RCS - Artemis Resources Ld - Update on Karratha Gold Project

Artemis ResourcesAnnouncement

04/04/2024 07:00

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RNS Number : 3002J  Artemis Resources Limited  04 April 2024

4 April 2024

 

Artemis Resources Limited

 

("Artemis" or the "Company")

 

Update on Karratha Gold Project Exploration Program

Highlights

·    KARRATHA GOLD PROJECT AREA PROSPECTIVE FOR INTRUSIVE RELATED GOLD
SYSTEM (IRGS)

·    LULU CREEK TO BE DRILL TESTED IN Q3 2024

·    PROGRAM OF WORKS SUBMITTED AND APPROVED

·    HERITAGE CLEARANCE APPLICATION UNDERWAY

 

Artemis Resources Limited ('Artemis' or the 'Company') (ASX/AIM: ARV) provides
this update to shareholders on its Karratha Gold Project exploration program
pursuant to the ASX rules.

 

Figure 1. Artemis tenements in the West Pilbara

 

The Karratha Gold Precinct covers an area of more than 200km(2) in the West
Pilbara region of Western Australia. It is located ~20km from the main
regional town of Karratha, which is only a 2-hour flight from Perth.

The location is highly prospective for gold and other commodities including
lithium, copper, nickel, cobalt and silver. Currently, Artemis has a JORC
defined resource at its Carlow Castle prospect which contains a high-grade
foundation resource of 704Koz AuEq at 2.5g/t AuEq(1).

 

 

 

 

 

 

Figure 2. Carlow conceptual pit shell showing open in all directions

Carlow Project

The Carlow Project is situated within a series of shear zones along the margin
of the Regal Thrust Fault within the basalt and sediments of the Roebourne
Complex.

 

The Regal Thrust is a regionally significant south to south-west dipping
structure with sinistral movement that folds around on itself over a distance
greater that 90km.

 

Shear splays along the contact of the Regal Thrust within the Roebourne
Complex are considered prospective for mineralisation, especially when
intruded by Andover mafic/ultramafics.

 

 

 

 

(1) ASX Announcement, Artemis Resources Ltd, 13 October 2022.

Figure 3. Karratha Gold Precinct with potential mineralised envelope shaded

 

Lulu Creek

Lulu Creek (formerly Carlow West) was previously drilled in 2020 where the
drilling program involved an RC drill rig and targeted a discrete surface
anomaly. This work was followed up in 2023 where an Induced Polarisation (IP)
survey was completed(2) and resulted in the delineation of further targets at
depth. This result, the subsequent targeting and the similarities to a Hemi
style gold intrusive system were catalysts for the West Australian State
Government awarding Artemis an Exploration Incentive Scheme (EIS) grant of
$82,500 to co-fund further drilling(3).

 Previous drilling at Lulu Creek provided encouraging results including;

ü 2m at 1.62 g/t Au from 34m within drill hole CWRC006

ü 1m @ 4.89 g/t Au and 13.7 g/t Ag from 24m in CWRC011

ü 1m @ 1.15 g/t Au from 9m in CWRC017(4)

( )

(2) ASX Announcement, Artemis Resources Ltd, 23 August 2023.

(3) ASX Announcement, Artemis Resources Ltd, 13 November 2023.

(4) ASX Announcement, Artemis Resources Ltd,18 September 2020.

 

At the time the Company drilled the Lulu Creek prospect, the significance of
intrusion related gold in the Pilbara region was not fully understood. The
gold system at Lulu Creek is reminiscent of De Grey's Hemi deposit, which has
resulted in large gold projects being discovered in intrusive related gold
systems (IRGS). The Hemi project resource currently sits at 255Mt @ 1.3 g/t Au
for 10.5Moz(5).

The discovery of intrusion related gold systems are relatively new to the
Pilbara region and shows a scale of mineralisation not previously encountered.
Within these deposits, gold mineralisation is primarily situated within a
sequence of intrusions, notably associated with stringer, and disseminated
sulphide-rich zones.

 

Figure 4. IP chargeability plan view -75 m below surface against Lulu Creek
Intrusion outcrop outline in pink

 

The high value of these types of discoveries is driven by size, grade
continuity and growth potential. The Karratha Gold Precinct has the potential
to host large scale, multi-million ounce systems, due to the increased
structural complexity of the region resulting from the close proximity of the
Sholl Shear zone and the Regal Thrust.

(5) ASX Announcement, De Grey Mining Ltd, 21 November 2023.

In addition to the IRGS style mineralisation at Lulu Creek, the Karratha Gold
precinct contains several further prospects that were previously identified
through a combination of soil sampling, fixed loop electro-magnetic survey
(FLEM), drilling and gravity surveys. These targets include:

ü Carlow (current JORC resource)

ü Carlow North

ü Marillion

ü Titan

ü Europa

ü Chapman

ü Sing Six

ü Thorpe Prospect

 

Figure 5. Carlow tenement with further prospects labelled

 

 

Artemis also retains the gold rights to the Osborne tenement (currently the
subject of a lithium JV with Greentech Metals Ltd), which provides the Company
with greater exposure to the regional faults and further prospective tenure to
explore for gold mineralisation.

Figure 6. Sing Six prospect adjacent to the Regal Thrust

Programs of works to cover the Lulu Creek prospect have previously been
submitted and approved and a heritage clearance application has been completed
and submitted for approval. Once the heritage clearance has been completed,
drilling can be scheduled and undertaken in conjunction with the EIS co-funded
drilling grant.

The Company is looking forward to exploration activity on these prospects and
will keep the market updated accordingly.

 

 

This announcement was approved for release by the Board.

For Further information contact:

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

 George Ventouras, Executive Director

 WH Ireland Limited (Nomad & Broker)
 Antonio Bossi / James Bavister / Isaac Hooper   Tel:  +44 20 7220 1666

 

 

 

 

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 Mt
Marie Lithium Project, the Osborne Lithium JV (Artemis 49%; GreenTech Metals
(ASX:GRE) 51%) and the Carlow Castle gold-copper-cobalt project in the West
Pilbara; and the Paterson Central project in the Paterson Province (located
adjacent to Greatland Gold / Newcrest's recent gold-copper discovery at
Havieron).

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

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 Oliver Hirst, a Competent Person who is a member of the
Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Hirst is a
technical consultant to Artemis Resources. Mr Hirst 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 Hirst consents
to the inclusion in this report of the matters based on his information in the
form and context in which it appears.

 

Related ASX Announcements

13/11/2023       Lulu Creek Awarded Exploration Incentive Scheme Funding

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

04/04/2023       Soil Program Confirms Titan Gold Prospect

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

14/11/2022       Greater Carlow Regional Growth Plan

13/10/2022       New High-Grade Au-Cu-Co Resource at Greater Carlow

13/09/2022       Chapman Prospect Large Copper Nickel System Identified

18/09/2020       Diamond Drilling Underway at Carlow Castle

06/12/2021       New Regional Discovery - High Grade Cu, Au, Ag Chapman
Prospect

16/09/2019       21 New SAM Targets at Carlow Castle West

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

29/10/2018       Multiple New Cobalt Targets Defined in West Pilbara

 

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