Rincon’s three projects are its flagship South Telfer Project, the Laverton Project and Kiwirrkurra Project.
Notably, South Telfer is 12 kilometres from Newcrest’s giant 25 million ounce Telfer gold mine.
The total price for the acquisition, which is subject to due diligence and conditions, is $2.7 million in cash and scrip.
Artemis’s non-executive chairman Sheik Maktoum said: “The acquisition of Rincon is a significant win for Artemis Resources shareholders, making the company one of the largest land holders in the Paterson Province.
“At completion, Artemis gains a significant increase in scale and a simplified Paterson operation all within close proximity to some of the region’s largest miners.
“Telfer South is an exceptional prospect with mineralised intercepts of gold and copper from surface and offers a compelling target to increase the value of the Artemis’ suite of Patersons Province assets.
“The other projects within Rincon also include quality assets which may provide value propositions for sale, JV or exploration.”
South Telfer Project
The South Telfer project consists of seven exploration licences and two prospecting licences covering 540 square kilometres of prospective geology.
The project area has been previously explored by Newcrest which identified outcropping mineralisation at the Hasties prospect and large gold anomalies at Westin.
Neither of these prospects have been followed up, with Newcrest dropping its tenement holdings in 2002 as it closed the Telfer pit operations and focussed on an underground feasibility.
Artemis and Rincon projects within the highly prospective Patersons Range
At Hasties, historical drilling had returned multiple wide intersections of gold and copper over a large area.
At Telfer, sedimentary sequences which host gold mineralisation were identified, as well as a large, open, 5-kilometre long gold in bedrock anomaly.
Best results from the Westin prospect include 8 metres at 3.85 g/t gold from 84 metres.
The Laverton Gold Project
The Laverton Gold Project consists of two exploration licences covering about 42k square kilometres of prospective Banded Iron Formation (BIF), within the Mt Margaret-Murrin Greenstone belt (MMMG).
The MMMG is a highly prospective greenstone and has over 25 million ounces of gold endowment.
Gold mineralisation in the Laverton district is often associated and hosted by BIF in favourable structural settings.
The Laverton gold project covers about 11 kilometres strike of the underexplored BIF, covering the southern strike extensions of the historical Gladiator gold deposits.
The Kiwirrkurra Project consists of a single exploration licence covering ~126 square kilometres of the highly prospective Central Australian Suture (CAS) in the West Arunta Province.
Kiwirrkurra Project location
The CAS represents a preserved subduction zone and has seen an increase in exploration activities with the recent discovery of the Grapple base metal target by the Lake Mackay JV (with Independence Group (ASX: IGO) and Prodigy Gold (ASX:PRX)).
The Kiwirrkurra project is prospective for iron oxide copper-gold (IOCG) style mineralisation as well as orogenic gold mineralisation.
Upon completion of the acquisition, Zeffron (Zeff) Reeves, Rincon’s co-founder, will be appointed to the Artemis board as a non-executive director.
Reeves is a geologist with more than 20 years’ experience in the resources sector, working on projects from greenfields exploration and discovery, to resource definition and feasibility, as well as construction, production and closure.
The acquisition of Rincon occurs at a pivotal time for Artemis as it pursues an AIM-listing in Q3 2019 and assists the company in consolidating its Paterson Province operations.
Artemis plans to undertake further exploration at both its Armada Prospect and the new South Telfer Project in the coming months.
Artemis executive director Ed Mead said: “What became evident when CSA Global Consultants were completing a ‘fatal flaws model’ on the Paterson Range tenements from Rincon was that we found a significant amount of quality exploration work had already been undertaken.
“The tenure was dropped by Newcrest in 2002 when the Telfer mine was closed and subject to a feasibility of the underground mine.
“Artemis considers this land to hold tremendous opportunity – especially as the Newcrest mine is slowing down and may be looking for new nearby ore-sources.
“Structural targeting will be completed once all datasets are consolidated, utilising the significant and quality data available.”