Pacton Gold Inc. (Pacton) has signed a Memorandum of Understanding (MOU) with Artemis Resources Ltd (Artemis), an Australian Securities Exchange listed exploration company, to enter into a strategic processing alliance.
The MoU contemplates collaboration between the two companies, whereby Pacton can utilise Artemis' 100%-owned Radio Hill processing plant, located 30 km from the city of Karratha, on a non-exclusive basis. The alliance provides Pacton with the potential to bulk process conglomerate and shear hosted mineralisation from Pacton's multiple mining leases and therefore opens a rapid pathway to production.
Under the terms of the MoU, Artemis and Pacton will seek to work collaboratively to determine how they can together advance, or leverage off, Artemis' Radio Hill operations and processing infrastructure. Commercial terms for any processing arrangement remain subject to negotiation in a formal agreement.
"The strategic processing alliance with Artemis provides a far reduced upfront capital cost of evaluating near term development opportunities within the Pilbara. Pacton's extensive land holding in the Pilbara contains a multitude of prospects requiring evaluation. Through Pacton's granted mining leases in conjunction with the processing solution provided by Artemis, the alliance partners are well positioned to expedite development opportunities," commented Alec Pismiris, Interim President and CEO of Pacton Gold.
"We look forward to working closely with Artemis, an established long term operator in the Pilbara region and strive to capitalise on the operating synergies between both parties.
Read the article online at: https://www.globalminingreview.com/finance-business/17102018/pacton-and-artemis-to-join-forces-on-processing-operations/