Wedoany.com Report-Sept. 4, Platina Resources has confirmed plans to acquire full ownership of the Mt McKenna Gold Project in the Laverton gold district of Western Australia. The site lies about 13 kilometers east-northeast of Laverton, within the Laverton Downs and Mt Weld Pastoral Leases.

The exploration activities planned for Mt McKenna include soil and rock chip sampling, a gravity survey and drilling.

The acquisition will be completed through the purchase of all shares in Jasper Exploration, the current project holder. Under the agreement, Platina will make a cash payment of A$320,000 ($208,705) to cover exploration data costs and transaction expenses. In addition, the company will issue 20 million ordinary shares and grant a 1.5% net smelter royalty (NSR) on the project. Platina will retain the option to buy back half of the NSR at market value.

An additional payment of A$25,000 in cash and 1.75 million shares will be directed to finders and corporate advisory services connected to the transaction. These shares will be issued under Platina’s existing placement capacity in line with Listing Rule 7.1. Completion of the transaction is expected within five business days.

Platina managing director Corey Nolan commented: “Mt McKenna presents a near drill ready project opportunity with significant exploration upside, which aligns closely with our corporate objective of drilling to generate shareholder value.”

The company has outlined exploration plans that include soil and rock chip sampling, a gravity survey, and drilling. These activities will begin after a cultural heritage survey, which is a standard procedure before mining operations in the region can proceed.

The project’s location near Laverton offers a logistical advantage for Platina, enabling efficient and cost-effective mobilization of resources. Geological features at Mt McKenna highlight its potential, including a contact zone between a greenstone belt and a syenitic intrusion. This area is intersected by the Apollo and Granite Well faults, which are considered favorable pathways for gold mineralization.

Supporting this potential, high-grade gold rock chips and nuggets have already been discovered near the faults, intrusions, and related structures. The geological setting also indicates prospects beyond gold. The Diorite Hill layered mafic-ultramafic intrusive complex, located in the southeastern part of the tenement, presents additional opportunities for nickel mineralization.

Through this acquisition, Platina Resources aims to strengthen its exploration portfolio in Western Australia. The company expects the combination of favorable geology, established infrastructure, and proximity to Laverton to position Mt McKenna as a promising growth opportunity. The immediate focus will be on advancing exploration to define potential resources and generate long-term shareholder value.