Artemis Resources Ltd (ASX:ARV) (OTCMKTS:ARTTF) and partner Platina Resources Limited (ASX:PGM) (OTCMKTS:PTNUF) have received high-grade platinum group elements (PGE) results enhanced by gold from the Munni Munni PGE Project in Western Australia.
Project operator Artemis, which owns 70% of the project near Karratha, completed a reverse circulation (RC) drilling program of 12 drill holes for 1,928 metres with the highest palladium grade of 1.49 g/t and best platinum grade of 0.96 g/t.
Munni Munni hosts one of Australia’s largest undeveloped palladium deposits and endowments of platinum and gold.
Artemis executive director Alastair Clayton said: “We are delighted with these drill results that further confirm to us the potential of Munni Munni as a highly attractive platinum group metals project in Western Australia.”
- 6.5 metres at 1.68 g/t platinum and palladium (2PGE) plus 0.14 g/t gold, from 41 metres;
- 4 metres at 2.44 g/t 2PGE plus 0.27 g/t gold from 34.5 metres;
- 5 metres at 2.35 g/t 2PGE plus 0.17 g/t gold from 34.5 metres;
- 6 metres at 1.65 g/t 2PGE plus 0.17 g/t gold from 82 metres;
- 7 metres at 1.43 g/t 2PGE plus 0.11 g/t gold from 122 metres;
- 5 metres at 1.68 g/t 2PGE plus 0.14 g/t gold from 19 metres;
- 5 metres at 1.42 g/t 2PGE plus 0.11 g/t gold from 65.5 metres;
- 5 metres at 1.36 g/t 2PGE plus 0.09 g/t gold from 28 metres;
- 5 metres at 1.19 g/t 2PGE plus 0.16 g/t gold from 70 metres;
- 6 metres at 1.17g/t 2PGE plus 0.13 g/t gold from 144 metres, and;
- 4 metres at 1.07 g/t 2PGE plus 0.04 g/t gold from 194 metres to EOH.
Artemis shares have been as much as 16% higher to 9.9 cents, a new 12-month high
The results come at a time when palladium price recently climbed to a record high of $US2,875 per ounce in February and is currently trading at US$2,091 per ounce, a 49% rise from a year ago.
Munni Munni cross section.
Platina managing director Corey Nolan said: “Given the significant increase in the price of palladium, gold and rhodium during 2020, this has enhanced the number of options available to create value from the project.
“The drilling program is another step that works towards understanding the exploratoon potential of the property,” he said.
Support of historical results
These results also include diamond drilling completed by Artemis in May 2018, which had not been previously announced.
The 2018 drilling was specifically targeted to confirm the precise position of the PGE horizon and did not provide any new information.
An RC drilling program was designed to add further confirmation of the PGE horizon position around the northern nose of the greater than 20 kilometre-long Munni Munni mafic intrusive complex.
Historical drilling had shown the zone presence virtually encircling the entire intrusive complex and was utilised to prepare a non-JORC 2012 compliant resource estimate.
Several RC holes were targeted at replicating the historical diamond drill intersections and provide comparative results with results from the 2018 diamond drilling.