Platina Resources welcomes drilling at Munni Munni JV, one of Australia’s largest undeveloped palladium resources

Platina Resources Ltd (ASX:PGM) welcomes the start of drilling at the Munni Munni Joint Venture Project near Karratha in Western Australia, which is host to one of Australia’s largest undeveloped palladium deposits with endowments of platinum, gold and rhodium. Platina has a 30% interest in the project while partner Artemis Resources Limited (ASX:ARV) has the remaining 70% and is the operator. The Munni Munni Project comprises four mining licences and an exploration licence covering a 64 square kilometres tenement area. It has been the subject of several historical drilling programs, scoping studies, metallurgical testing programs and resource estimates. Drilling program The current drilling program consists of 10 reverse circulation (RC) holes for around 2,450 metres and is expected to be completed by the end of April. Drilling is designed to infill the current RC drill spacing in the main resource to a nominal 50-metre spacing to demonstrate continuity and consistency of grades of this historically significant Western Australian platinum-lead-gold resource. Artemis and Platina continue to evaluate together a range of potential avenues to monetise their interests in the Munni Munni project. Surge in prices The palladium price has climbed to a record high of over US$2,900 per ounce, more than a 50% rise from a year ago. Gold and rhodium prices have also performed very strongly over the last 12 months. Assessing beneficial options Platina’s managing director Corey Nolan said: “Given the significant increase in the price of palladium, gold and rhodium during the last year, this has enhanced the number of options available to create value from the project. “Platina is working very constructively with Artemis to assess a number of mutually beneficial options to realise value from the project. “The exploration program includes 10 reverse circulation holes for 2,500 metres and will facilitate the completion of a JORC (2012) compliant resource and the ongoing assessment of the acreage’s mineralisation potential.”