Artemis takes option over Radio Hill

PERTH (miningweekly.com) – ASX-listed junior Artemis Resources has inked a conditional option agreement with Fox Resources to acquire the Radio Hill nickel and copper operations, in Western Australia, for A$3.5-million.

Artemis will have three months in which to conduct a due diligence and arrange for potential funding for the acquisition, with a A$200 000 option fee payable to Fox Resources.

A final consideration of A$3.3-million is payable if Artemis took the decision to execute the transaction, and the assets will be purchased clear of any outstanding trade creditor liabilities.

The asset includes the 425 000 t/y Radio Nickel and copper processing plant, tailings storage facility, administration and maintenance buildings and a fully developed underground mine, which was placed on care and maintenance in 2008.

The project has a nickel/copper resource of 4.02-million tonnes, grading 0.51% nickel and 0.88% copper, with significant exploration upside potential.

“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 resource that exists within a short distance from the plant as the base metals sector improves, but also provides a potential fast track route to develop Artemis’ 110 000 oz of gold resource already identified at its nearby Weerianna and Carlow Castle deposits, and its Munni Munni platinum/palladium/gold deposits, which hosts resources of 830 000 oz of platinum, 1.14-million ounces of palladium and 152 000 oz of gold,” said Artemis chairperson David Lenigas.