Platina Resources shares surged 22 per cent on Wednesday after it announced the maiden ore reserve for its NSW Owendale project.

Platina (ASX:PGM) shares closed up 2.1c at 11.5c.

The cobalt and scandium explorer reported its Owendale project total ore reserve would give the mine a life of 80 years, with 50,000 tonnes mined a year.

Probable and proven high-grade Scandium reserves stood at 645ppm (parts per million, a measurement of concentration). With cobalt the figure is 0.13 per cent and nickel it’s 0.16 per cent.

“The maiden ore reserve underpins the positive project economics including an optimised, mine schedule of an initial 35 years of high grade ore feed, including an initial five years of high grade cobalt recovered as a by-product.

“This is followed by a further 45 years of medium grade ore feed from stockpiles,” the company said.