Artemis Resources Limited (ASX: ARV) has entered into a binding agreement to acquire: 100% of the issued capital of Elysian and Hard Rock; and a 70% interest in an exploration licence application close to its own properties in the Pilbara region of Western Australia.
The agreements have been made with Sorrento Resources, Elysian Resources Pty Ltd, Hard Rock Resources, Hamersley Gold, and ACN 622 635 483 Pty Limited.
Artemis’s Executive Chairman David Lenigas said their was exciting exploration potential in the areas being acquired.
“Some of these tenements have exceptional exploration potential for gold bearing conglomerate rocks along strike from our Purdy’s Reward Project and Novo’s Comet Well and Rob’s Patch discoveries,” Mr Lenigas said.
“We will now fast track ‘wrapping’ these tenements into Artemis’s existing Native Title Agreements, so that we can get the Exploration Licence Applications (ELAs) approved in short order.
“We would expect that these ELAs could be approved by the end of the year, making way for an aggressive exploration programme. This ground is also key to Artemis as it encompasses a lot of under explored and highly prospective ground around our 100% owned Radio Hill nickel/copper/cobalt mine.”
Pursuant to the Agreement, Artemis has now acquired 100% of the issued capital of Elysian and Hard Rock via:
- a payment of $1,000,000; and
- the issue of 25,000,000 fully paid ordinary shares in the capital of Artemis.
Artemis is to issue a further 8,000,000 Shares on or before 31 January 2018, and intends to complete this Share issue on 31 January 2018.
Pursuant to the Tenement Acquisition and in accordance with the Agreement, the Parties have agreed to establish a joint venture in relation to the Tenements, whereby Artemis will hold a 70% interest in the joint venture via its 100% holdings in both Elysian and Hard Rock, and Hamersley and ACN Co will hold the remaining 30% JV interest between them (Karratha Gold Joint Venture).