Platina’s Major Precious Metals investment grows with upgraded resource at Skaergaard

Platina Resources Limited’s (ASX:PGM) (OTCMKTS:PTNUF) (FRA:P4R) investment value in Canadian explorer Major Precious Metals (CSE:SIZE) has increased following an increased mineral resource estimate at Major’s Skaergaard Project in Greenland. Platina’s 49 million shares stake in Major has now increased to A$30 million based on the last traded price of C$0.60 per share. Skaergaard hosts one of the world’s largest undeveloped gold deposits and one of the largest palladium resources outside of South Africa and Russia. Following the re-modelling of the deposit under the Canadian NI 43-101 standard that showed substantial potential for the size and extent of the palladium, gold and platinum mineralisation, Major will now focus on a proposed 12,500 – 15,000 metres drilling program. Palladium price hits record high Platina managing director Corey Nolan said Skaergaard’s new independent resource estimate came at a time of record prices for palladium. He said: “The palladium price has climbed to a record high of over US$2,900 per ounce in April, over a 40% rise from a year ago. “The new resource estimate also reflects substantially higher palladium and gold price of US$1,725 per ounce and US$1,800 per ounce compared to US$560 per ounce and US$1,400 per ounce, respectively, in the Wardell Armstrong Mineral Resource estimate in 2013.” “Skaergaard offers considerable upside” Nolan added: “Major’s planned drilling program will seek to expand and boost the confidence level of the mineral resource, and better understand the nature of the vanadium, titanium and iron mineralisation within the deposit. “We’re confident that Skaergaard offers Platina shareholders considerable upside as the project transitions from exploration through to feasibility and towards production.”