RCS - Artemis Resources Ld - MOU with Anax Metals on Pilbara Copper Alliance
10/09/2024 07:00
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RNS Number : 4789D Artemis Resources Limited 10 September 2024
10 September 2024
artemis to collaborate with anax metals on Pilbara copper alliance and gold
exploration in the west pilbara
_______________________________________________________________________________
Highlights:
· Artemis Resources Ltd (ASX/AIM:ARV) and Anax Metals Ltd (ASX:ANX)
have executed a Memorandum of Understanding (MoU) to jointly assess the
potential for:
o the treatment of the copper content of Artemis' Greater Carlow resource and
o gold exploration by Artemis on Anax tenements
· Both parties will be assessing potential for processing of Artemis'
copper at the proposed Whim Creek processing hub, which has potential to
become a substantial West-Australian copper producer
· Pilbara copper alliance to potentially include Whim Creek, Sulphur
Springs Oxide, Whundo and Carlow Castle
· Artemis has the potential to increase its tenure for gold exploration
in close proximity to De Grey Mining's Hemi gold project
Artemis Resources Limited ('Artemis' or the 'Company') (ASX/AIM: ARV) is
pleased to announce the signing of a non-binding and non-exclusive MoU with
Anax Metals Ltd (ASX:ANX, 'Anax') to jointly assess the potential for
processing the copper content of Artemis' open-pittable Greater Carlow
resource, at the fully permitted Whim Creek processing hub ('Whim Creek') as
well as the potential for Artemis to explore for gold mineralisation on the
Anax Project tenure in the West Pilbara, Western Australia.
Executive Director George Ventouras commented: "We are thrilled to collaborate
with Anax Metals on the Pilbara copper alliance via this MoU and expand our
own potential for gold exploration. The West Pilbara region of Western
Australia is an exciting jurisdiction to be operating in and this initiative
allows each company to focus on its strengths and on delivering results for
all stakeholders."
The proposed Whim Creek Project (80% owned by Anax and 20% owned by Develop
Global Ltd (ASX:DVP)) will consist of a new 400,000 tonnes per annum
concentrator, and a refurbished heap leach facility capable of treating oxide,
transitional and supergene ore that is supported by robust project economics.
By fully utilising its processing capacity, Whim Creek could become a
substantial West-Australian copper producer.
Whim Creek is located 115km southwest of Port Hedland in the West Pilbara
region of Western Australia, and ~80km east of the Artemis Carlow Castle
deposit which is located ~25 km east of Karratha (Figure 1).
Figure 1: Location of the Whim Creek and Carlow Castle Projects
This MoU also provides Artemis with the opportunity to consider the potential
for gold exploration on the Anax tenement package. A portion of Anax's
tenements are located approximately 70km from the Hemi deposit of De Grey
Mining where they have reported a Mineral Resource estimate of 12.5moz Au.
Benefits to Artemis and Anax
Potential benefits resulting from the amalgamated Project may include:
· Operational efficiencies resulting from single operator's
exploration, project development, mining and processing teams
· Better open pit mining contract rates due to increased mine-life
· More favourable funding and offtake terms under a larger Project
· Reduction in fixed costs due to economies of scale
· Reduction in project cost and environmental footprint due to
utilisation of single processing facility
Terms of the MoU
Under the agreement, each party will contribute resources and information to
the joint assessment that will focus on technical studies and regulatory
approvals at Carlow Castle. The joint assessment will assist the Parties in
developing terms for a legally binding agreement that could allow for
Artemis's copper to be processed at Whim Creek. Transaction options being
considered include (without limitation) an outright asset sale/purchase
agreement, joint venture or joint mining and funding agreements.
The parties also agree to jointly assess the potential for Artemis to explore
for gold mineralisation on the Whim Creek Project tenure. Artemis will
continue to progress gold and lithium exploration at its 100%-owned and JV
Pilbara tenements.
The MoU is for a term of 12-months and either party is permitted to terminate
the MoU by providing 30-days' written notice.
Next steps
The Parties will commence relevant assessments and provide market updates over
the coming months.
This announcement was approved for release by the Board.
