Artemis Resources Limited (Artemis) has just signed a binding agreement to acquire 100 per cent of Rincon Resources Ltd (Rincon) – the holder of rights to three highly prospective projects in Western Australia.
The acquisition of Rincon is subject to due diligence, acceptances for at least a further 23 per cent of Rincon’s shares (for a total of 90 per cent) and Artemis shareholder approval, for a total consideration of $2.7 million in cash and scrip.
Through the Acquisition, Artemis will add a total of 708 square kilometres of new tenements, gaining further exposure to the Paterson Province with the addition of the South Telfer project as well as two other prospective copper-gold projects – Laverton and Kiwirrkurra.
South Telfer Project
Located approximately 12 kilometres from Newcrest Limited’s Telfer mine, the South Telfer project consists of seven exploration licences and two prospecting licences covering 540 square kilometres of prospective geology.
The project area has been previously explored by Newcrest which identified outcropping mineralisation at the Hasties prospect and large gold anomalies at Westin.
Laverton Gold Project
The Laverton gold project consists of two exploration licences covering approximately 42 square kilometres of prospective Banded Iron Formation, within the Mt Margaret-Murrin Greenstone belt.
The project area is located 4 kilometres west of the Laverton township and has historically been the subject of sporadic, early-stage exploration activities.
The Kiwirrkurra project includes a single exploration licence covering approximately 126 square kilometres of the highly prospective Central Australian Suture (CAS) in the West Arunta Province.
The CAS represents a preserved subduction zone and has seen an increase in exploration activities with the recent discovery of the Grapple base metal target by the Lake Mackay JV (with Independence Group and Prodigy Gold).
The Kiwirrkurra project is considered to be prospective for iron oxide copper-gold style mineralisation as well as orogenic gold mineralisation.
Artemis Resources’ Non-Executive Chairman, Sheik Maktoum, said the acquisition of Rincon is a ‘significant win’ for Artemis Resources shareholders, making the company one of the largest landholders in the Paterson Province.
“At completion, Artemis gains a significant increase in scale and a simplified Paterson operation all within close proximity to some of the region’s largest miners.”
“Telfer South is an exceptional prospect with mineralised intercepts of gold and copper from surface and offers a compelling target to increase the value of the Artemis’ suite of Patersons Province assets,” he said.
“The other projects within Rincon also include quality assets which may provide value propositions for sale, JV or exploration.”
More information on the announcement can be found here.