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Platina Resources leveraged to drilling by JV partner at Munni Munni PGE Project buoyed by high palladium, gold and rhodium prices

Platina Resources Ltd (ASX:PGM) will keep a close eye on the drilling progress of joint venture partner Artemis Resources Ltd (ASX:ARV) at the Munni Munni Platinum Group Elements (PGE) Project near Karratha in Western Australia.

Platina holds a 30% interest in Munni Munni, while Artemis, the operator, has the remaining 70%.

The start of drilling by Artemis comes as Platina continues to assess the PGE project's potential against a backdrop of strong prices for palladium, gold and rhodium in 2020.

Palladium hit a record high of US$2,875 per ounce in February and is now trading at US$1,931 per ounce while gold and rhodium prices also performed strongly in 2020, up 29% and 153%, respectively.

“Optimistic price outlook”[hhmc]
Platina managing director Corey Nolan said: “We share Artemis optimistic price outlook for platinum group metals in the future and, as such, have planned a drilling program that works towards completing a JORC (2012) compliant resource and continuing to assess..

Platina Resources Ltd (ASX:PGM) will keep a close eye on the drilling progress of joint venture partner Artemis Resources Ltd (ASX:ARV) at the Munni Munni Platinum Group Elements (PGE) Project near Karratha in Western Australia.

Platina holds a 30% interest in Munni Munni, while Artemis, the operator, has the remaining 70%.

The start of drilling by Artemis comes as Platina continues to assess the PGE project's potential against a backdrop of strong prices for palladium, gold and rhodium in 2020.

Palladium hit a record high of US$2,875 per ounce in February and is now trading at US$1,931 per ounce while gold and rhodium prices also performed strongly in 2020, up 29% and 153%, respectively.

"Optimistic price outlook"


Platina managing director Corey Nolan said: “We share Artemis optimistic price outlook for platinum group metals in the future and, as such, have planned a drilling program that works towards completing a JORC (2012) compliant resource and continuing to assess the exploration potential of the property.”

The exploration program includes drilling 13 reverse circulation holes for around 1,820 metres and the production of high-resolution photos of the site for future exploration planning purposes.

The Munni Munni project, which hosts one of Australias largest undeveloped palladium deposits and endowments of platinum, gold and rhodium, comprises four mining licences and an exploration licence covering a 64-square-kilometre tenement area.

Artemis stake sale


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De Grey Mining confident Hemi gold discovery has tier-1 production potential

De Grey Mining Limited (ASX:DEG) is Australias fastest-growing gold company, with the recent Hemi discovery in Western Australia and strong newsflow reflected by their market cap which is now around A$1 billion.

The Hemi discovery sits within the Mallina Gold Project and is a new style of mineralisation in the Pilbara region – intrusion-hosted, large-scale and close to the surface with grade continuity. It is also is largely underexplored with district-scale upside.

Relatively unexplored[hhmc]
While it has the same geological setting as the Yilgarn Craton, which has a very mature exploration history of more than 120 years, the Pilbara Craton has only been actively explored for the last 20 years.

The company is confident the region could host new shallow discoveries, unlike in the Yilgarn where new discoveries are only expected at depth.

This represents a significant opportunity for De Grey with the immediate growth strategy linked to increasing gold resource, extending deposits, an..

De Grey Mining Limited (ASX:DEG) is Australias fastest-growing gold company, with the recent Hemi discovery in Western Australia and strong newsflow reflected by their market cap which is now around A$1 billion.

The Hemi discovery sits within the Mallina Gold Project and is a new style of mineralisation in the Pilbara region – intrusion-hosted, large-scale and close to the surface with grade continuity. It is also is largely underexplored with district-scale upside.

Relatively unexplored


While it has the same geological setting as the Yilgarn Craton, which has a very mature exploration history of more than 120 years, the Pilbara Craton has only been actively explored for the last 20 years.

The company is confident the region could host new shallow discoveries, unlike in the Yilgarn where new discoveries are only expected at depth.

This represents a significant opportunity for De Grey with the immediate growth strategy linked to increasing gold resource, extending deposits, and making more Hemi-like discoveries close to established mining infrastructure in the region.

Hemi gold system


The Hemi system consists of three main deposit areas – Brolga, Aquila and Crow.

Large potential extensions to Aquila and Brolga have been identified from drilling with four rigs currently drilling extensional targets.

At Aquila, results include 33 metres at 1.5 g/t with the potential to extend the strike by 50% to more than 1,200 metres.

At Brolga, new extensions were recently reported with results from aircore drilling of 16 metres at 2.4 g/t with the southern extension currently around 1,000 metres long by about 200 metres wide and open.

