On 24th September 2009, shareholders approved the acquisition of Morning Star Holdings (Australia) Pty Ltd (Previously Realm Resources Limited) (“MSH”) exposing the Company to the South African platinum industry and specifically to three prospective tenements situated in the Eastern Limb of the PGM bearing Bushveld Igneous Complex.
The PGM sector has:
Realm Resources acquisition Stage 1 of the transaction was completed in November 2009 with the issue of 49.9 million Morning Star shares. The company then owned 100% of Morning Star Holdings (Australia) Pty Limited, 47.5% of Masedi Platinum (Proprietary) Limited (“Masedi”) and 49.9% of Nkwe Platinum (Scarlet) (Proprietary) Limited (“NPS”). Stage 2, was completed in May 2012, Realm now owns 70.3% of Masedi and 74% of NPS a further 50.1 million shares were issued to complete the deal.
The assets owned by Masedi and NPS all occur within the Bushveld Igneous Complex (“BIC”), the geological feature that hosts more than 85% of the world’s platinum resources. Specifically the tenements occur on the southern portion of the Eastern Limb of the complex, some 230km north-east of Johannesburg. The tenements from north to south are Ghost Mountain, Kliprivier and Tinderbox. The Kliprivier prospect is considered the most prospective and occurs immediately to the south of Aquarius Platinum’s Everest South Mine and Northam’s recently announced Booysendal project.
The tenements are accessible via sealed roads, and are well placed relative to regional power and water infrastructure.
Figure 1 Location of the Bushveld Igneous Complex (BIC) and Realm Resources’ Tenements