Artemis Resources (ASX:ARV) has entered into a strategic processing alliance with Canadian prospector Pacton Gold, capping off a busy period for both companies and demonstrating the wheels continue to turn for the Pilbara gold story.
Artemis Resources has been developing its Radio Hill processing plant, the only independent processing facility in the Pilbara and the alliance with Pacton will see the company potentially mill its nugget-rich feedstock through the plant.
Both companies have agreed to collaborate on how to advance the processing facility to be suitable for conglomerate gold.
The Radio Hill processing plant is located approximately 30km from the city of Karratha and is also surrounded by a host of Artemis Resources’ top projects, including Carlow Castle, which boasts some of the nation’s most prospective cobalt ground.
Pacton Gold has been one of the Pilbara’s most aggressive players, establishing the region’s third largest tenement holding and will be well positioned to add supply to Radio Hill. The company has acquired a number of highly prospective gold nugget projects.
Only this week the company continued to add to its arsenal, announcing a discovery of more gold nuggets at its Friendly Creek project, which is expected to expand further through planned acquisitions of the nearby Golden Palms and Hong Kong tenements.
Commenting on the strategic processing alliance Artemis’ executive chairman David Lenigas said:
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.
“Through this collaboration with Artemis, Pacton can potentially expedite their exploration and development initiatives and as such this strategic alliance is seen as win-win for both companies,” he said.
The alliance between Artemis and Pacton will be one to watch, as commercial terms for the processing arrangement remain subject to negotiation of a formal agreement.
