Artemis Resources Limited (ASX:ARV, Frankfurt: ATY, US OTCQB: ARTTF) is pleased to provide an update on drilling and joint venture formation at the Munni Munni PGE Project in the West Pilbara owned 70% by Artemis and 30% by Platina Resources Limited (ASX:PGM).
- Drill results demonstrate significant project potential;
- 9m @ 1.67g/t 2PGE + Au (1.04g/t Pd, 0.54g/t Pt, 0.09g/t Au) from 117m, 21MMRC002;
- 5m @ 2.34g/t 2PGE + Au (1.2g/t Pd, 0.886g/t Pt, 0.25g/t Au) from 108m, 21MMRC003;
- 3m @ 2.61g/t1 2PGE + Au (1.23g/t Pd, 1.11g/t Pt, 0.27g/t Au) from 81m, 21MMRC004;
- 7m @ 2.20g/t 2PGE + Au (1.46g/t Pd, 0.67 g/t Pt, 0.07g/t Au) from 124m, 21MMRC005;
- 7m @ 2.35g/t 2PGE + Au (1.33g/t Pd, 0.84 g/t Pt, 0.18g/t Au), from 96m, 21MMRC006;
- 4m @ 2.45g/t 2PGE + Au (1.31g/t Pd, 0.85g/t Pt, 0.29g/t Au) from 60m, 21MMRC007;
- 5m @ 2.35g/t 2PGE + Au (1.36g/t Pd, 0.68g/t Pt, 0.31g/t Au) from 75m, 21MMRC008;
- 4m @ 2.87g/t 2PGE + Au (1.76g/t Pd, 0.89g/t Pt, 0.22g/t Au) from 115m, 2MMRC010;
- 3m @ 2.06g/t 2PGE + Au (1.18g/t Pd, 0.69g/t Pt, 0.19g/t Au) from 142m, 21MMRC011;
- 5m @ 1.92g/t 2PGE + Au (1.2g/t Pd, 0.52g/t Pt, 0.20g/t Au) from 89m, 21MMRC012;
- 4m @ 1.69g/t 2PGE + Au (0.98g/t Pd, 0.58g/t Pt, 0.13g/t Au) from 104m, 21MMRC013.
- Joint Venture Agreement executed with Platina Resources Limited (ASX:PGM) to formalise Munni Munni Joint Venture.
- Joint Venture Partners working together to identify best route to generate shareholder benefits from project.
Alastair Clayton, Executive Director commented;
“These solid drill results, including some from the Eastern portion of the project area further highlight to pervasive nature of the stratigraphically-controlled Palladium, Platinum and Gold mineralisation at Munni Munni. The Project has already outlined a significant mineralised system and these results suggest an opportunity to further grow that footprint with further drilling and exploration.
I am also delighted to be able to report that, following a constructive period of dialogue, we have now formalised the formation of a Joint Venture at the Munni Munni Project. I would like to thank the Board and management of Platina for their pragmatic approach to these discussions and I look forward to working with Platina to devise and execute strategies to best realise the value of Munni Munni for our respective shareholders.”
Munni Munni PGE Project H1 Drill Programme
Reverse Circulation (RC) drilling of 15 drill holes for 2,740m was been completed in April and May, with drill holes spread through the entire upper portion of the mineralisation, to a maximum depth of 250 metres. Samples were processed at ALS Global.
Joint Venture Formation with Platina Resources Limited
Following a period of constructive dialogue, Artemis is pleased to have now executed a full Joint Venture Agreement and associated documents that allow for to formal formation of a Joint Venture over 100% of the Munni Munni Project with Platina Resources Limited in the ratio of beneficial interests, 70% ARV and 30% PGM.