RCS - Artemis Resources Ld - Quarterly Activities Report

Artemis ResourcesAnnouncement

22/10/2024 10:00

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RNS Number : 1355J  Artemis Resources Limited  22 October 2024

RNS Reach

Artemis Resources Limited

("Artemis" or the "Company")

Quarterly Activities Report

For the period ending 30 September 2024

Highlights:

Karratha Gold Project - ARV 100%

·    Titan prospect delivers high-grade rock chip assay results of greater
than 10,000 g/t Au (exceeding over limited values) 1 

·    Ground exploration conducted across Carlow, Silica Hills and Osborne
tenements

·    Chapman and Thorpe prospects (Good Luck and Little Fortune) deliver
rock chip assay results including copper and gold of up to 23.8% (Cu) and 6.14
g/t (Au)

·    Heritage and ethnographic surveys completed at Mt Marie and Lulu
Creek

Karratha Lithium Project (ARV:100%)

·    Further ground reconnaissance completed at Mt Marie confirmed
high-grade strike and will lead to further exploration work to uncover the
extent of the mineralisation.

·    Additional sampling completed at Osborne East resulting in multiple
rock chip assays returning greater than 0.5% Li(2)O and extending the strike
length of the prospect

     Osborne JV Lithium Project (ARV:49%)

·    Pegmatite cluster defined by large lithium soil footprint with peak
assays of 300 - 712ppm Li(2)O

 

Corporate

·    Signed MoU with ANAX Metals Ltd to assess opportunities for the
Company in Pilbara Alliance and Processing Hub

·    Cash on hand 30 September 2024, $1.1 million and a further $0.8m in
liquid investments

 

Figure 1. Artemis Resources Project Location Map

 

Karratha Gold Project - ARV 100%

              Figure 2. Artemis tenement package in the West
Pilbara with Carlow resource and gold prospects identified.

Ground exploration during the quarter was conducted across the Carlow, Silica
Hills and Osborne tenements.

Figure 3. Location of significant rock chip assay results - Silica Hills and
Osborne tenements

 

The initial program of ground work commenced late in May 2024 and a small
number of rock chips were taken across the tenements. The rock chips collected
were taken proximate to previously identified targets, including specimens
taken from historic workings to confirm mineralisation at these locations.

 

Results received from this program included:

 Location                 Sample No    Easting    Northing    Au GPT  Cu%     ZN%    Ag GPT
 Nickol River Hill South  24AR05-024*  495471.00  7686229.00  6.93    10.850  7.540  86.6
 Sing-Well prospect       24AR05-039   499039.00  7695747.00  3.27    0.008   0.062  0.39
 Sing-Six prospect        24AR05-038*  497985.00  7695133.00  1.51    0.004   0.002  0.22
 Orpheus Prospect         24AR05-044   499775.00  7687406.00  0.89    1.850   6.980  9.44
 Lulu Creek prospect      24AR05-031   487025.00  7695845.00  0.65    0.003   0.004  7.15
 Sing-Six Prospect        24AR05-037   498045.00  7695294.00  0.45    0.030   0.013  0.21
 Lulu Creek Prospect      24AR05-028   489391.00  7696489.00  0.23    0.014   0.033  0.52

Table 1. Highlighted rock chip assay results

*Indicates rock chip sample taken from Mullings pile.

Further ground exploration during the quarter was also focused on the Carlow
tenement. The exploration team undertook rock chip sampling programs around
the Titan and southern prospects which resulted in a number of high-grade
results. Samples taken from the Titan prospect were dispatched to the lab for
assays with some samples returning results >10,000 g/t Au (see table 2).

 

Figure 4. Artemis Resources Carlow project prospects

Rock chip samples were also taken at the Chapman and Thorpe prospects with
highest results received from this program including:

o  24AR07-192 - 6.1 g/t Au

o  24AR07-184 - 23.8% Cu

o  24AR07-183 - 14.55% Cu

o  24AR07-162 - 5.1 g/t Au

 

Rock chip results with significant gold and copper assays from these initial
programs are included in the table below;

