Bill Brodie Good, CEO & Technical Director of Alien Metals #UFO explains the rationale behind their 30% acquisition of the 2.2Moz Munni Munni Platinum Group Metals & Gold Project, which is adjacent to the Company's highly prospective Elizabeth Hill project.
Bill Brodie Good, CEO & Technical Director of Alien Metals #UFO
explains the rationale behind their 30% acquisition of the 2.2Moz Munni Munni Platinum Group Metals & Gold Project, which is adjacent to the Company's highly prospective Elizabeth Hill project.
· The Munni Munni Project is adjacent to the Company's highly prospective Elizabeth Hill project which already hosts potential for further significant silver, copper, nickel and PGE mineralisation.
· The Munni Munni Project hosts, the largest intrusion in the West Pilbara and one of the largest undeveloped primary Platinum Group Elements ('PGE') Resources in Australia:
- The historic non-compliant JORC 2004 Resource estimate* (see below) implied 24Mt @ 2.9g/t Platinum Group Element (PGE) and gold for 2.2Moz PGE and gold
- Around 95% of the historical resource estimate was in the Measured and Indicated categories
- The historic JORC resource estimate suggests that the deposit contains 1.14Moz palladium, 0.83Moz platinum, 152Koz gold and 76Koz rhodium
· The project covers four granted Mining Leases and one Exploration Lease covering a combined 75.9 km2. The remaining 70% is owned by Artemis Resources (ARV:ASX) which is the operator of the joint venture.
· Total consideration is A$2.23 million of which A$1.98 million will be satsifed by the issue of ordinary shares in Alien.
· Completion anticipated to occur as soon as possible and further updates will be provided in due course as appropriate.
About Alien Metals
Alien Metals Ltd is a mining exploration and development company listed on AIM of the London Stock Exchange (LSE: UFO). The Company's focus is on precious and base metal commodities, with its operations located in proven mining jurisdictions and it has embarked upon an acquisition-led strategy headed by a high-quality geological team to build a strong portfolio of diversified assets.
In 2019, the company acquired 51% of the Brockman and Hancock Ranges high-grade (Direct Shipping Ore) iron ore projects and a conditional agreement to increase to its interest to 90% being finalised while in 2020 the company also acquired 100% of the Elizabeth Hill Silver Project, which consists of the Elizabeth Hill Historic Silver Mine Mining Lease and the surrounding Munni Munni North Exploration Tenement. The Australian projects are located in the world-renowned Pilbara region of Western Australia.
The Company also holds two silver projects, San Celso and Los Santos, located in Zacatecas State, Mexico's largest silver producing state, which produced over 190m oz of silver in 2018 alone, accounting for 45% of the total silver production of Mexico for that year. The Company holds a Copper Gold project in the same region, Donovan 2.
The Company was also awarded an Exploration Licence in Greenland in late 2020, which surrounds the world class Citronen Zinc-Lead deposit.
In addition to progressing and developing its portfolio of assets and following its strategic review of its portfolio of silver and precious metals projects, Alien Metals has identified priority exploration targets within all of its projects which it is working to advance systematically.