REG - Artemis Resources Ld - Lulu Creek Update

Artemis ResourcesAnnouncement

13/11/2023 07:00

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RNS Number : 1634T  Artemis Resources Limited  13 November 2023

13 November 2023

 

Artemis Resources Limited

("Artemis" or the "Company")

(ASX/AIM: ARV, FRA: ATY, US: ARTTF)

 

 

LULU CREEK AWARDED EXPLORATION INCENTIVE SCHEME FUNDING

Highlights:

·    Artemis Resources has been awarded funding under the Western
Australian State Government Exploration Incentive Scheme (EIS).

·    Funding has been allocated to the highly prospective Lulu Creek
Intrusion Related Gold Project for a multi-hole RC drill program.

·    Funding of $82,500 will be used to drill test recently reported
Induced Polarisation (IP) conductivity and resistivity anomalies within the
Lulu Creek Intrusion.

 

Artemis Resources Limited (ASX/AIM: ARV) is pleased to announce the successful
application for Round 28 of EIS funding by the Western Australian State
Government. EIS funding is managed by the Department of Mines, Industry
Regulation and Safety (DMIRS) and is used to contribute to direct drilling
costs up to a maximum of 50%. Projects are awarded funding based on
applicants' ability to demonstrate innovative, soundly based mineral deposit
models that have potential to add value to the state by opening new areas for
exploration.

 

Artemis Executive Director George Ventouras commented: "This grant is
confirmation of the prospectivity of the Lulu Creek project and the potential
it holds. We are excited about the opportunity to drill test the targets
identified by our in-house geological team and to build upon the narrative of
the West Pilbara. This region is developing into a globally recognised mineral
exploration precinct and we are excited to be part of it."

 

About Lulu Creek

Lulu Creek lies 20km to the west of the Company's Carlow Castle deposit and
forms part of the prospective Greater Carlow area (Figure 1). It was initially
identified in 2018 via a regional soils and rock chip program defining an area
of interest over 4 km in an east-northeast orientation. Subsequent mapping and
rock chip sampling identified gold associated with quartz veins and gossans,
and in an unclassified weathered unit with a light covering of transported
sands and gravels.

 

Figure 1: Lulu Creek location map with respect to Carlow Castle

 

In 2020, Artemis completed 126 RC drill holes with an average hole depth of
20m and a maximum hole depth of 50m. The drill program was technically
successful in identifying numerous low-grade zones of gold mineralisation
associated with disseminated sulphide and quartz veins within a 2km
east-northeast trending quartz diorite intrusion.

Following the conclusion of the 2022 drill season, a comprehensive exploration
review re-identified the potential of the Lulu Creek prospect. Subsequently,
drill chips from the 2020 RC program were re-logged and assays re-processed to
generate a new interpretation. Coincidently, work completed by the GSWA
identified the presence of 'Sanukitoid like' intrusive bodies around the
Karratha (granitoid) Dome 2.5 km north-west of the Lulu Creek intrusion
indicating mantle fluid pathways in the area(1).

 

 

(1)Sanukitoid intrusive bodies form via melts associated with the interaction
and mixing of a crustal slab and a mantle plume in the early stages of plate
tectonics between3.2 to 2.4 billion years ago. The importance of Sanukitoid
intrusive bodies is due to their link between the crust and the mantle at the
time of magmatic emplacement. This conduit is beneficial for the
redistribution of metals and sulphur from the mantle making the region of
their emplacement prospective for gold mineralisation.

 

A 15-line dipole-diploe Induced Polarisation (IP) survey commenced at the end
of June 2023. This identified two chargeability anomalies within the Lulu
Creek intrusion, adjacent to a moderate-high resistive body interpreted as
representing significant alteration and veining (Figures 2 and 3). A third IP
Chargeability anomaly was identified just off the intrusion along the Regal
Thrust (Figure 2), which corresponds with outcropping gossanous banded iron
formation (BIF) and ultramafic rocks at surface.

Figure 2: IP chargeability plan view -75 m below surface against Lulu Creek
Intrusion outcrop outline in pink.

