PERTH (miningweekly.com) – ASX-listed junior Artemis Resources has entered into a strategic processing alliance with TSX-V-listed Pacton Gold, leveraging opportunities at Artemis’ Radio Hill operations, in Western Australia.
Pacton told shareholders on Thursday that the Radio Hill processing facility provided the potential for rapid advancement of the company’s Pilbara projects through substantial bulk sampling and production scale testing of gold mineralisation.
“The strategic processing alliance with Artemis provides a far reduced upfront capital cost of evaluating near term development opportunities within the Pilbara,” said Pacton interim president and CEO Alec Pismiris.
“Pacton’s extensive landholding in the Pilbara contains a multitude of prospects requiring evaluation. Through Pacton’s granted mining leases in conjunction with the processing solution provided by Artemis, the alliance partners are well positioned to expedite development opportunities.”
Pacton is now undertaking a project review across its entire portfolio to identify opportunities for near-term bulk sampling and production from both conglomerate and shear hosted mineralisation from its multiple mining leases.
Artemis in October last year acquired the Radio Hill project from Fox Resources for A$2-million in cash and the issue of 20-million Artemis shares. The project included the 500 000 t/y nickel and copper processing plant, a tailings storage facility, administration and maintenance buildings and a fully developed underground mine, which was placed on care and maintenance in 2008.
The company has since then undertaken refurbishments of the plant, which included upgrading the crushing, grinding and flotation circuits, and installing a new high recovery gold circuit capable of processing 500 000 t/y.
“Artemis’ 100% owned Radio Hill processing plant will become a multi-metal production platform and it now has a gold circuit. This capability makes it an increasingly strategic asset and provides the opportunity for other gold companies in the Pilbara to fast-track their bulk sampling and project evaluation programmes,” said Artemis executive chairperson David Lenigas.