Artemis Resources (ASX:ARV,OTC Pink:ARTFF) and Anax Metals (ASX:ANX) have entered a 12 month memorandum of understanding (MOU) to explore copper and gold opportunities in Western Australia.
In a Tuesday (September 10) press release, the companies said under the non-binding and non-exclusive MOU, they will assess the potential to process copper from Artemis’ Greater Carlow resource at the Whim Creek processing hub.
Additionally, they will to look into the potential for Artemis to explore gold mineralisation on tenements held by Anax.
“We are thrilled to collaborate with Anax Metals on the Pilbara copper alliance via this MoU and expand our own potential for gold exploration,” said George Ventouras, executive director of Artemis.
“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.”
Whim Creek is owned 80 percent by Anax and 20 percent by its joint venture partner, Develop Global (ASX:DVP,OTC Pink:VTEXF). Their plan is for the facility to serve the West Pilbara region with a 400,000 tonne per year concentrator, as well as a refurbished heap leach facility that will be able to treat oxide, transitional and supergene ore.
In terms of the Anax tenements, Tuesday’s release notes that a portion are near De Grey Mining’s (ASX:DEG,OTC Pink:DGMLF) Hemi deposit, whose resource estimate stands at 12.5 million ounces of gold.
Other possible MOU benefits outlined by the companies include a reduction in project and fixed costs, better open-pit mining contract rates and more favourable funding and offtake terms.
As mentioned, the MOU is for a period of one year, during which time Artemis and Anax’s work will include setting up terms for a legally binding agreement regarding the process of Artemis’ copper at Whim Creek.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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