Artemis Resources has signed a binding conditional $3.5m agreement with Fox Resources for a three-month exclusive option to purchase Radio Hill nickel and copper operations, processing plant and associated mining and exploration tenements.
The Radio Hill plant is 35km from Karratha in the Pilbara region of Western Australia (WA). The project is known to contain significant resources of nickel, copper and zinc.
Artemis Resources chairman David Lenigas said: “The closing of this deal would be truly transformational for the company, as the purchase of this fully permitted state of-the-art Radio Hill operations, processing plant with its tailing dams and infrastructure, would not only allow us to assess the re-development potential of the significant nickel, copper and zinc resources that exist within a short distance from the plant as the base metals sector improves. But also provides a potential fast-track route to develop Artemis’s 110,000oz of gold resources already identified at its nearby Weerianna and Carlow Castle deposits and its Munni Munni Platinum/Palladium/Gold deposit which hosts resources of 830,000oz of platinum, 1.14Moz of Palladium and 152,000oz of gold.”
The Radio Hill base metal processing plant that is capable of processing 425,000t per annum will remain on care and maintenance.
The project holds an existing nickel/copper sulphide resource of 4.02Mt at 0.51% nickel and 0.88% copper.
Under the deal, Artemis will pay a $100,000 fee after the execution of the binding conditional agreement. It will pay $50,000 in second month, and $50,000 in the third month to Fox Resources.
The remaining consideration of $3.3m will be payable after the third month, which can be extended upon mutual agreement by both parties.
Image: Radio Hill nickel/copper operations site. Photo: courtesy of Artemis Resources.