Artemis Resources processing facility attracts attention from Canadian explorer

Artemis Resources Ltd (ASX:ARV) has signed a memorandum of understanding (MoU) with Pacton Gold Inc. (CVE:PAC) to enter into a strategic processing alliance.

The MoU contemplates collaboration between the two companies to utilise Artemis’s 100% owned Radio Hill processing plant, on a non-exclusive basis.

An alliance would be mutually beneficial – Pacton could process bulk samples from its multiple nearby mine leases and Artemis could generate fees or value for processing at its facility.

READ: Artemis Resources building a mining future around the Radio Hill plant

Artemis’ executive chairman David Lenigas said: “Artemis’ 100% owned Radio Hill processing plant will become a multimetal 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 programs.

“Pacton is a sizeable tenement holder in the Pilbara and has recognised the strategic value of having access to Artemis’s processing operations.

“Trucking transport costs in the Pilbara are very reasonable, hence the attraction of access to the Radio Hill infrastructure for Pacton.

“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.”

Pacton is backed by Eric Sprott

Pacton is a well-financed, aggressive Canadian explorer which has the backing of Canadian billionaire Eric Sprott as its major shareholder.

The company controls one of the largest conglomerate-hosted gold property portfolios with tenements totalling in excess of 2,840 square kilometres.

Story by ProactiveInvestors