Northern Star Resources has executed an agreement with joint venture (JV) partner Artemis Resources to buy the Mt Clement gold project in Western Australia.
Located 30 kilometres southwest of Northern Star’s Paulsen’s gold mine and plan, the Mt Clement project includes multiple known precious and base metal prospects and has a JORC resources of 64,400 ounces of gold and 618,500 ounces of silver.
The current JV agreement involves an 80 per cent interest from Artemis in Mt Clement, and a 20 per cent interest from Northern Star.
On completion of the transaction, the current JV will terminate.
The binding sale agreement will see Artemis keep a 1 per cent net smelter royalty at Mt Clement, with the sale subject to ministerial consent.
Artemis, which operates as a Perth-based exploration and development company regards the sale part of its non-core project divestment.
“This transaction represents another step in our ongoing non-core project divestment programme,” Artemis executive director Alastair 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 per cent net smelter royalty.”
Artemis stated it was focussing its attention on delivering value from its Pilbara gold projects – the Greater Carlow gold project in the West Pilbara and the Paterson Central exploration project in the East Pilbara.