Updated recipe
Myrrh, 4 g
Honey, 15 ml
Bees wax, 8 g
Olive oil, 22 ml
Iron oxide, 4 g
Rosewood oil, 3 drops Note: A bit late it has come to my attention that Brazilian Rosewood is an endangered species, so my recommendation is to leave the salve unscented or add a few drops of another scented oil.
Edible gold powder, 2 ml (optional and used for half the batch)
I started out mixing everything apart from the pigment, Rosewood oil and the gold powder. It smelled quite nicely of honey and resin.

Mixing it together on low heat in soon became a cohesive mass that first was quite runny and then got thicker and thicker.