 Sample No    Easting  Northing  Au g/t     Cu %   Ag ppm   Co ppm  Zn pct

 24AR07-186*  507976   7697654   0.6        6.95   24.1     1525    0.06
 24AR11-002*  505852   7699473   6520       0.03   >100     282     0.01
 24AR11-004   505855   7699471   >10000     0.01   >100     21.4    0.01
 24AR11-005   505860   7699470   >10000     0.02   >100     31
 24AR11-008   505863   7699466   >10000     0.01   >100     12.4
 24AR07-169   505843   7699451   10.2       0.06   1.3      137.5   0.02
 24AR07-192   507741   7696876   6.1        3.37   31.2     190.5   0.08
 24AR07-162   505854   7699471   5.1        0.04   0.7      134.5   0.01
 24AR07-191*  507742   7696859   4.5        6.74   14.3     33.1    0.01
 24AR07-185*  508475   7696631   3.4        3.88   38.4     160.5   0.02
 24AR07-190   508531   7696647   2.5        0.15   6        70.4
 24AR07-180   505855   7699472   2.4        0.03   0.1      629     0.01
 24AR07-183*  507757   7696887   2.2        14.55  8.8      139     0.03
 24AR07-196*  495466   7686219   1.7        1.66   127      173     8.6
 24AR07-194*  506985   7698805   1.7        0.55   4        406     0.03
 24AR07-187*  507230   7698840   1.1        6.04   6.7      230
 24AR07-182*  507823   7696948   1          9.7    5.6      140.5
 24AR07-143   505021   7699506   0.9        0      0.1      1.5
 24AR07-168   505857   7699471   0.7        0.02   0.1      66.3    0.02
 24AR07-176   505860   7699466   0.7        0      0        3.3
 24AR07-193*  507978   7697656   0.7        5.75   37.4     266     0.02
 24AR07-188*  507139   7698883   0.7        0
 24AR07-131   506478   7699113   0.6        0.01   13       0.9     0.01
 24AR07-184*  507594   7696862   0.5        23.8   121      91.8    0.01
 24AR07-035   497444   7695662   0.5        0      0.1      1.2
 24AR07-073   486930   7695821   0.5        0.01   8.2      11.7    0.02
 24AR07-144   505052   7699508   0.5        0      0.1      6.1
 24AR07-189*  506941   7698830   0.3        5.67   26.6     160     0.03
 24AR07-181*  507997   7697002   0.3        5.4    4.4      101.5   0.02

·      Table 2 Significant results from rock chip sampling conducted
August 2024 - 0.3 g/t Au cut off

*Sample taken from historical workings/mullock heaps

 

An additional ground work program commenced in August 2024 with a number of
rock chips taken across the Titan prospect and Carlow North prospect and sent
to the lab for processing, The previous overlimit samples were also sent to a
lab that specialises in higher levels of gold which allowed the Company to
quantify the gold in these samples. Final assays were received from both
sample batches and significant results are presented below and in table 3;

o  692,579.5 g/t Au & 3,000 g/t Ag (24AR11-005)

o  553,754.9 g/t Au & 1,305 g/t Ag (24AR19-075)

o  471,937.8 g/t Au & 1,775 g/t Ag (24AR11-008)

o  223,056.7 g/t Au & 1,195 g/t Ag (24AR19-068)

o  45,103.7 g/t Au & 344 g/t Ag (24AR11-004)

o  33,389.9 g/t Au & 1,305 g/t Ag (24AR19-061)

o  7,440.0 g/t Au & 212 g/t Ag (24AR11-002)

 

The potential upside remains large not only for this prospect, but more
importantly for tenement wide prospectivity as the Company believes that Titan
is part of a larger gold mineralised system across the Carlow tenement.

 

 Sample_No      Easting  Northing  kg0.02  GRAV_Assay  GRAV_Assay  GRAV_Assay  Average  Au g/t     Ag g/t

                                           1_Au%*      2_Au%*      3_Au%*      Au %*
 **24AR11-005   505860   7699470   0.17    68.90       70.74       68.13       69.26    692,579.5  3,000
 24AR19-075     505863   7699466   0.27    55.43       54.92       55.77       55.38    553,754.9  1,305
 **24AR11-008   505863   7699466   0.15    49.95       44.98       46.65       47.19    471,937.8  1,775
 24AR19-068     505860   7699470   0.30    22.41       22.00       22.50       22.31    223,056.7  1,195
 **24AR11-004   505855   7699471   0.32    4.48        4.49        4.56        4.51     45,103.7   344
 24AR19-061     505855   7699471   0.27    3.10        3.15        3.77        3.34     33,389.9   233
 **24AR11-002   505852   7699473   0.37    0.74        0.74        0.75        0.74     7,440.0    212
 24AR19-032     504980   7699364   0.89                                                 7.5        0.37
 24AR19-047     505019   7699515   1.32                                                 5.7        3.2
 24AR19-030     505004   7699346   0.76                                                 2.0        0.54
 24AR19-040     504902   7699708   1.96                                                 1.2        0.66
 24AR19-005     505029   7699502   0.77                                                 0.9        0.54
 24AR19-007     505305   7699616   0.57                                                 0.6        0.46
 ***24AR19-069  507728   7699313   2.13                                                 0.5        0.51

Table 3. Significant (>0.5g/t Au) gold results from rock chip samples
collected at the Titan prospect and include results previously reported as
over limit (ie > 10,000g/t Au - refer ASX announcement 16(th) August 2024).

