Artemis Resources (ASX: ARV) has acquired a 51% interest in the Weerianna Gold Project in the Pilbara district, Western Australia, via acquisition of 51% of private company Western Metals.
The Company has the option to increase its interest in Western Metals to 80%.
Weerianna currently hosts an Inferred Mineral Resource of 1 million tonnes at 2.2 g/t gold for a total of 70,000 ounces using a 1 g/t cut-off grade.
Potential exists for a substantial increase in tonnage as the current resource is open at depth and along strike.
The project was previously owned by Homestake Mining Company, a major US gold group that later merged with Barrick Gold Corporation (NYSE:ABX).
Together with the Company’s acquisition of the West Pilbara gold and base metals portfolio from Legend Mining (ASX:LEG) in 2012, this provides Artemis with the opportunity to consolidate Weerianna into its West Pilbara tenement portfolio.
Weerianna is within 7 kilometres of Carlow Castle, a tenement in the Artemis West Pilbara portfolio which hosts a JORC Inferred Mineral Resource of 418,000 tonnes at 3 g/t Au and 0.6% copper for contained metal of 40,000 ounces of gold and 2,500 tonnes of copper.
The acquisition of Weerianna is part of an ongoing process of aggregating tenements in the West Pilbara with the potential of hosting a volume of resource which is economically viable.
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