Alien Metals Ltd (AIM:UFO, OTC:ASLRF) has completed its acquisition of a 100% interest in the Munni Munni platinum group metals and gold project in the West Pilbara region, Western Australia.
The Munni Munni project is currently subject to a joint venture between Artemis Resources Limited and Platina Resources Limited.
Munni Munni also contains rhodium, nickel and copper.
The company reckons there is potential to extend the historic resource and identify new mineralised systems in both untested additional platinum group element-bearing reefs and the larger base metal system associated with the regional geology.
The transaction marks the consolidation of the highly prospective Munni Munni and Elizabeth Hill project areas for the first time in over 30 years.
"With the completion of the Munni Munni acquisition, we have further enhanced our position in the West Pilbara region,” said Alien’s chief executive Bill Brodie Good.
“The company has now secured 100% of one of Australia's largest undeveloped PGE projects at a time when global geopolitics has placed significant supply constraints on strategic metals like palladium and platinum. It is important to note that almost 60% of the historically defined contained metal at Munni Munni is palladium. The security of supply for these critical minerals will become a key factor for global governments and industry.”
Alien now plans to start technical work on the project and consolidate activities undertaken over the last 20 years.
"We also welcome both Artemis Resources and Platina Resources to the register as shareholders of the company,” said Brodie Good.