GCIAlien Metals to become sole owner of Munni Munni project in Australia
Alien Metals (UFO) said it is to acquire ASX-listed Artemis Resources’ 70% joint venture interest in the Munni Munni Platinum Group Metals and Gold Project in Western Australia.
The minerals exploration and development group said it has entered into a binding heads of agreement with Artemis to acquire its interest, subject to the satisfaction of certain conditions.
Last month, the Company agreed to acquire 30% interest from its minority JV partner, Platina Resources. Following the successful completion of today’s proposed acquisition, Alien Metals will then move to 100% ownership of the palladium, platinum, gold and base metals project.
With Alien Metals owning 100% of the project, it will mark the first time a single company has owned the project for over a decade. The Company explained to investors that its ownership will allow it to develop a systematic exploration and development program for the project.
Munni Munni consists of several mining leases and sits adjacent to Elizabeth Hill ‘which already hosts potential for further significant silver, copper, nickel and PGE mineralisation.’
Specifically, 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 Platinum Group Elements (‘PGE’) Resources in Australia.
Alien Metals outlined that the historic non-compliant JORC 2004 Resource estimate of Munni Munni implied 24Mt @ 2.9g/t Platinum Group Element (PGE) and gold for 2.2Moz PGM, with around 95% of this resource estimate falling under the Measured and Indicated categories.
The resource hosts 1.14Moz palladium, 0.83Moz platinum, 152Koz gold and 76Koz rhodium.
The proposed deal includes a cash outlay of A$250,000 and A$4.65 million payable in shares.
Alien highlighted to investors that it remains in ‘a strong position’ to expedite exploration in Australia post the completion of a £$4m (A$7.5m) capital raise completed in November 2021.
Bill Brodie Good, CEO & 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.
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.”
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