The costs for the study will be borne by the companies on a 50/50 basis.
The companies intend to accelerate this study, scheduled for completion this September, with the view of putting Mt Clement-Paulsens into production as soon as possible.
Artemis Resources chairman David Lenigas said: “There is a significant resource of gold and silver already defined and this project has an excellent chance of being developed as an open pit heap/vat leach project using Merrill Crowe for final metal recovery to capture not only the gold but also the high levels of silver in the rock.
“Blackrock have significant experience with these types of operations and we expect to be able to provide regular updates to shareholders on potential production rates, costs and timing as the study progresses over the following months.”
After the study is completed, Artemis and Blackrock will jointly fund and develop Mt Clement-Paulsens.
According to Artemis, Mt Clement-Paulsens comprises a JORC-compliant inferred mineral resource of 1Mt at 1.7g/t gold and 17g/t silver for a contained 64,400oz gold and 618,500oz silver.
Blackrock engages in operating heap leaching and processing facilities for the recovery of base and precious metals.