Alien Metals Ltd, a minerals exploration and development company, has entered into a binding heads of agreement (the agreement) with ASX listed Artemis Resources Ltd (ARV) to, subject to the satisfaction of certain conditions, acquire its 70% joint venture interest in the Munni Munni Platinum Group Metals and Gold Project in the West Pilbara, Western Australia.
The agreement will mean that, on completion, Alien will move to 100% ownership of one of Australia's major palladium, platinum, gold and base metals projects after agreeing to acquire 30% interest from minority joint venture partner, Platina Resources Ltd (see announcement of 24 November 2021).
- On completion, Alien Metals will own 100% of the project, which will allow Alien to develop a systematic exploration and development programme, the first time a single company has owned the project for over a decade.
- The Munni Munni Project consists of several mining leases and sits adjacent to the company's highly prospective Elizabeth Hill Project which already hosts potential for further significant silver, copper, nickel and platinum group element (PGE) mineralisation.
- The strategic acquisition will allow the company to review and explore an area of 200 km2 in the Munni Munni Complex which hosts a major PGE and high-grade silver mine.
- The Munni Munni Project hosts the largest ultramafic intrusion in the West Pilbara and is one of the biggest undeveloped primary PGE resources in Australia:
- The historic non-compliant JORC 2004 Resource estimate implied 24 million t at 2.9 g/t PGE and gold for 2.2 million oz PGM.
- Around 95% of this resource estimate was in the measured and indicated categories.
- The resource hosts 1.14 million oz palladium, 0.83 million oz platinum, 152 000 oz gold and 76 000 oz rhodium.
- The proposed deal includes a cash outlay of AUS$250 000 and AUS$4.65 million payable in shares.
- Alien remains in a strong position to expedite exploration in Australia post the completion of a £4 million (AUS$7.5 million) capital raise completed in November 2021.
Bill Brodie Good, CEO and Technical Director of Alien Metals, commented: “We are very excited to be in a position to become the 100% holder of one of Australia's largest PGE projects. The acquisition will consolidate our landholding in this significant region of the Pilbara. The ownership of this major PGE deposit, located so close to one of Australia's highest-grade silver deposits, presents Alien with an amazing exploration and development opportunity. After many millions of exploration and development dollars were spent on these projects, the deposits in these tenements were essentially side-lined due to historically depressed metal prices. Subsequently, we feel it represents a significant opportunity to Alien shareholders.
“With the growth of new and vital technologies, cleaner vehicles globally that will need more platinum, palladium, silver, copper, nickel and associated metals in an ever-growing market, we feel this is a fantastic opportunity for the Company and are really excited to get started.”
Read the article online at: https://www.globalminingreview.com/exploration-development/30122021/alien-metals-to-acquire-outstanding-70-of-munni-munni-pgm-project/