Artemis Resources Ltd (ASX:ARV, AIM:ARV, OTCQB:ARTTF) has inked a Memorandum of Understanding (MoU) with Anax Metals Ltd (ASX:ANX) to jointly assess the potential for processing ARV copper from the Greater Carlow resource and gold exploration on Anax’s tenements.
The two parties, under this Pilbara copper alliance covering the West Pilbara, will investigate the viability of processing Artemis’ copper at the proposed Whim Creek processing hub, which has potential to become a substantial West Australian copper producer.
The MoU will also assess potential for Artemis to conduct gold exploration on Anax Metals' project.
Playing to each company’s strengths
"We are thrilled to collaborate with Anax Metals on the Pilbara copper alliance via this MoU and expand our own potential for gold exploration,” Artemis executive director George Ventouras said.
“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 MoU includes an option to extend the alliance to cover the Whim Creek, Sulphur Springs Oxide, Whundo and Carlow Castle deposits.
Location of the Whim Creek and Carlow Castle projects,
Overall, Artemis believes the alliance will provide:
- Operational efficiencies from efficient single-operator exploration, project development, mining and processing teams;
- Better mining contract rates due to increased mine life;
- Better funding and offtake terms under a larger project;
- Reduction in costs due to economies of scale; and
- Reduction in overall project cost and environmental footprint with use of single processing facility
The MoU will extend for a 12-month term, with either party permitted to terminate by providing 30 days written notice.
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