21/07/2020 - 14:00

Northern Star to acquire Mt Clement

21/07/2020 - 14:00

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Artemis Resources is selling its interests in the Mt Clement gold project to joint venture partner Northern Star Resources in a bid to divest its non-core assets.

Northern Star to acquire Mt Clement
Artemis says it will focus on its Greater Carlow and Paterson Central gold projects in the Pilbara. Photo: Artemis Resources

Artemis Resources is selling its interests in the Mt Clement gold project to joint venture partner Northern Star Resources in a bid to divest its non-core assets.

Artemis, which holds an 80 per cent stake in Mt Clement, says it will focus on developing its other Pilbara assets comprising the Greater Carlow and Paterson Central gold projects.

The Mt Clement project, located 30 kilometres from Northern Star’s Paulsens gold mine, hosts an inferred resource of 1.1 million tonnes for 64,000 ounces of gold and 618,500oz of silver.

Under the acquisition terms, Northern Star will pay $344,000 in cash to Artemis, which will retain a 1 per cent net smelter royalty on the project.

The joint venture will terminate once the acquisition is completed.

Artemis executive director Alastair Clayton said the transaction represented a step forward in the company’s non-core project divestment program.

The company recently launched a $5.6 million capital raising to accelerate diamond drilling at the Patersons Central project, which is adjacent to Newcrest Mining and Greatland Gold's Havieron discovery.

Funds raised from the share placement will also go towards a follow-up exploration drill program at Carlow to increase its gold and copper resources, Artemis said last Friday.

The company closed up 1.4 per cent to trade at 7.2 cents. 

Shares in Northern Star closed 4.5 per cent higher to trade at $15.84.

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