Hematite/Iron
Following the elevated prices for PGE's, exploration in Australia has intensified. The Munni Munni complex located south of Karratha in Western Australia appears to hold the most potential, according to studies carried out by Hunter Resources Ltd over the complex in the 1980's. The Munni Munni intrusion is similar in many respects to the well documented layered ultramafic intrusions such as Stillwater and Bushveld. Legend Mining has entered to an agreement that could see it obtain a 60% interest in the Munni Munni PGM project that has resources estimated at containing 20 to 30 Mt grading 2.9 g/t Palladium + Platinum + Gold to a depth of 500m. East Coast Minerals holds the remaining interests in the project.
Helix Resources have acquired 100% of Hunter Resources' mining leases over the Munni Munni complex and have also succeeded in acquiring South African PGM producer Lonmin Plc as partners to develop Munni Munni. Lonmin are entitled to a 50% interest in Munni Munni by funding a full feasibility study. It is estimated that Munni Munni can support a 15 year mining operation that could produce 100 000 oz PGM and 5 000t nickel and copper per year.
Lonmin continues to develop its interests in the fledgling Australian PGM scene through its partnership with Platinum Australia, that are evaluating the Panton PGM prospect in the far northern parts of Western Australia. Panton has a resource containing 4.5 Moz PGM's +Au and initial studies indicate an annual production of around 70 000 oz PGM. Platinum Australia are developing a decline in order to extract bulk samples for metallurgical test work. A bankable feasibility study is expected to be completed in the latter half of 2002.
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