The point was made as Platina updated the resource at Owendale to highlight what it said was a high-grade component of 700,000 tonnes at 650 parts per million scandium and 0.14% cobalt – “the highest combined scandium and cobalt mineralisation discovered in a laterite to date”.
Platina claimed the high grade cobalt mineral resource’s significant scandium content was in contrast to the nearby Robert Friedland-controlled Clean TeQ’s Syerston deposit, 7km south of Owendale.
Cobalt has become a market thematic of late for juniors on its use in lithium ion batteries – with sources outside problematic locations like the Democratic Republic of Congo in demand – while scandium is a high value product used in various technological and high-end applications (and featuring a micro-market in terms of tonnage).
Platina is working on completing a feasibility study at Owendale early next year.
The company started 2016 with $A2.6 million cash.
Shares in Platina were trading down 12% to 15c in early trade, capitalising the company at $32 million.
The stock was at 3c 12 months ago, and reached 17c earlier this week.