Business
Acquisition of 70% of Munni Munni Project
Acquisition of 70% of Munni Munni Project.
About this update from Alien Metals Ltd
[{"type":"text","content":"\n \n \n \n RNS Number : 4186W\n Alien Metals Limited\n 22 December 2021\n \n \n \n \n \n Trading Symbols\n AIM: UFO\n FWB: I3A1\n 22 December 2021\n \n Alien Metals Ltd\n (\"Alien\" or \"the Company\")\n \n Alien Metals to Acquire outstanding 70% of the Munni Munni Platinum Group Metals Project \n \n Follow the link to view the announcement in full including all figures:\n \n \n http://www.rns-pdf.londonstockexchange.com/rns/4186W_1-2021-12-21.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 Artemis Resources Limited (ASX: ARV) ('ARV') to, subject to the satisfaction of certain conditions, acquire its 70% joint venture interest in the Munni Munni Platinum Group Metals and Gold Project in the West Pilbara, Western Australia ('Munni Munni Project'; 'the 'Project').\n \n The Agreement will mean that, on completion, Alien will move to 100% ownership of one of Australia's major palladium, platinum, gold and base metals projects after agreeing to acquire 30% interest from minority joint venture partner, Platina Resources Ltd (see announcement of 24 November 2021).\n \n Highlights:\n \n · On completion, Alien Metals will own 100% of the project, which will allow Alien to develop a systematic exploration and development programme, the first time a single company has owned the project for over a decade.\n \n · The Munni Munni Project consists of several mining leases and sits 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 strategic acquisition will allow the Company to review and explore an area of 200 km2 in the Munni Munni Complex which hosts a major PGE and high-grade silver mine.\n \n · The Munni Munni Project hosts the largest ultramafic intrusion in the West Pilbara and is one of the biggest undeveloped primary Platinum Group Elements ('PGE') Resources in Australia:\n \n o The historic non-compliant JORC 2004 Resource estimate* implied 24Mt @ 2.9g/t Platinum Group Element (PGE) and gold for 2.2Moz PGM3\n \n o Around 95% of this resource estimate was in the Measured and Indic...