Platina Resources Limited (ASX:PGM) has announced its decision to relinquish its exploration licences for the Challa Project in Western Australia. Platina is an Australian-based company focused on advancing early-stage metals projects through exploration, feasibility, and permitting towards development. Shareholder value is created by monetising the projects through either sale, joint venture or development.
The decision follows the completion of an aircore drilling program in June 2025, which comprised 14 aircore holes for a total of 1,406 metres. Assay results from this drilling were deemed not material or sufficiently encouraging to warrant further exploration expenditure on the project.
The Challa Project has been the subject of several previous exploration campaigns, including soil sampling, geophysical interpretation, and aircore drilling. However, these efforts have not identified significant mineralisation to date. Given the lack of encouraging results, the company has decided to cease further work on the project and will not renew the tenements.
This move aligns with Platina’s strategy to focus its exploration capital on projects with greater discovery potential. The company will continue to evaluate other opportunities within its portfolio and seek new projects that offer more promising prospects for resource development.
