% copper, 1.67gpt gold and 71gpt silver.

Platina can earn 50% of the project from Blue Moon Zinc Corp by spending C$3 million within 18 months, and can move to 70% by spending $3.75 million and completing a prefeasibility study over a further 18 months.

The Blue Moon project has an NI 43-101 inferred resource of 7.8 million short tons at 8.07% zinc equivalent for about 771 million pounds of zinc, 71Mlb of copper, 300,000 ounces of gold and 10 million ounces of silver.

The project was mined by Hecla Mining Company in the 1940s and explored by various companies during the 1980s and 1990s.

Platina shares fell 9.5% to A1.9c. However, the stock gained more than 20% over Monday and Tuesday, prompting a price query. It then called a trading halt.