Empire Metals Ltd (LON:EEE), the AIM-quoted resource exploration and development company, has provided an update on the drilling programme being undertaken by Artemis Resources Limited at the Munni Munni Palladium Project in the West Pilbara, Western Australia.
The Munni Munni project is subject to a proposed acquisition of a 58.6% interest in Munni Munni Pty Ltd, a subsidiary of ASX listed Artemis and the beneficial owner of a 70% interest in Munni Munni. Following completion, Empire will hold a controlling 41% interest in Munni Munni, the largest unexploited primary PGE Resource in Australia.
We refer to the announcement released by Artemis earlier today. The Munni Munni Reverse Circulation (RC) drilling of 12 drill holes for 1,928 metre has been completed, with drill holes spread through the entire upper portion of the mineralisation, to a maximum depth of 200 metres. Samples are in transit to ALS Global and results are expected in 3-4 weeks’ time.
The Company is working closely with Artemis to conclude the transaction announced on 27 April 2020. Completion is subject to a number of conditions precedent including completion of due diligence, execution of a formal joint venture agreement between the Parties, obtaining necessary regulatory approvals and obtaining all necessary third-party consents and approvals to give effect to the proposed acquisition. A significant amount of work has already taken place between the parties and it is expected that the conditions precedent will be completed in a timely manner.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.