Artemis Resources has signed a binding agreement with GreenTech Metals to establish a 50:50 joint venture (JV), named Andover Lithium, to consolidate their lithium mineral rights in Western Australia (WA).
Andover Lithium will develop the largest lithium exploration tenement package in the Karratha area in the West Pilbara region, spanning more than 420km².
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The JV brings together undrilled lithium-bearing pegmatites within the same corridor as the Azure Minerals Tier 1 lithium pegmatite project.
The consolidated tenement package covers a substantial part of the Karratha-Roebourne lithium corridor and comprises six lithium-prospective areas, four of which feature prominent outcropping spodumene-bearing pegmatites.
GreenTech will act as the manager of the JV.
The partnership aims to attract a major funding partner for Andover Lithium.
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By GlobalDataThe companies will fund the JV based on the first-year exploration budget. Andover Lithium will cover 25% of the tenement holding costs.
Additional funds can be raised by proportional contributions from shareholders, company-level financing, issuing equity and alternative transactions.
The JV will allow Artemis and GreenTech to concentrate on core exploration activities in the Karratha region.
Artemis is focusing on gold, prioritising the growth of its Carlow Gold Project and the discovery of new gold deposits, while GreenTech is targeting copper/zinc resource expansion and is working to enhance the resources of high-grade copper and zinc at its wholly-owned Whundo VMS Project.
Both companies recently concluded large-scale diamond drilling campaigns and are now awaiting assay results from several targets.
In September 2024, Artemis Resources partnered with Anax Metals to jointly evaluate the potential for processing copper resources at the Whim Creek processing hub in WA.
