Business
Acquisition of 30% of Munni Munni Project
Acquisition of 30% of Munni Munni Project.
About this update from Alien Metals Ltd
[{"type":"text","content":"\n \n \n \n RNS Number : 3370T\n Alien Metals Limited\n 24 November 2021\n \n \n \n \n \n Trading Symbols\n AIM: UFO\n FWB: I3A1\n 24 November 2021\n \n Alien Metals Ltd\n (\"Alien\" or \"the Company\")\n \n Acquisition of 30% of 2.2Moz Munni Munni Platinum Group Metals and Gold Project\n \n Follow the link to view the announcement in full including all figures:\n \n http://www.rns-pdf.londonstockexchange.com/rns/3370T_1-2021-11-23.pdf\n \n \n Alien Metals Ltd (LSE AIM:UFO), a minerals exploration and development company, is pleased to advise that it has entered into a Binding Heads of Agreement (the 'Agreement') with ASX listed Platina Resources Limited (ACN 119 007 939)(ASX: PGM) ('Platina') to conditionally acquire Platina's 30% joint venture interest in the Munni Munni Platinum Group Metals and Gold Project in the West Pilbara, Western Australia ('Munni Munni Project').\n \n Highlights:\n \n \n · 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.\n \n · 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:\n - 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\n - Around 95% of the historical resource estimate was in the Measured and Indicated categories\n - The historic JORC resource estimate suggests that the deposit contains 1.14Moz palladium, 0.83Moz platinum, 152Koz gold and 76Koz rhodium\n \n · 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.\n \n · Total consideration is A$2.23 million of which A$1.98 million will be satsifed by the issue of ordinary shares in Alien.\n \n · Completion anticipated to occur as soon as possible and further updates will be provided in due course as appropriate.\n \n \n Bill Brodie Good, Chief Executive Officer & Technical Director of Alien Metals, commented\n : \"We are very excite...