Artemis and Pacton Sign Strategic Processing Alliance for Pilbara Gold
(firmenpresse) - Artemis and Pacton Sign Strategic Processing Alliance for Pilbara Gold
Artemis Resources Limited (Artemis or the Company) (ASX:ARV, Frankfurt:ATY, USOTC:ARTTF) is pleased to announce it has signed a Memorandum of Understanding (MOU) with Pacton Gold Inc. (Pacton) (TSX:V-PAC, US OTC-PACXF, Frankfurt-2NKN:GR), a Canadian TSX:V listed explorer, to enter into a strategic processing alliance.
Artemis Executive Chairman David Lenigas commented:
Artemis 100% owned Radio Hill processing plant will become a multi-metal production platform and it now has a gold circuit. This capability makes it an increasingly strategic asset and provides the opportunity for other gold companies in the Pilbara to fast track their bulk sampling and project evaluation programmes.
Pacton is a sizeable tenement holder in the Pilbara and has recognised the strategic value of having access to Artemiss processing operations. Trucking transport costs in the Pilbara are very reasonable, hence the attraction of access to the Radio Hill infrastructure for Pacton.
Through this collaboration with Artemis, Pacton can potentially expedite their exploration and development initiatives and as such this strategic alliance is seen as win-win for both companies.
Pacton is a well-financed, aggressive Canadian explorer which has the backing of Mr Eric Sprott as its major shareholder. Pacton is focused on the exploration and development of conglomerate and shear hosted gold properties in the Pilbara region of Western Australia and currently controls one of the largest conglomerate-hosted gold property portfolios with tenements totalling in excess of 2,840 km2 (Figure 1).
The MOU contemplates collaboration between the two companies, with Artemis and Pacton seeking to determine how they can together advance, or leverage off, Artemis 100% owned Radio Hill operations. This will include Pacton utilising the Radio Hill processing plant, located 30 km from the city of Karratha, on a non-exclusive basis (Figure 2).
Pacton is currently undertaking a project review across its entire portfolio to identify opportunities for near term bulk sampling and production from both conglomerate and shear hosted mineralisation from their multiple mining leases. As such this alliance provides a rapid pathway to detailed project assessment and production.
Commercial terms for any processing arrangement remain subject to negotiation of a formal agreement between both parties.
OVERVIEW
Artemis is pleased to announce it has signed a Memorandum of Understanding (MOU) with Pacton to enter into a strategic processing alliance. The Memorandum of Understanding (MOU) with Pacton contemplates collaboration between the two companies to utilise Artemiss 100% owned Radio Hill processing plant, on a non-exclusive basis.
This alliance provides Pacton with the potential to bulk process conglomerate and shear hosted mineralisation from Pactons multiple mining leases.
Under the terms of the MOU, Artemis and Pacton will seek to work collaboratively to determine how they can together advance, or leverage off, Artemis Radio Hill operations. Commercial terms for any processing arrangement remain subject to negotiation in a formal agreement.
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Figure 1: Pactons Pilbara Region Tenement Holdings and Proximity to Artemis Radio Hill Processing Plant
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Figure 3: Artemis Regional Tenement Holdings
For further information on this update or the Company generally, please visit our website at www.artemisresources.com.au or contact:
Edward Mead
Executive Director
Telephone: +61 407 445 351
Wayne Bramwell
Chief Executive Officer
Telephone: +61 417 953 073
David Tasker
Advisor - Chapter One
Telephone : +61 433 112 936
BACKGROUND INFORMATION ON ARTEMIS RESOURCES
Artemis Resources Limited is an exploration and development company focussed on its large (2,400 km2) and prospective base, battery and precious metals assets in the Pilbara region of Western Australia. Artemis owns 100% of the 500,000 tpa Radio Hill processing plant and infrastructure, located approximately 35 km south of the city of Karratha.
The Company is evaluating 2004 and 2012 JORC Code compliant resources of gold, nickel, copper-cobalt, PGE's and zinc, all situated within a 40 km radius of the Radio Hill plant.
Artemis have signed Definitive Agreements with Novo Resources Corp. (Novo), which is listed on Canadas TSX Venture Exchange (TSXV:NVO), and pursuant to the Definitive Agreements, Novo has satisfied its expenditure commitment, and earned 50% of gold (and other minerals necessarily mined with gold) in conglomerate and/or paleoplacer style mineralization in Artemis tenements within 100 km of the City of Karratha, including at Purdys Reward (the Gold Rights). The Gold Rights do not include:
(i) gold disclosed in Artemis existing (at 18 May 2017) JORC Code Compliant Resources and Reserves; or
(ii) gold which is not within conglomerate and/or paleoplacer style mineralization; or
(iii) minerals other than gold.
Artemis Mt Oscar tenement is excluded from the Definitive Agreements. The Definitive Agreements cover 36 tenements / tenement applications that are 100% owned by Artemis.
Pursuant to Novos successful earn-in, two 50:50 joint ventures have been formed between Novos subsidiary, Karratha Gold Pty Ltd (Karratha Gold) and two subsidiaries of Artemis (KML No 2 Pty Ltd and Fox Radio Hill Pty Ltd). The joint ventures are managed as one by Karratha Gold with Artemis and Novo contributing to further exploration and any mining of the Gold Rights on a 50:50 basis.
FORWARD LOOKING STATEMENTS AND IMPORTANT NOTICE
This report contains forecasts, projections and forward-looking information. Although the Company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions it can give no assurance that these will be achieved. Expectations, estimates and projections and information provided by the Company are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are out of Artemis control.
Actual results and developments will almost certainly differ materially from those expressed or implied. Artemis has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this announcement. To the maximum extent permitted by applicable laws, Artemis makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this report and without prejudice, to the generality of the foregoing, the achievement or accuracy of any forecasts, projections or other forward looking information contained or referred to in this report.
Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Companys securities.
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Datum: 18.10.2018 - 08:04 Uhr
Sprache: Deutsch
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