- Artemis Resources (ARV) has begun a 13 hole reverse circulation (RC) drilling program at the Munni Munni Platinum Group Element Project in WA
- The aim of this program is to test depth extensions, extend mineralisation, and test historical assay grades
- It is hoped that data generated will contribute to a future JORC 2012 mineral resource estimate
- Artemis has also provided an update on the progress of the sale of its holding in the Munni Munni Project
- This transaction will see the company sell 51 per cent of its 70 per cent holding in the project to Empire Metals and its partner Almeera Ventures
- Once the transaction is completed, Artemis will receive a £25,000 (roughly A$50,000) option fee and 60 million Empire shares that are valued at at least $1.5 million
- Artemis is up 5.13 per cent on the market and shares are trading for 4.1 cents each
Artemis Resources (ARV) has begun a 13 hole reverse circulation (RC) drilling program at the Munni Munni Platinum Group Element (PGE) Project.
The Munni Munni Project is located near Karratha in Western Australia and is one of Australia’s most significant undeveloped palladium deposits.
Platina Resources (PGM) holds a 30 per cent interest, while Artemis holds the remaining 70 per cent and is the operator.
This program will focus around the resource area to test the depth extensions, while DHEM (downhole electromagnetic) surveys will be undertaken to identify the electromagnetic signature of the ore zone.
Drilling is also aiming to extend mineralisation and test historical assay grades.
It is hoped that the data generated will contribute to a future JORC 2012 mineral resource estimate.
“It is terrific to be back exploring at the Munni Munni PGE Project. Drilling using an RC rig is designed to grow the footprint of the known reef-style PGE mineralisation and test for, what our technical team believes, maybe a second reef below and sub-parallel to the primary reef,” Executive Director Alastair Clayton said.
“As soon as this exploration program is complete, Artemis field crews will then move immediately to join an aircore rig at Carlow West to kick off a 5000-metre program,” he added.
Artemis has also announced that its transaction from April, where the company announced its intention to sell 51 per cent of its 70 per cent holding in Munni Munni, is still in progress.
This sale will see Artemis sell most of its holding in the project to Empire Metals and its partner, Almeera Ventures.
Once the transaction is completed, Artemis will receive a £25,000 (roughly A$50,000) option fee and 60 million Empire shares that are valued at at least $1.5 million.
Artemis will then become Empire’s largest shareholder, with a 24 per cent stake in the company and as the largest shareholder, it can appoint a director to Empire’s Board.
This sale is due to Artemis believing that the project is not a high-priority, core asset for the company.
Artemis is up 5.13 per cent on the market and shares are trading for 4.1 cents each at 11:51 am AEST.