Artemis Resources (ASX:ARV) and Anax Metals (ASX:ANX) have signed a non-binding and non-exclusive memorandum of understanding (MoU) to assess and explore copper-gold opportunities in Western Australia.
Under the agreement, both parties will assess the potential for processing the copper content of Artemis Resources’ open-pittable Great Carlow resource at the Whim Creek Processing Hub, as well as the potential for Artemis to explore for gold mineralisation on Anax’s Whim Creek tenure.
Anax Metals Managing Director Geoff Laing says the region is prolific with copper and gold potential.
“We look forward to applying the key strengths of our respective teams to delivering positive outcomes via the production hub and an expanded gold exploration initiative at Whim Creek,” Laing says.
Both parties will contribute resources and information to the joint assessment that will focus on technical studies and regulatory approvals at Carlow Castle.
Artemis Resources, which has a market capitalisation of $23 million, says the joint assessment will support both parties developing terms for a legally binding agreement that could allow for Artemis’ copper to be processed at Whim Creek.
Executive Director George Ventouras says the West Pilbara region of Western Australia is an exciting jurisdiction to be operating in.
“This initiative allows each company to focus on its strength and to deliver results for all stakeholders,” Ventouras says.
On the Whim Creek Project, Artemis will also continue to progress gold and lithium exploration at its wholly owned and joint venture Pilbara tenements.
The MoU has a 12-month term and either party is permitted to terminate the agreement by providing a 30-day written notice.
Both companies will begin relevant assessments and provide updates over the coming months.
Artemis Resources is a gold, copper, and lithium-focused explorer with projects in Western Australia.
Anax Metals is a mineral explorer focused on its 80% interest in the Whim Creek Project. The proposed project will comprise a new 400,000 tonnes per year concentrator and a refurbished heap leach facility capable of treating oxide, transition, and supergene ore that is supported by robust project economics.
Write to Aaliyah Rogan at Mining.com.au
Images: Artemis Resources, Anax Metals
