Join our daily newsletter At The Bell to receive exclusive market insights
Anax Metals Ltd (ANX) and Artemis Resources Ltd (ASX:ARV) have inked an agreement which is set to boost the development of a copper production hub in Western Australia’s Pilbara region.
The companies have signed a Memorandum of Understanding (MOU) under which Artemis assets such as Carlow Castle – which has an inferred mineral resource estimate of 64,000 tonnes of copper – will be assessed for treatment at Anax’s Whim Creek processing hub.
Another part of the deal will see Artemis having the opportunity to explore for gold mineralisation on Anax’s project tenture.
Anax is working towards development of the Whim Creek Project – located 115 kilometres southwest of Port Hedland – in which it owns an 80% stake, with Develop Global Ltd owning 20%.
This will revolve around a new 400,000 tonne per annum concentrator, and a refurbished heap leach facility which will be able to treat oxide, transitional and supergene ore.
With the Carlow Castle deposit situated only 80 kilometres to the west, this will be a strong contender for processing at the hub. However, Develop Global’s Sulphur Springs project and Green Tech Metal’s Whundo project are other alternative satellite ore sources.
Anax Managing Director Geoff Laing said the agreement would be a boon for both parties.
“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,” he said.
“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.”
Anax has been trading at 1.9 cents.
