REG - Artemis Resources Ld - Carlow Tenement - Phase One Drilling Completed
19/03/2025 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250319:nRSS1669Ba&default-theme=true
RNS Number : 1669B Artemis Resources Limited 19 March 2025
The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulation ("MAR")
(EU) No. 596/2014, as incorporated into UK law by the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement, this inside
information is now considered to be in the public domain.
19 March 2025
PILBARA GOLD - CARLOW TENEMENT
Phase one DRILLING COMPLETED
_______________________________________________________________________________
Artemis Resources Limited ("Artemis" or "the Company") (ASX/AIM:ARV) is
pleased to announce completion of the first phase of drilling (reported on 28
January 2025) to test three previously undrilled, high priority gold targets
on the Carlow Tenement.
Highlights
· Five diamond holes were completed during Phase 1 for a total 1,790m
drilled
· Drilling tested three high priority gold targets within a >4km
long corridor centred around the Company's Carlow gold/copper deposit
· Target areas drilled:
o Titan gold prospect, 2km northwest of the Carlow deposit
o Marillion EM target, 800m east of the Carlow deposit
o Potential extensions down plunge from the Carlow deposit
· All three holes at Titan intersected a wide zone of hydrothermal
alteration and veining in an ultramafic sequence down dip from a surface gold
occurence(1)
· The base of the Titan ultramafic sequence is intruded by a porphyry
sill and overlies strongly altered, brecciated and veined metasediments and
chert
· pXRF(2) readings of drill core from Titan recorded at 1m intervals
across the alteration zone identified highly elevated levels of arsenic in all
three holes
· Arsenic can be associated with gold mineralisation, notably in the
emerging north Pilbara gold province and including at Artemis's Carlow deposit
· Re-modelling of geophysical data confirms the Titan holes were
drilled across a regional northwest trending structure with no previous
drilling
· Both drill holes completed at the Marillion and Carlow extension
targets intersected zones of vein hosted, stringer and semi massive sulphides
· Numerous samples of drill core from the five drill holes have been
sent for assay with results expected in coming weeks
· Note(1) - Refer to previous Artemis announcements regarding
surface gold occurrences at Titan Prospect, listed in Table 1 in this
announcement
· Note(2) - The following Disclaimer relates to pXRF readings
referred to in this announcement, listed in Table 2 and further defined in
JORC Table 1:
"The exploration results reported herein include portable X-ray fluorescence
(pXRF) measurements, which are considered preliminary and semi-quantitative in
nature. The pXRF data have not been verified by independent laboratory assays.
The pXRF results should not be considered as a substitute for traditional
laboratory analysis, and caution should be exercised when interpreting these
results. The Competent Person has reviewed the data and believes the data
provide a reasonable indication of geochemical signature of certain geological
units subject to confirmation by further analytical methods.
"The exploration results reported herein include portable X-ray fluorescence
(pXRF) measurements, which are considered preliminary and semi-quantitative in
nature. The pXRF data have not been verified by independent laboratory assays.
The pXRF results should not be considered as a substitute for traditional
laboratory analysis, and caution should be exercised when interpreting these
results. The Competent Person has reviewed the data and believes the data
provide a reasonable indication of geochemical signature of certain geological
units subject to confirmation by further analytical methods.
Commenting on the drilling program, Managing Director Julian Hanna said:
"I am pleased to report completion of the Phase 1 drilling program targeting
gold at the Carlow Tenement in line with our announcement on 28 January 2025.
Five holes for a total of 1,790m were drilled at the Titan prospect, the
Marillion conductor and as an initial test of possible extensions down plunge
from the Carlow deposit.
The drilling program was successful for several reasons. Firstly, it provided
very encouraging early indications from the Titan prospect where high-grade
surface gold occurrences(1) were announced in 2024 from samples of
quartz/ironstone veins and chert outcrops in four different areas at Titan.
While we await assay results to confirm if gold has been intersected at Titan,
wide zones of alteration, quartz veining and brecciation were reported in
drill core from the three holes drilled to date.
Visual observations of hydrothermal-type alteration and intensive veining at
Titan are supported by systematic pXRF(2) readings of drill core from the
three Titan holes. pXRF readings(2) include highly elevated arsenic values
(up to 3,460ppm arsenic)directly above the contact between an ultramafic
sequence and an interpreted porphyry intrusion. (Refer to Figure 4 and Table
2). If gold is associated with arsenic at Titan, this may open-up potential
well beyond the area drilled to date.
Drilling at Marillion and Carlow was also successful, intersecting several
zones of vein hosted, stringer and semi-massive pyrrhotite with locally
visible chalcopyrite sulphide within the target basalt and underlying chert
sequence.
Overall, this initial drilling program is already changing our understanding
of the geological and structural setting as well as the wider gold potential
of this highly mineralised area. Numerous samples from the five diamond holes
have been sent for assay and we look forward to announcing results in the near
future."
Drilling Summary
The Phase I drilling program commenced in early February using locally based
drilling contractor West Core Drilling. Diamond drilling started from surface
and was effective in providing drill core through the surface oxidation
profile, hydrothermal alteration zones and into silicified metasediments which
include quartz veins and chert units. Five drill holes were completed over a
five-week period for a total 1,790m drilled.
Three holes were drilled as an initial test of the Titan gold prospect located
2km northwest of the Carlow deposit. The holes were drilled down dip from
one of four known surface gold occurrences(1) discovered in 2024. (Refer to
Figures 3 and 4).
pXRF readings(2) of the Titan drill core taken at 1m intervals has defined a
continuous zone with elevated levels of arsenic near the base of an ultramafic
sequence which displays local spinifex textures, green chrome micas and
elevated chromium in pXRF readings(2). (Refer to Figure 4 and Table 2).