Further aircore results are pending while more RC drilling is planned at both deposits.

At Crow deposit, the company is targeting an area up to 400 metres wide and 1,000 metres of strike with RC drilling planned and early-stage step-out drilling underway.

The company believes that further drilling will determine the scale of any future open pit mine which may have significant operating cost benefits.

Further drilling will determine the scale of any future open pit mine which may have significant operating cost benefits.

Brolga recoveries


Initial metallurgical test-work on Brolga mineralisation achieved recoveries of:

  • 96.3% from fresh rock using flotation, oxidation and carbon in leach (CIL); and
  • 93% in oxidised using CIL.

Results from a broader metallurgical test-work program are expected later in the current quarter.

Finding the next Hemi


De Grey has identified four lookalike mineralised intrusions within 10 kilometres of Hemi called Scooby, Antwerp, Shaggy and Alectroenas.

Two rigs are testing targets at Scooby and Antwerp and a detailed aeromagnetic survey has been completed over the prospective 30-kilometre zone.

Modelling, interpretation and a targeting study are well advanced and the company is now in the position to accelerate drill testing.

Regional intrusions


A total of eight known intrusions have been identified throughout the overall project area and seven are mineralised. Four of these are mineralised in the Hemi corridor.

More than 20 new magnetic features have beeRead More – Source

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S&P/ASX 200 drops 2.4% this week over worries of rising COVID-19 cases worldwide

S&P/ASX 200 (INDEXASX:XJO) closed 0.6% down today following news of another 288 COVID-19 cases in Victoria, a new daily record, and US futures also sliding into negative territory.

The biggest losses have been among the likes of energy and materials following a 2-3% fall in oil prices in overnight trade.

This weighed on local oil and gas producers with Oil Search (ASX:OSH) down the most with a loss of 4.1% while Woodside (ASX:WPL) and Origin Energy (ASX:ORG) dropped more than 2.2%.

COVID-19 update[hhmc]
306 new COVID-19 cases were recorded across Australia today, with Victoria, New South Wales, Western Australia and the Australian Capital Territory all seeing a rise in new infections.

In the US, more than 60,500 new COVID-19 infections were reported on Thursday, according to Reuters, setting a new one-day record.

As infections rose in 41 of the 50 states over the last two weeks, the US has become increasingly divided on issues such as the reopening of schools and businesses.

Top ..

S&P/ASX 200 (INDEXASX:XJO) closed 0.6% down today following news of another 288 COVID-19 cases in Victoria, a new daily record, and US futures also sliding into negative territory.

The biggest losses have been among the likes of energy and materials following a 2-3% fall in oil prices in overnight trade.

This weighed on local oil and gas producers with Oil Search (ASX:OSH) down the most with a loss of 4.1% while Woodside (ASX:WPL) and Origin Energy (ASX:ORG) dropped more than 2.2%.

COVID-19 update


306 new COVID-19 cases were recorded across Australia today, with Victoria, New South Wales, Western Australia and the Australian Capital Territory all seeing a rise in new infections.

In the US, more than 60,500 new COVID-19 infections were reported on Thursday, according to Reuters, setting a new one-day record.

As infections rose in 41 of the 50 states over the last two weeks, the US has become increasingly divided on issues such as the reopening of schools and businesses.

Top gainers


Todays top gainers on the ASX include VIP Gloves Ltd (ASX:VIP) (+10.00%), Artemis Resources Ltd (ASX:ARV) (+14.29%), Comet Resources Limited (ASX:CRL) (+13.33%), Esense-Lab Ltd (ASX:ESE) (+11.11%) and Archtis Ltd (ASX:AR9) (+12.50%).

Proactive news headlines:

Legend Minings ongoing hits of thick, massive nickel-copper sulphides are highly encouraging: Euroz


Legend Mining Ltd (ASX:LEG) recently added to the robust nature of Mawson prospect within the Rockford Project in WAs Fraser Range with an intersection of 4.5 metres at 3.05% nickel, 2.32% copper and 0.19% cobalt – the best grades to date. Euroz has reiterated its speculative buy rating for Legend with a price target of 30 cents per share (current price: 14 cents) after the recent high-grade drilling results.

Red River Resources sets new quarterly copper production record


Red River Resources Limited (ASX:RVR) has achieved record copper production at its Thalanga Operation in Northern Queensland for the quarter ending June 30, 2020. An increase in copper grade of ore milled to 1.0% and a record copper recovery to copper concentrate of 84.7% resulted in quarterly production of 2,697 tonnes of high-quality copper concentrate, compared to 2,310 tonnes in the previous quarter.

