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Summary
- Platina Resources announces exploration drive at Munni Munni Project (30%-owned), including 13 RC holes and high-resolution photography.
- The program is focused on extending primary reef mineralisation, testing historical assays grades from diamond drilling, and generating data contributing towards a JORC 2012 Mineral Resource Estimate in the future.
- Platina Resources and Artermis Resources are working towards the completion of Joint Venture documentation for the project.
Australia-based mineral explorer, Platina Resources Limited (ASX: PGM) has announced the commencement of drilling at the Munni Munni Project near Karratha in Western Australia. The Company is engaged in advancing its project portfolio, focused on speciality, precious, and base metal projects through various stages involving exploration, feasibility and permitting towards development.
About Munni Munni Project
Munni Munni Project, host to one of Australia’s largest undeveloped palladium deposits and endowments of platinum, gold and rhodium, includes four (4) mining licences and one (1) exploration licence, covering 64 km2. Over the years, a number of historical drilling programs, scoping studies, metallurgical testing programs and resource estimates have been undertaken at this project. However, further work is required to bring the historical resource up to JORC 2012 standard, as per Platina Resources.
The Company has a 30% interest in the project while the remaining is held by Artemis Resources Limited (ASX: ARV), which is also the project operator. Artemis Resources Limited is a Western Australian gold exploration company, focused on its wholly owned Greater Carlow gold project and Paterson Central gold-copper project.
RC Drilling Program – Details
Around 13 reverse circulation holes (1,820m) are planned to be drilled under the exploration program. In addition, the Company has mentioned that high resolution air photography of the site would be executed for future exploration planning purposes.
The 13 new RC drill holes are spread through the entire block model generated from previous work and southwards onto the adjoining tenements. These holes are planned to show downdip continuity and consistency of grades and close testing of previous holes in a pseudo-twinning position. True twin holes will not be possible given the previous collar is not visible to enable safe placement of the twin hole.
Key objectives of the program include:
- Extension of primary reef mineralisation and testing of historical assay grades from diamond drilling using RC drilling.
- Identifying whether a second reef below the primary PGE reef is present.
- Generation of data that could be helpful in updating to a JORC 2012 compliant Mineral Resource Estimate in the future.
Additionally, a detailed survey of the holes drilled in this program is planned with further re-survey of ~10% of historical holes (around 20 holes) to validate hole data that would contribute in the Estimation of JORC 2012 Mineral Resource.
In February 2020, palladium price climbed to a record high of US$ 2,875 per ounce and is currently trading at US$ 1,931 per ounce, depicting a 33% rise from the same period a year ago. At the same time, prices of gold and rhodium have also performed very strongly in 2020, up 29% and 153%, respectively.
Currently, Platina Resources and Artermis Resources are working towards the completion of Joint Venture documentation. In late-April 2020, Artemis had issued an ASX release announcing its agreement to sell 51% of its 70% interest in the Munni Munni Project to AIM-listed, Empire Metals PLC and its partner Almeera Ventures Ltd. However, the agreement is subject to conditions such as receipt of all necessary third-party consents.
Meanwhile, Platina Resources has sought further information and is currently evaluating its options concerning the proposed transaction.
Must Read: Platina Resources’ AU$904,000 Placement to Boost Capital Position and Enable Advancement of Projects
Management Commentary
Platina Resources’ Managing Director, Corey Nolan commented on the recent development, stating that the significant increase in the price of palladium, gold and rhodium during the year 2020 has opened avenues to create higher value from the project.
Mr Nolan added that the Company shares Artemis’ optimistic price outlook for platinum group metals in the future and has planned the drilling program that works towards completing a JORC (2012) compliant resource. Also, the companies will continue to further evaluate the exploration potential of the property.
Stock Information: The PGM stock settled the day’s trade on 18 June 2020 at AU$ 0.024, zooming up 4.348% from its previous close, after touching a midday high of AUD 0.026, up 13.04%, with a market capitalisation of ~ AU$ 7.5 million.
Read More: Platina Resources Enters Agreement to Acquire Challa Gold Project in Prolific WA Province
