Artemis Sources (ASX:ARV,OTC Pink:ARTFF) and Anax Metals (ASX:ANX) have entered a 12 month memorandum of understanding (MOU) to discover copper and gold alternatives in Western Australia.
In a Tuesday (September 10) press launch, the businesses mentioned beneath the non-binding and non-exclusive MOU, they’ll assess the potential to course of copper from Artemis’ Larger Carlow useful resource on the Whim Creek processing hub.
Moreover, they’ll to look into the potential for Artemis to discover gold mineralisation on tenements held by Anax.
“We’re thrilled to collaborate with Anax Metals on the Pilbara copper alliance through this MoU and increase our personal potential for gold exploration,” mentioned George Ventouras, govt director of Artemis.
“The West Pilbara area of Western Australia is an thrilling jurisdiction to be working in and this initiative permits every firm to give attention to its strengths and on delivering outcomes for all stakeholders.”
Whim Creek is owned 80 p.c by Anax and 20 p.c by its three way partnership companion, Develop World (ASX:DVP,OTC Pink:VTEXF). Their plan is for the power to serve the West Pilbara area with a 400,000 tonne per yr concentrator, in addition to a refurbished heap leach facility that may have the ability to deal with oxide, transitional and supergene ore.
By way of the Anax tenements, Tuesday’s launch notes {that a} portion are close to De Gray Mining’s (ASX:DEG,OTC Pink:DGMLF) Hemi deposit, whose useful resource estimate stands at 12.5 million ounces of gold.
Different attainable MOU advantages outlined by the businesses embody a discount in venture and stuck prices, higher open-pit mining contract charges and extra beneficial funding and offtake phrases.
As talked about, the MOU is for a interval of 1 yr, throughout which era Artemis and Anax’s work will embody organising phrases for a legally binding settlement concerning the method of Artemis’ copper at Whim Creek.
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Securities Disclosure: I, Gabrielle de la Cruz, maintain no direct funding curiosity in any firm talked about on this article.
