Alien Metals enters agreement to acquire 30% of the Munni Munni Project
(UFO ) has entered into a binding agreement with Platina Resources to acquire its 30% joint venture interest in the Munni Munni Platinum Group Metals and Gold Project.
The total consideration for the project is A$2.23m, of which A$1.98m will be in Alien shares. The remaining 70% is owned by Artemis Resources, who are the operator of the joint venture.
Alien will also have a right of first refusal for the acquisition of the remaining interest held by Artemis in the Munni Munni Project, allowing Alien to move to 100% should Alien wish.
The Munni Munni project in the West Pilbara is adjacent to the Elizabeth Hill project, which hosts the potential for further significant silver, copper, nickel and PGE mineralisation. Munni covers four granted mining leases and one exploration lease, covering a combined 75.9 km2.
The project, which hosts the largest intrusion in the West Pilbara and is one of the largest undeveloped primary Platinum Group Elements (‘PGE’) Resources in Australia, is generally considered to be one of Australia’s largest PGE deposits, with in excess of A$20 million spent on the Project to date with various feasibilities studies undertaken in the last 20 plus years.
A historic non-compliant JORC resource estimate from 2004 implied 24 Megatonne (Mt) @ 2.9g/t Platinum Group Element (PGE) and gold for 2.2Moz platinum group metals (PGMs).
Around 95% of this resource estimate was in the Measured and Indicated categories. The deposit contains 1.14Moz palladium, 0.83Moz platinum, 152Koz gold and 76Koz rhodium.
Bill Brodie Good, CEO & Technical Director of Alien Metals, said: “The presence of one of Australia’s largest unmined PGE deposits, located so close to one of Australia’s highest grade silver deposits, provides an amazing exploration and development opportunity.”
He commented, “Munni Munni has been subject to considerable historical expenditure, which led to the delineation of over 2Moz of precious metal, with the potential for more along strike and at depth. We believe that the robust demand for PGEs via the transition to electric vehicles (EVs) will lead to projects like Munni Munni being in high-demand.”
The Project is considered to be an advanced exploration project which, with relevant expertise, could be explored quickly and have updated feasibility and development plans, all of which would be undertaken in a Tier 1 mining jurisdiction of Western Australia.
Last week, Alien Metals told investors that it had identified ‘strong’ anomalies of copper, nickel and PGM mineralisation from trenching and rock chip sampling at the Elizabeth Hill project.
The minerals exploration and development firm said the results from initial trenching at the project which hosts the high-grade Elizabeth Hill Silver Mine included 26m @ 0.25% copper (Cu) and 0.2% of nickel (Ni); and 34m @ 0.1 % Cu, 0.17% Ni and 0.19 g/t palladium (Pd).
The Group said these results further validate its view that the Elizabeth Hill Project hosts the potential for a much larger mineralised (VMS-style) system along with the silver deposit. Alien plans to follow up with a field program to expand the knowledge and potential of these targets.
Commenting on the ‘strong’ anomalies identified, Bill Brodie Good, CEO & Technical Director, said: “The maiden trenching programme has reinforced historical anomalies of anomalous copper, nickel and PGM mineralisation which are still open along strike and given the width and grade of these zones, could indicate the presence of a much larger system as source.
He said. “This mineralisation appears to be associated with the ultramafic intrusion of the Munni Munni intrusions, the known J-Reef and the complex structural controls in the area.”
The company highlighted that the more regional rock chip sample results from Munni Munni North are giving it further target areas to pursue, “especially the southern trend of the J-Reef and the area around Conquest prospect in the east.” It said it plans to test these areas.
Earlier this month, Alien Metals unveiled that it had raised gross proceeds of around £3.5. It told investors that this will enable it to deliver its work programme over the next 6-12 months.
Specifically, Alien Metals has undertaken the £3.5m placing to progress its corporate and operational strategy, which includes progressing Phase 3 infill and extensional drilling on the Hancock Iron Ore Project and putting plans in place to move the project towards mining.
The funds will also aid ongoing exploration around the Elizabeth Hill Silver project, further exploration drilling in Mexico; early stage exploration on regional tenements including Munni Munni North and resource drilling at the Brockman Iron Ore Project and for working capital.
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