Figure 3: IP resistivity plan view -75 m below surface against Lulu Creek
Intrusion outcrop outline in pink.

 

Exploration Incentive Scheme (EIS) Background

The EIS is a Government of Western Australia initiative that aims to encourage
exploration in Western Australia for the long-term sustainability of the
state's resources sector. The amount of EIS funding is $10 million per year
using funds raised through mining tenement rents. The aim of the scheme is to
stimulate increased private sector resource exploration, leading to new
mineral and energy discoveries. New discoveries in these areas will increase
knowledge of the state's geology and resources and help increase employment
opportunities, especially in greenfield regions.

 

This announcement was approved for release by the Board.

For further information on the Company, please visit
www.artemisresources.com.au (http://www.artemisresources.com.au) or contact:

 Artemis Resources Limited

 George Ventouras                                                info@artemisresources.com.au
                                                                 +61 (0) 407 983 270

 WH Ireland Limited

 (Nominated Adviser and Broker)

 Antonio Bossi/James Bavister/Isaac Hooper (Corporate Finance)   Tel: +44 20 7220 1666
 Harry Ansell/Daniel Bristowe (Corporate Broking)                Tel: + 44 20 7220 1648

 

About Artemis Resources

Artemis Resources (ASX/AIM: ARV; FRA: ATY; US: ARTTF) is a Perth-based
exploration and development company, led by an experienced team that has a
singular focus on delivering shareholder value from its Pilbara projects - the
Greater Carlow and Osborne JV projects in the West Pilbara and the Paterson
Central exploration project in the East Pilbara.

For more information, please visit www.artemisresources.com.au
(http://www.artemisresources.com.au)

 

Competent Person's Statement

The information in this report that relates to exploration results was
prepared by Mr Luke Meter, a Competent Person who is a member of the
Australasian Institute of Geoscientists (MAIG) and Australasian Institute of
Mining and Metallurgy (MAusIMM). Mr Meter is employed by Artemis Resources as
Exploration Manager. Mr Meter has sufficient experience that is relevant to
the style of mineralisation and type of deposit under consideration and to the
activity being undertaken 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". Mr Meter consents to the inclusion in
this report of the matters based on his information in the form and context in
which it appears.

 

Forward Looking Statements

This announcement contains or may contain certain 'forward-looking statements'
and comments about future events, including in relation to Artemis Resources
business, plans and strategies and expected trends in the industry in which
Artemis Resources currently operates. Forward-looking statements involve
inherent risks, assumptions and uncertainties, both general and specific, and
there is a risk that such predictions, forecasts, projections and other
forward-looking statements will not be achieved. Forward looking statements
are based on Artemis Resources good faith assumptions as to the financial,
market, regulatory and other relevant environments that will exist and affect
the Company's business and operations in the future. A number of important
factors could cause Artemis Resources actual results to differ materially from
the plans, objectives, expectations, estimates, targets and intentions
expressed in such forward-looking statements, and many of these factors are
beyond Artemis Resources control. Forward-looking statements may prove to be
incorrect, and circumstances may change, and the contents of this announcement
may become outdated as a result. Artemis Resources does not give any assurance
that the assumptions will prove to be correct. Readers should note that any
past performance is given for illustrative purposes only and should not be
relied on as (and is not) an indication of the Company's views on its future
financial performance or condition. Past performance of the Company cannot be
relied on as an indicator of (and provides no guidance as to) future
performance including future share price performance. Except as required by
law or regulation, Artemis Resources undertakes no obligation to provide any
additional or updated information whether as a result of new information,
future events or results or otherwise. Nothing in this announcement should be
construed as either an offer to sell or a solicitation to buy or sell Artemis
Resources securities.

 

Related ASX Announcements

·      24/08/2023            New Gold Targets at Lulu Creek
JORC Tables Updated

·      03/07/2023            Lulu Creek IP Survey Commences
and Greater Carlow EM Update

·      18/05/2023            Geological Review Confirms Gold
Mineralised Intrusion at Lulu Creek

·      18/09/2020:           Diamond Drilling Underway at
Carlow Castle

·      05/11/2018:           Three New Gold Discoveries in the
West Pilbara

 

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