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HurricaneRickon Oct 17, 2018 10:28am
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Pacton Enters Into Strategic Processing Alliance w/Artemis
Pacton Enters Into Strategic Processing Alliance w/Artemis VANCOUVER, Oct. 17, 2018 /CNW/ - Pacton Gold Inc. (TSXV: PAC, OTC: PACXF, FSE: 2NKN) (the "Company" or "Pacton") is pleased to announce it has signed a Memorandum of Understanding ("MOU") with Artemis Resources Limited (ASX: ARV, FSE: ATY, USOTC: ARTTF) ("Artemis"), an Australian Securities Exchange listed exploration company, to enter into a strategic processing alliance ("Alliance").
Figure 1: Bulk sampling previously conducted on Friendly Creek Mining Lease (CNW Group/Pacton Gold Inc.) Figure 2: Pacton Regional Project Location Plan & Artemis Radio Hill Processing Facility (CNW Group/Pacton Gold Inc.) Highlights of the Transaction:
- Permitted processing facility provides potential of rapid advancement of Pacton's projects through substantial bulk sampling and production scale testing of gold mineralization.
- Pacton's multiple mining leases held across a number of projects provides a rapid pathway for trial mining to be undertaken.
- Project scale review underway across entire portfolio to identify opportunities for near term production from both conglomerate and shear hosted mineralization styles.
The MOU contemplates collaboration between the two companies, whereby Pacton can utilize Artemis' 100% owned Radio Hill processing plant, located 30 kilometres from the city of Karratha, on a non-exclusive basis. The Alliance provides Pacton with the potential to bulk process conglomerate and shear hosted mineralization from Pacton's multiple mining leases and therefore opens a rapid pathway to production.
Under the terms of the MOU, Artemis and Pacton will seek to work collaboratively to determine how they can together advance, or leverage off, Artemis' Radio Hill operations and processing infrastructure. Commercial terms for any processing arrangement remain subject to negotiation in a formal agreement.
"The strategic processing alliance with Artemis provides a far reduced upfront capital cost of evaluating near term development opportunities within the Pilbara. Pacton's extensive land holding in the Pilbara contains a multitude of prospects requiring evaluation. Through Pacton's granted mining leases in conjunction with the processing solution provided by Artemis, the alliance partners are well positioned to expedite development opportunities," commented Alec Pismiris, Interim President and CEO of Pacton Gold. "We look forward to working closely with Artemis, an established long term operator in the Pilbara region and strive to capitalize on the operating synergies between both parties."
https://www.newswire.ca/news-releases/pacton-enters-into-strategic-processing-alliance-with-artemis-697770051.html