For further enquiries:
Artemis Resources Ltd
Guy Robertson, Chairman info@artemisresources.com.au
George Ventouras, Executive Director
Zeus Capital Limited (Nomad & Broker)
Antonio Bossi / James Bavister / Isaac Hooper Tel: +44 20 3829 5000
No New Information
To the extent that this announcement contains references to prior exploration
results and Mineral Resource Estimates for the Carlow Gold/Copper Project
which have been cross referenced to previous market announcements made by the
Company, unless explicitly stated, no new information is contained. The
Company confirms that it is not aware of any new information or data that
materially affects the information included in the relevant market
announcements and, in the case of estimates of Mineral Resources, that all
material assumptions and technical parameters underpinning the estimates in
the relevant market announcements continue to apply and have not materially
changed.
About Artemis Resources
Artemis Resources (ASX/AIM: ARV; FRA: ATY; US: ARTTF) is a gold, copper and
lithium focused resources company with projects in Western Australia. The
Company's main projects include;
· Karratha Gold Project including the Carlow Castle 704k oz AuEq
gold-copper-cobalt project in the West Pilbara;
· Karratha Lithium Project including the high grade Mt Marie Lithium
Prospect and the Osborne Lithium JV (Artemis 49%; GreenTech Metals (ASX:GRE
51%)
· Paterson Central Gold/Copper project in the Paterson Province
(located adjacent to Greatland Gold / Newmont's recent gold-copper discovery
at Havieron and only ~42km from the Newmont Telfer gold mine).
· Artemis also owns the Radio Hill processing plant, located only
35km from Karratha.
Artemis is focused on discovering multiple gold prospects within its +200km(2)
tenement package that can build upon the initial Mineral Resource at Carlow.
The majority of the tenement package has been lightly explored and is now the
subject of methodical exploration programs with a view to identify all gold
zones, veins, structures and faults.
The Company will also continue to progress the Karratha Lithium project
including the high grade Mt Marie prospect and will look to advance this
exciting project through further field work which will lead to drilling the
most advanced targets in due course.
Appendix A - Deposit Details
Deposit Operator Stage Measured Indicated Inferred Total Grade Grade Grade Cu Metal Zn Metal Gold Resource Category Standard Source
(Mt) (Mt) (Mt) (Mt) Cu (%) Zn (%) Au (g/t) (Kt) (Kt) (koz)
Whim Creek Anax Metals Limited Feasibility Study 1.1 7.6 2.3 11.0 1.08 1.70 0.16 119 187 56 Mineral Resource JORC 1
(https://anaxmetals.com.au/pro
2012 jects/whim-creek-copper-zinc
-project/)
Carlow Castle Artemis Resources Limited Pre-Study 8.7 8.7 0.73 - 1.3 64 - 374 Mineral Resource JORC 4
(https://aus01.safelinks.prote
2012 ction.outlook.com/?url=https%3
A%2F%2Fwww.alienmetals.uk%2F&a
mp;data=05%7C02%7Cnnisbet%40an
axmetals.com.au%7Cd2dd3ddfec8a
40e58d4608dcce060327%7Ccb4e869
ac279448dac71f7684a0399fc%7C0%
7C0%7C638611773318424695%7CUnk
nown%7CTWFpbGZsb3d8eyJWIjoiMC4
wLjAwMDAiLCJQIjoiV2luMzIiLCJBT
iI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%
7C%7C%7C&sdata=oBLtmnneAyK
K0OBIQFnDDumg0L7lwLDTM9zvnulXv
zA%3D&reserved=0)
Sulphur Springs Develop Global Limited Feasibility Study 12.1 1.4 13.8 1.1 5.7 0.2 152 787 89 Mineral Resource JORC 5
2012
Whundo GreenTech Metals Pre-Study 4.4 1.8 6.2 1.12 1.04 - 69 64 - Mineral Resource JORC 6
Ayisha 2012
References
The information provided in the announcement refers to the following
announcements to the ASX:
1. Whim Creek Definitive Feasibility Study, 3 April
2023 (ASX:ANX)
2. Whim Creek Heap Leach Scoping Study, 11 September
2023 (ASX:ANX)
3. Corporate Update - Whim Creek Project, 13 May 2024
(ASX:ANX)
4. New High-Grade Au-Cu-Co Resource at Greater Carlow,
13 October 2022 (ASX:ARV)
5. Significant increase in fresh ore Resource paves
way for revised economic study, 1 June 2023 (ASX:DVP)
6. Whundo Copper-Zinc Project Increases Resource
Tonnes by 72%, 12 April 2023 (ASX:GRE)
7. De Grey Mining Ltd, Hemi Gold Project Resource
Update, 21 November 2023 (ASX:DEG)
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