*GRAV 1, GRAV 2 and GRAV 3 assays represent gravimetric finish with samples
assayed in triplicate and reported in average % and also g/t for Au and Ag

**Samples reanalysed and or originally reported as over limited > 10,000g/t
Au (refer ASX announcement 16(th) August 2024). IAL reports Au assay in
percent.  These have been calculated to gram per tonne (g/t = %value x
10,000)

***Sample 24AR19-069 was taken from the Carlow North prospect; all other
samples are from the Titan prospect.

**** Samples taken in datum GDA94Z50

 

The Company completed heritage and ethnographic surveys on the Lulu Creek gold
prospect and Mt Marie lithium prospect. The written reports on both these
surveys have been received and the pathway for ground disturbing activities,
including drilling, has been cleared.

During the quarter, the Company also announced it had executed a memorandum of
understanding (MoU) with Anax Metals Ltd (ASX:ANX) to jointly assess the
potential for mutually beneficial opportunities in copper on Artemis project
tenements and gold on Anax Metals tenements.

 

Artemis 100% Lithium Project

Further ground reconnaissance was completed during the quarter and was
designed as a follow up to the original Mt Marie results where rock chip
assays peaked at 4.67% Li(2)O. These results confirmed the high-grade strike
at Mt Marie and will lead to further exploration work to uncover the extent of
the mineralisation. This work will include additional programs to identify
sub-surface pegmatites and lithium mineralisation.

 
Figure 5. Artemis Resources Lithium Project Location Map

 

Figure 6. Artemis Resources Mt Marie rock chip results

 

Osborne East was also included in the expanded exploration program which was
subject to additional sampling, resulting in another round of multiple rock
chip assays returning greater than 0.5% Li(2)O.

Figure 7. Artemis Resources Osborne East rock chip results

 

As a result, the strike length of the Osborne East prospect has again been
extended through this most recent program with multiple zones of pegmatite
extending across an area of 500mx350m and which remains prospective for
further growth.

The rock chip assays included the following;

Mt Marie Prospect

o  24AR04-07 - 4.63% Li(2)O

o  24AR04-14 - 4.52% Li(2)O

o  24AR04-13 - 4.28% Li(2)O

o  24AR04-12 - 3.63% Li(2)O

o  24AR04-04 - 3.45% Li(2)O

Osborne East Prospect

§ 24AR04-20 - 0.69% Li(2)O

§ 24AR04-24 - 0.60% Li(2)O

§ 24AR04-25 - 0.59% Li(2)O

§ 24AR04-26 - 0.59% Li(2)O

Rock chip samples previously taken from the Mt Marie prospect were tested for
mineralogy type at Curtin University and the analysis confirmed that the host
mineral for the lithium is spodumene.

The high grade Li(2)O results at Mt Marie confirms the Company has discovered
a potentially high-grade system which is important in a regional sense in that
it is supported by Azure Minerals' Andover project where a peak rock chip
assay result of 4.87% Li(2)O was recorded and an exploration target of
100-240Mt @ 1.00-1.5% Li(2)O reported.

 

Osborne Lithium Project (ARV 49%)

A follow-up in-fill soil program comprised of a total 916 samples was
completed focussing on the southern portion of the Osborne JV tenement with
results from the program reported post-quarter end. The Osborne pegmatite zone
is defined by a large associated anomalous lithium soil footprint which has a
strike of ~4km and a width of up to 1.3km.

Figure 8. Lithium Soil Footprint Associated with Osborne Pegmatite Cluster

The anomalous footprint eclipses the size of the observed pegmatite outcrop
and indicates there is potentially more to be discovered at Osborne. The soils
report a peak assay of 712ppm Li(2)O and with numerous Li(2)O assays greater
than 300ppm. This in-fill sampling was undertaken on a 50m x 200m sampling
grid.

Paterson Central Project

While the activities completed by the Company during the quarter predominantly
focussed on the West Pilbara gold and lithium prospects, Artemis continues to
possess a highly strategic landholding in the Paterson gold province. The
Paterson Central project consists of a 605km(2) exploration licence
surrounding and adjacent to the Tier 1 Havieron Copper-Gold discovery is also
45km east of Telfer in the Great Sandy Desert of Western Australia.

Corporate

During the period the Company spent $0.5 million on exploration and $0.5
million on administration and overheads.

The Company received the balance of funds of $1.6 million relating to the
capital raise announced in May 2024, following shareholder approval of the
additional capacity to issue shares.

The Company paid directors salaries and fees in the amount of $98,000 for the
quarter.

