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Artemis Resources executes sale agreement for Mt Clement Gold Project with Northern Star

The Mt Clement tenements are 30 kilometres southwest of Northern Star Resources' Paulsens gold mine and plant.

Artemis Resources Ltd - Artemis Resources executes binding sale agreement with Northern Star Resources over Mt Clement Gold Project
Artemis is exploring for gold, cobalt, platinum and other deposits in the Pilbara region of WA

Artemis Resources Ltd (ASX:ARV) has executed a binding sale agreement with Northern Star Resources (ASX:NST) relating to the sale of the company’s interests in the Mt Clement Gold Project in Western Australia for a total of $344,000.

The sale, which remains subject to Ministerial Consent, also includes Artemis retaining a 1% Net Smelter Royalty (NSR).

On completion of the transaction, the current joint venture agreement between Artemis and Northern Star for the project will terminate.

Executive director Alistair Clayton said: “We would like to thank Northern Star for their partnership on this project as part of the joint venture and wish them all success in moving the project forward to a production scenario where Artemis may further benefit via our retained 1% net smelter royalty.

“This transaction represents another step in our ongoing non-core project divestment program.”

Oversubscribed placement

Artemis recently received firm commitments to raise $5.6 million after strong participation in its placement from new institutional investors from Australia and the UK, as well as existing shareholders.

The board had sought as a minimum to raise $4.2 million for 60 million shares but retained discretion to issue an additional 20 million shares for another $1.4 million.

Given the quality of investors and large number of bids received, the board chose to take the maximum of $5.6 million.

Funding will be applied to diamond drilling at the Patersons Central Gold Project adjacent to the Newcrest Mining Limited (ASX:NCM) and Greatland Gold PLC (LON:GGP) Havieron discovery in Western Australia.

Drilling at Paterson Central is expected to commence in August.

Funds will also be used for a follow-up exploration drilling campaign at Carlow Castle aimed at increasing gold and copper resources.

Quick facts: Artemis Resources Ltd

Price: 0.105 AUD

ASX:ARV
Market: ASX
Market Cap: $117.58 m
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