Anax Metals Ltd (ASX: ANX) and Artemis Resources Ltd (ASX: ARV) have announced that they have signed a non-binding and non-exclusive memorandum of understanding (MoU) which sets out the terms on which Anax and Artemis agree to jointly assess the potential for processing the copper content of Artemis’ Greater Carlow resource at the fully-permitted Whim Creek Processing hub.
In addition, the parties have agreed to jointly assess the potential for Artemis to explore for gold mineralization on the Anax Project tenure.
Anax’s managing director, Geoff Laing, commented, “We are extremely pleased to be working with Artemis on potential copper/gold production via the planned Whim Creek hub and to advance gold exploration opportunities at the project. Our region is prolific with copper and gold potential, and 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.”
Under the agreement, each party will contribute resources and information to the joint assessment that will focus on technical studies and regulatory approvals at Carlow Castle. The joint assessment will assist the parties in developing terms for a legally binding agreement that allows for Artemis copper assets to be processed at Whim Creek. Transaction options being considered include an outright asset sale/purchase agreement, joint venture or joint mining, and funding agreements.
The two companies will commence relevant assessments and provide the market with updates over the coming months.
To find out more, please visit www.anaxmetals.com
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