 

 

About Artemis Resources

Artemis Resources (ASX/AIM: ARV; FRA: ATY; US: ARTTF) is a gold, copper and
lithium focused resources company with projects in Western Australia. The
Company's main projects include;

·     Karratha Gold Project including the Carlow Castle 704k oz AuEq
gold-copper-cobalt project in the West Pilbara;

·     Karratha Lithium Project including the high grade Mt Marie Lithium
Prospect and the Osborne Lithium JV (Artemis 49%; GreenTech Metals (ASX:GRE
51%)

·     Paterson Central Gold/Copper project in the Paterson Province
(located adjacent to Greatland Gold / Newmont's recent gold-copper discovery
at Havieron and only ~42km from the Newmont Telfer gold mine).

·     Artemis also owns the Radio Hill processing plant, located only
35km from Karratha.

Artemis is focused on discovering multiple gold prospects within its +200km(2)
tenement package that can build upon the initial Mineral Resource at Carlow.
The majority of the tenement package has been lightly explored and is now the
subject of methodical exploration programs with a view to identify all gold
zones, veins, structures and faults.

The Company will also continue to progress the Karratha Lithium project
including the high grade Mt Marie prospect and will look to advance this
exciting project through further field work which will lead to drilling the
most advanced targets in due course.

 

For more information, please visit www.artemisresources.com.au
(https://protect.checkpoint.com/v2/r04/___http:/www.artemisresources.com.au___.Y3A0YTpseW5hczpjOm86NjAzMTA1OGE5YTE0OTRlZjc1NTg3YmM0ODFkMDBhMWY6NzphYzA2Ojk1ODU2NjNkZTMxOTA0MDlmZjhhMzRkMjA2YzljZGZlZjlkNzgzMmEwZTVkOTcwMjExMjYxZTRkNmY4NmNkMWU6cDpUOk4)

 

This report was approved for release by the Board.

 

 Artemis Resources Ltd
 Guy Robertson, Chairman                        info@artemisresources.com.au

 George Ventouras, Executive Director

 Zeus Capital Limited (Nomad & Broker)
 Antonio Bossi / James Bavister / Isaac Hooper   Tel:  +44 20 3829 5000

 

 

Competent Person's Statement

Adrian Hell, BSc (Hons), MSc, an advisor and consultant to the Company, is a
Member of the AusIMM, and has sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration to qualify as
a Competent Person as defined in the 2012 edition of the 'Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.
Adrian Hell consents to the inclusion in the report of the information in the
form and context in which it appears.

 

Information Relating to Previous Disclosures

ASX Announcement, Artemis Resources Ltd, 13 October 2022

ASX Announcement, Azure Minerals Ltd, 20 January 2023

ASX Announcement, Azure Minerals Ltd, 7 August 2023

ASX Announcement, Greentech Metals Ltd, 1 September 2023

ASX Announcement, Artemis Resources Ltd, 13 November 2023

ASX Announcement, Azure Minerals Ltd, 30 April 2024

ASX Announcement, Artemis Resources Ltd, 5 February 2024

ASX Announcement, Artemis Resources Ltd, 6 March 2024

ASX Announcement, Artemis Resources Ltd, 9 May 2024

ASX Announcement, Artemis Resources Ltd, 12 June 2024

ASX Announcement, Artemis Resources Ltd, 10 July 2024

ASX Announcement, Artemis Resources Ltd, 15 August 2024

ASX Announcement, Artemis Resources Ltd, 10 September 2024

ASX Announcement, Artemis Resources Ltd, 10 October 2024

Appendix 1

Schedule of tenements holdings at end of Q2

 Tenement  Project           Holder                     Holding  Status
 E47/1797  Greater Carlow    KML No 2 Pty Ltd           100%     Live
 E47/1746  Cherratta         KML No 2 Pty Ltd           100%     Live
 E47/3719  Osborne           KML No 2 Pty Ltd           49%      Live
 P47/1972  Cherratta         KML No 2 Pty Ltd           100%     Live
 M47/337   Radio Hill        Fox Radio Hill Pty Ltd     100%     Live
 M47/161   Radio Hill        Fox Radio Hill Pty Ltd     100%     Live
 E47/3361  Radio Hill        Elysian Resources Pty Ltd  100%     Live
 L47/93    Radio Hill        Fox Radio Hill Pty Ltd     100%     Live
 E45/5276  Central Paterson  Armada Mining Pty Ltd      100%     Live

 

 1  Refer to Table 1 for significant (>0.5g/t Au) gold results from rock
chip samples.  Samples reanalysed and or originally reported as over limited
> 10,000g/t Au (refer ASX announcement 16th August 2024). IAL reports Au
assay in percent.  These have been calculated to gram per tonne (g/t = %value
x 10,000)

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