Platina Resources (ASX:PGM) in high spirits after stellar palladium results at Munni Munni Project

Summary

• Platina Resources is encouraged by high-grade palladium results at its partly owned Munni Munni Project. 
• Artemis, the project operator, has executed a full joint venture agreement with the partners dedicated to realising the maximum value from the project. 
• Platina Resources is also committed to widening its gold footprint in Western Australia. 

Platina Resources Limited (ASX:PGM) is buoyed up on significant palladium grades returned from a reverse circulation (RC) drilling program at its Munni Munni Project in Western Australia. The robust results have increased the Company’s confidence in the value of its 30%-owned project, jointly held with Artemis Resources Limited (ASX:ARV).

Besides, Artemis has executed a full joint venture (JV) agreement and associated documents, facilitating the formal formation of the JV with Platina Resources. 

DO NOT MISS: Expert Talks With Mr Corey Nolan - Managing Director Of Platina Resources

Platina is focused on advancing its gold projects in Western Australia. With the recent acquisition of the Xanadu gold project and advancement of the Challa gold project, the Company has exposure to a world-class gold province.

ALSO READ: Platina Resources (ASX:PGM) continues WA gold quest with developments at Challa and Xanadu

Overview of Munni Munni Drilling Results

The RC drilling campaign comprised 15 holes for an advance of 2,740m during April and May 2021, with drill holes stretched over the entire upper mineralisation portion to up to 250m depth. The samples of RC drilling were processed at ALS Global. 

The drilling program was designed to confirm the platinum-group elements (PGE) horizon position around the northern nose of more than 20km-long Munni Munni mafic intrusive complex. In addition, the RC holes were targeted at infilling the definition of the horizon. 

Source: Copyright © 2021 Kalkine Media, Data Source: PGM Update, dated 5 July 2021

Drilling Results Confirm Project Potential

Platina Managing Director Corey Nolan has indicated that the latest drilling results at the project confirms its potential of hosting one of Australia’s largest undeveloped palladium deposits along with endowments of gold, platinum, gold, and rhodium.

ALSO READ: New Project Acquisition to Add Lustre to Platina Resources’ (ASX:PGM) Gold Portfolio

Nolan stated that receiving such positive drilling results amidst the increase in palladium, gold, and rhodium prices has opened the door to several opportunities for creating the project value.

Commenting on the execution of a formal joint venture with Artemis, he suggested that the partners are working to identify the best way for extracting maximum value from the project for their shareholders without compromising focus on their respective core assets. 

The partners could consider a “sale or spin-off” as the project has reached the development scale, requiring technical management and funding in order to advance further, Nolan added.

ALSO READ: Platina Resources Sitting On A Goldmine Of Opportunities in Western Australia

Way forward for Munni Munni Project

Access to further drilling data as well as the execution and formalisation of the JV  have set the stage for both project owners to work closely.

It would involve the partners to understand the project potential and devise a strategy allowing for value creation. 

ALSO READ: Platina Resources’ (ASX:PGM) Bustling First Half Sets the Stage for Terrific 2021

PGM shares traded at A$0.089 on 5 July 2021 (at 1:15 PM AEST).