Assays are awaited to determine if gold is associated with the elevated
arsenic in pXRF readings(2) in the three Titan drill holes.
In addition to Titan, one hole was drilled to test the large Marillion EM
conductor 800m east of the Carlow deposit, and one hole was drilled to scope
out the potential for extensions down plunge from previous high-grade gold
intersections in the Carlow deposit. (Refer to Figure 5). The Marillion and
Carlow extension holes both intersected zones of visible pyrrhotite sulphide
containing local intervals of chalcopyrite within the target basalt and chert
sequence.
Figure 1: Artemis tenements in Pilbara region of Western Australia with Carlow
Tenement hatched
Figure 2: Carlow Tenement - gravity image showing: Titan gravity low feature
(blue), location of high-grade surface gold occurrences(1) sampled from
quartz/Fe veins and chert outcrops, area of recent drilling at Titan (yellow
circle), outline of Carlow deposit and Marillion EM target.
Figure 3: Carlow Tenement - interpreted key elements of the Regal thrust zone
showing: chert outcrops (brown), major thrusts (black), Titan gravity-low
feature (purple) extending >7km across Carlow Tenement, area of recent
drilling at Titan (yellow circle), interpreted gravity-high anomalies (G1-G3)
and EM conductive plates (C1-C5).
Figure 4: Titan drill section - interpreted cross section looking north-west
showing three sequences interpreted from drill core and the high arsenic zone
based on pXRF readings(2). (Refer to Table 2)
Figure 5. Long section through Carlow gold/copper deposit and Marillion
Electro Magnetic (EM) conductor showing the two diamond drill holes completed
in the Phase 1 program.
Contacts:
Artemis Resources Ltd
Guy Robertson, Chairman info@artemisresources.com.au
Julian Hanna, Managing Director
Zeus (Nomad & Broker)
Antonio Bossi / James Bavister / Tel: +44 20 3829 5000
Gabriella Zwarts
Competent Person Statement
The information in this report that relates to Exploration Results was
compiled by Mr Julian Hanna, a Competent Person who is a member of the
Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Hanna is
Managing Director of Artemis Resources Ltd and 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 Hanna consents
to the inclusion in this report of the matters based on his information in the
form and context in which it appears.
No New Information
To the extent that this announcement contains references to prior exploration
results which have been cross referenced to previous market announcements made
by the Company, unless explicitly stated, no new information is contained. The
Company confirms that it is not aware of any new information or data that
materially affects the information included in the relevant market
announcements and, in the case of estimates of Mineral Resources, that all
material assumptions and technical parameters underpinning the estimates in
the relevant market announcements continue to apply and have not materially
changed.
About Artemis Resources
Artemis Resources (ASX/AIM:ARV) is a gold, copper and lithium focused
resources company with a highly attractive suite of projects in Western
Australia's underexplored North Pilbara Gold Province.
· Attractive projects:
o Gold/Copper - The Karratha Gold Project (100%) with multiple prospects
including the Carlow gold/copper project and The Paterson Gold/Copper Project.
o Lithium - Mt Marie Lithium and Osborne East prospects (100%), &
Osborne Lithium JV (49%);
· Highly strategic location: Tier 1 jurisdiction, close proximity to
major hub at Karratha including regional rail and road infrastructure,
administrative centre and the Dampier Port
· Significant exploration upside: highly prospective tenure package
in the Pilbara Region of Western Australia which is the next frontier for
battery minerals growth
· Mineral Resource with growth potential: existing high-grade
gold-copper-cobalt Inferred Mineral Resource at Carlow (100%-owned tenure)
· Established processing site at Radio Hill: strategically located,
fully permitted
· IOCG Exploration Target: Artemis has applied for a 340km(2)
exploration licence over a large interpreted magnetic intrusion considered
prospective for IOCG type copper/gold, located 440km east of Kalgoorlie. The
application is expected to be granted in mid 2025
Note 1: Artemis ASX announcements relating to surface rock chip results from
the Karratha Gold Project referred to in this announcement:
High grade rock chip gold assays, 12 June 2024
High grade gold vein discovery at Titan prospect, 16 August 2024
High grade gold vein discovery at Titan prospect amended, 16 August 2024
Titan prospect results - clarification statement, 17 September 2024
Titan delivers further high-grade rock chip results, 10 October 2024
New Regional Discovery High-Grade Cu, Au, Ag Chapman Prospect, 6 December 2021
Appendix
Table 1: Drill hole details.
Project HoleID Easting Northing Grid Azi Dip EOH
Carlow Extensions 25ARDD002 507832 7698267 GDA94 MGA zone 50 340 -50 527.4
Marillion 25ARDD001 508346 7698466 GDA94 MGA zone 50 0 -70 714.6
Titan East 25ARDD003 505827 7699444 GDA94 MGA zone 50 45 -50 148.4
Titan East 25ARDD004 505812 7699429 GDA94 MGA zone 50 45 -65 162.5
Titan East 25ARDD005 505783 7699400 GDA94 MGA zone 50 45 -70 237.3
Hole ID From To As_ppm As error Cr_ppm Cr Error Hole ID From To As_ppm As error Cr_ppm Cr Error
25ARDD003 0 1 22 2 902 44 25ARDD003 30 31 91 2 1037 35
25ARDD003 1 2 Recent news on Artemis Resources
See all newsREG - Artemis Resources Ld - Quarterly Activities Report
AnnouncementREG - Artemis Resources Ld - Phase One Drilling Update
AnnouncementREG - Artemis Resources Ld - Artemis and Greentech Consolidate Lithium Rights
AnnouncementREG - Artemis Resources Ld - Carlow Tenement - Phase One Drilling Completed
AnnouncementREG - Artemis Resources Ld - Interim Financial Report
Announcement