Andromeda Metals' maiden halloysite-kaolin reserve supports 26-year mine life


Andromeda Metals Ltds (ASX:ADN) 12.5 million tonnes maiden ore reserve at Careys Well deposit within the Poochera Halloysite-Kaolin Project JV in South Australia supports a 26-year mine life at an annual mining rate of 500,000 tonnes. The reserve of bright white kaolinised granite in the probable category comprises 15% halloysite and 78% kaolinite in the minus 45-micron fraction.

Bellevue Gold fields strong support for $100 million placement, reflecting quality of project


Bellevue Gold Ltd's (ASX:BGL) $100 million fully underwritten share placement has been strongly supported on the back of its impressive gold story with firm commitments from institutional investors for the issue of 100 million new shares at $1.00 per share. There was strong demand from domestic and offshore institutions with the book multiple times covered over the placement amount.

Creso Pharma wins second purchase order from Israels Univo for premium medicinal cannabis flower


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Legend Minings ongoing hits of thick, massive nickel-copper sulphides are highly encouraging: Euroz

Legend Mining Ltd (ASX:LEG) recently added to the robust nature of Mawson prospect within the Rockford Project in WAs Fraser Range with an intersection of 4.5 metres at 3.05% nickel, 2.32% copper and 0.19% cobalt – the best grades to date.

Euroz has reiterated its speculative buy rating for Legend with a price target of 30 cents per share (current price: 14 cents) after the recent high-grade drilling results.

The stockbroker believes on-going hits of thick, massive nickel-copper sulphides are highly encouraging in terms of the evolution of a major new discovery.

The following is an extract from Euroz research update on Legend:

Assay Results from RKDD015 and RKDD018 at Mawson
Key Points[hhmc]

LEG has announced assay results received from diamond drillholes RKDD015 and RKDD018 at Mawson;
We highlight the consistency of these results with those that gave rise to the original discovery hole (#7) and that otherwise occur proximal to the ongoing following massive sulphide intersections ..

Legend Mining Ltd (ASX:LEG) recently added to the robust nature of Mawson prospect within the Rockford Project in WAs Fraser Range with an intersection of 4.5 metres at 3.05% nickel, 2.32% copper and 0.19% cobalt – the best grades to date.

Euroz has reiterated its speculative buy rating for Legend with a price target of 30 cents per share (current price: 14 cents) after the recent high-grade drilling results.

The stockbroker believes on-going hits of thick, massive nickel-copper sulphides are highly encouraging in terms of the evolution of a major new discovery.

The following is an extract from Euroz research update on Legend:

Assay Results from RKDD015 and RKDD018 at Mawson

Key Points

  • LEG has announced assay results received from diamond drillholes RKDD015 and RKDD018 at Mawson;
  • We highlight the consistency of these results with those that gave rise to the original discovery hole (#7) and that otherwise occur proximal to the ongoing following massive sulphide intersections as follows;
  • RKDD018:
    • 19.2m @ 1.69% Ni, 1.23% Cu, 0.09% from 97.9m (incl. 4.5m @ 3.05% Ni, 2.32% Cu, 0.19% Co from 103.7m;
    • 34.65m @ 0.51% Ni, 0.35% Cu, 0.03% Co from 130.7m;
  • The grades contained in the above 4.5m intercept in hole 18 are the best seen to date at Mawson;
  • RKDD018 was designed to test the eastern extension of sulphide mineralisation in both the upper disseminated and lower massive sulphide intervals intersected in RKDD008;
  • Of particular note was the “leopard textures” encountered. Per the Voiseys Bay analogue, leopard textures are considered to indicate close proximity to an ultramafic intrusive source;
  • RKDD015:
    • 73.5m @ 0.32% Ni, 0.29% Cu, 0.02% Co from 87.5m;
    • 24.3m @ 0.22%, Ni 0.26% Cu, 0.02% Co from 279m;
  • RKDD015 was designed to test the northern extension of massive sulphide mineralisation in RKDD011 and the eastern extension of the upper sulphide zone in RKDD007;
  • LEG is progressing its 3,000m RC drilling programme over the next month;
  • We anticipate an extension of the program with further positive results and incorporation of diamond tails where warranted, with diamond drilling to follow in a success case;
  • The aircore anomalism continues to build in the eastern shadow of the main gravity feature;
  • We note substantial infill on the previous update, that is exhibiting a coherent cluster of geochem anomalism immediately adjacent to the main gravity features;
  • Furthermore, 2D modelling of these gravity features suggest densities consistent with mafic and ultramafic packages that to date appear to be possible sRead More – Source
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