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Summary
- Reverse Circulation (RC) drilling program has been completed at the Munni Munni Project, 30 per cent owned by Platina Resources.
- Drilling results have confirmed the potential of the project to host one of the largest undeveloped palladium (Pd) deposits as well as endowments of gold (Au) and platinum (Pt) in Australia.
- Results have enhanced the number of options available for value creation from the project due to the spike in prices of palladium, currently 49 per cent up from the previous year.
Australia-based Platina Resources Limited (ASX: PGM) has updated on the completion of a reverse circulation (RC) drilling program at its 30 per cent owned Munni Munni platinum group metals (PGM) project near Karratha in Western Australia. Artemis Resources Limited (ASX:ARV) is the project owner, holding the remaining 70 per cent interest.
Also Read: Platina Seeking to Build Portfolio in WA Goldfields, Submits Application for Mt Narryer Project
RC Drilling Results Confirm Tremendous Project Potential
The RC drilling program has been completed at the Munni Munni project, including 12 drill holes for 1,928 metres covered over the complete upper part of the mineralisation, to a depth of up to 200 metres.
Results from the drilling program have confirmed the potential of the project to host one of the country's most significant undeveloped palladium deposits, in addition to the endowments of platinum and gold.
These results become more significant at a time when palladium price recently soared to a record high of USD 2,875 per ounce in February 2020. The price of palladium is currently trading at USD 2,091 per ounce, reflecting a 49 per cent increase from the year-ago period.
Platina Managing Director, Mr Corey Nolan stated that the market right now is hugely favourable to get more value out of the Munni Munni project due to the notable increase in the price of palladium, gold and rhodium during 2020. The drilling program helps in realising the exploration potential of the project.
Meanwhile, Artemis Resources’ Executive Director Alastair Clayton stated that the company is pleased with the drill results that reinforce the potential of Munni Munni project as the most promising platinum group metals (PGM) project in Western Australia.
Drilling Results
The drilling outcome also included the results of diamond drilling completed by ARV in May 2018. The 2018 drilling was targeted to establish the exact position of the PGE horizon and the RC drilling programme was designed to add additional support of the PGE horizon position around the northern nose of the >20km long Munni Munni mafic intrusive Complex. In 2018, drill only gabbros and pyroxenites were recognised. Similarly, in the RC chips, only gabbros, pyroxenites and sediments with various minor intrusive dykes were noted. It showed the problem in accurately identifying prospective rock types without expensive petrological studies.
Several RC holes aimed to replicate the early diamond drill intersections to offer comparable results with the outcome of Artemis 2018 diamond drilling. Other zones were intended to identify the PGE horizon position.
About Platina Resources and Artemis Resources
Platina Resources’ objective is to return shareholder value by progressing metal projects in early stage via activities including exploration, feasibility and perming towards development. The Company has a project portfolio including 100 per cent owned Challa Gold Project, Platina Scandium Project in central New South Wales, Skaergaard Project in Greenland and Munni Munni project in Western Australia.
Also read: Platina Resources Adds Challa Gold Project to Precious & Specialty Metals Project Portfolio
Perth-based exploration and development firm, Artemis Resources is led by an expert team focussed on delivering shareholder value from its gold projects in the Pilbara region. Artemis’ project portfolio includes the Paterson Central exploration project in East Pilbara and the Greater Carlow Gold Project in West Pilbara.
Stock Information - On 3 August 2020, PGM stock closed the day’s trade at AUD 0.048, with a market cap of AUD 17.82 million. The last three-month return of the stock was noted at 220 per cent.
