Artemis Resources (ASX:ARV) has completed the acquisition of the Radio Hill nickel and copper operations, processing plant and tenements in the Pilbara Region of Western Australia.
The acquisition includes 495 square kilometres of tenement package with significant JORC compliant nickel, copper, cobalt, zinc and iron ore deposits.
The transaction is part of Artemis’ strategy of creating a “Hub and Spoke” operation for the first time in the Karratha area with the aim of creating a multi-metal production company.
Artemis issued 28 million shares to Fox Resources (ASX:FXR) as consideration for the acquisition, and assumed liabilities of about $920,000.
Artemis is aiming to unlock the growing cobalt, copper, nickel, zinc, gold, palladium, platinum and iron ore potential of the region.
Significantly, the company has an agreement with Blackrock Metals to sell an initial 50,000 tonnes of existing copper oxide ore from the Whundo Mine, one of the Fox Radio Hill assets.
The Whundo copper oxide ore sale will generate about $100,000 per month to Artemis.
Furthermore, significant tonnages of waste rock stockpiles at Radio Hill could prove valuable as quarry material for the new road and infrastructure works planned for the region over the coming years.
To fund the acquisition, Artemis has entered into a US$2 million ($2.66 million) funding agreement via the issue of convertible securities.