Artemis Resources has an agreement with Platina Resources to earn a 70% interest in the Munni Munni project for platinum, palladium, gold and rhodium on four mining leases. This is Australia’s largest platinum and palladium JORC deposit. Artemis expects to complete our 70% earn-in by October 2018.
Munni Munni is the largest un-mined primary PGE resource in Australia. We have a JORC 2004 compliant resource of 24 Mt @ 2.9 g/t Platinum Group Element (PGE) + gold (1.4Mt Inferred, 9.8Mt indicated and 12.4Mt Measured).
This is: 1.14Moz palladium, 0.83Moz platinum, 152Koz gold and 76Koz rhodium.
As of 28 December 2017, the commodity prices are:
Palladium: $1,351 AUD / oz (Perth Mint - Bid)
Platinum: $1,173 AUD / oz (Perth Mint - Bid)
Gold: $1,653 AUD / oz (Perth Mint - Bid)
Rhodium: $1,715 USD / oz (~$2,201 AUD / oz) (London Metals Exchange, with 0.78 USD/AUD rate)
Copper: $7,140 USD / tonne (~$9,165 AUD / oz) (London Metals Exchange, with 0.78 USD/AUD rate)
Nickel: $11,840 USD / tonne (~$15,198 AUD / oz) (London Metals Exchange, with 0.78 USD/AUD rate)
Munni Munni is situated within the Archaean Pilbara Craton, and is hosted within the Munni Munni Igneous Complex (MMIC), a layered mafic-ultramafic package of predominantly gabbroic rock. Mineralisation is located within the Ferguson Reef, which occurs at the contact between the lower ultramafic rocks and the upper gabbroic rocks. The Ferguson Reef averages 2.6 metres in thickness, has a strike length of approximately 2 kilometres, and extends from surface to a more than 1km deep.
The eastern side of the Munni Munni intrusion is unexplored, there’s potential that the Ferguson Reef extended eastwards. These tenements are contiguous to some of our exploration and this forms part of our ‘hub and spoke’ model to consolidate the fragmented tenements into one streamlined company with a processing plant. The Munni Munni tenements (M47/123-126) are approved mining leases and these are only 15km south of our Radio Hill processing plant.
Our latest ASX Annoucement on Munni Munni is here.
Heritage agreements, heritage surveys and Programmes of Work are already in place to recommence exploration. Artemis is currently conducting a full review of the Munni Munni economics taking in to account the latest increases in commodity prices and the potential use of a modified and expanded Radio Hill processing plant to process Munni Munni ore.
The tonnage and grades for Platinum, Palladium, Gold, Rhodium, Copper and Nickel are:
|JORC Category||Million Tonnes||Pt g/t||Pd g/t||Au g/t||Rh g/t||Cu %||Ni %|