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REG - Artemis Resources Ld - Greater Carlow Regional Growth Plan

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RNS Number : 2235G  Artemis Resources Limited  14 November 2022

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

14 November 2022

Artemis Resources Limited

("Artemis" or the "Company")

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

 

Greater Carlow Regional Growth Plan

Artemis Resources Limited is pleased to announce the first results of regional
target generation across its ~220sqkm, 100% owned tenement package.

Highlights

·    Two high priority, untested gold and copper targets called Marillion
and Europa have been identified by the Company's Exploration Team and are
being evaluated for drill testing in early 2023 (Figure 1).

 

·     Over the past 18 months the Company has focused on resource and near
resource activities at Greater Carlow and as such, there has been limited
systematic exploration of the Company's ~220sqkm tenement package. (Figure 2).

 

·     Following the recent publication of a new high-grade Inferred Mineral
Resource of 704,000k oz Au Eq at 2.5 g/t Au eq at Greater Carlow (refer
Appendix 1 and ASX Announcement dated 13 October 2022), identification of
potential new targets to test on Artemis' 100% owned regional tenement
packages is now underway.

 

·   A follow-up exploration programme for the Chapman Cu-Ni-Au Prospect is
also being considered by the Exploration Team.

 

·   The 2023 work plan for the Greater Carlow Project will comprise two
parts: Regional Growth and Resource Growth. Presented today are the early
highlights of the Regional Growth Strategy.

 

 

http://www.rns-pdf.londonstockexchange.com/rns/2235G_1-2022-11-13.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2235G_1-2022-11-13.pdf)

Figure 1: Greater Carlow high-priority regional targets

 

Alastair Clayton, Executive Director commented; "Over the last 12 to 18 months
our focus has been the delivery of a new, high-grade resource at Greater
Carlow and as such the regional potential across our ~220sqkm has remained
largely tapped.

Marillion and Europa are the highest priority greenfield targets developed
thus far. A combination of new and existing databases were used to generate
these targets and both targets have never been drilled.

We believe success on either of these targets could have the potential to
substantially increase the overall size of resources available to the Greater
Carlow Project."

 

http://www.rns-pdf.londonstockexchange.com/rns/2235G_1-2022-11-13.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2235G_1-2022-11-13.pdf)

Figure 2: Artemis West Pilbara tenements

 

Marillion Target

First identified in July 2022 as part of a moving loop electromagnetics
("MLTEM") programme, Marillion is located approximately 500m to the East of
the Greater Carlow resource. A follow-up down hole electromagnetic ("DHEM")
survey was then completed.

In October 2022 a fixed loop electromagnetic ("FLTEM") survey was completed
and identified a highly significant, >11,000s conductance with an area size
of 500 to 600m in strike and 250 to 350m down dip extent, see Figure 3 and 4.

 

http://www.rns-pdf.londonstockexchange.com/rns/2235G_1-2022-11-13.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2235G_1-2022-11-13.pdf)

Figure 3: Plan view of the current Carlow resource in optimised pit shell and
the location of the Marillion 11,000S FLTEM geophysical plates. Note the scale
of the plates in relation to the length of the eastern block model of Carlow.

 

11,000s of conductance is considered to be a regionally exceptional tenor.
Depth to the top of the anomaly is modelled at between 350 to 450m and the
anomaly dips at 40° to the south-southwest.

Also of note is the potential relationship between the Marillion Target and
the eastern portion of the Greater Carlow resource and the Carlow Keel Zone.
Spatially there is approximately 350m distance between the two areas.

A RC and diamond drill programme is being developed for execution in early
2023.

 

http://www.rns-pdf.londonstockexchange.com/rns/2235G_1-2022-11-13.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2235G_1-2022-11-13.pdf)

Figure 4: 3D oblique view looking west showing the Carlow resource and spatial
location of the Marillion 'plates'

 

Europa Target

The Europa Target is located approximately 1.75km west of the Greater Carlow
resource and is a coincident gravity and magnetic anomaly within a
structurally bound segment of the Roebourne Complex. This is the same
geological setting that hosts the Greater Carlow resource (Figure 5).

Europa will be covered by the large regional Ultra Fine Fraction ("UFF")
sampling programme that is already underway. Despite showing no anomalism in
the historic 2018 ionic leach database it is believed that geologically recent
local drainage is the likely explanation.

Europa will be subject to an early 2023 heritage survey and prepared for a
MLTEM survey and aircore drilling shortly thereafter should results of the UFF
programme prove positive.

 

http://www.rns-pdf.londonstockexchange.com/rns/2235G_1-2022-11-13.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2235G_1-2022-11-13.pdf)

Figure 5: Plan view of gravity and magnetics showing proximity to Carlow
Resource area (white).

 

This announcement was approved for release by the Board.

 

For further information, please contact:

 Artemis Resources Limited                                      via Camarco
 Alastair Clayton
 WH Ireland Limited (Nominated Adviser)
 Antonio Bossi / Megan Liddell (Corporate Finance)              Tel: +44 20 7220 1666
 Cenkos Securities (Broker)
 Neil McDonald / Adam Rae / Pearl Kellie (Corporate Finance)    Tel: +44 20 7894 7000

 Leif Powis (Corporate Broking)                                 Tel: +44 20 7894 7000

 Camarco (Public Relations)                                     Tel: +44 20 3781 9244
 Gordon Poole / Emily Hall / Rebecca Waterworth                 Email: artemis@camarco.co.uk (mailto:artemis@camarco.co.uk)

 

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 gold projects
- the Greater Carlow Gold Project in the West Pilbara and the Paterson Central
exploration project in the East Pilbara.

For more information, please visit www.artemisresources.com.au

Appendix 1 - Inferred Mineral Resource Table

Table 1. Greater Carlow Inferred Mineral Resources by assumed mining method
reported above a cut-off of 0.7 g/t Au Eq. within an optimised open pit shell
and above a 2 g/t Au Eq. cut-off for underground using MSO shapes (current as
at 13 October 2022). The entire resource is classified as an Inferred Mineral
Resource in accordance with The JORC Code, 2012. All tonnes are dry metric
tonnes. Figures may not compute due to rounding. Refer announcement dated 13
November 2022 for full details.

 OP or UG     Au Eq. cut-off (g/t)  Tonnes (Mt)  Au Eq. (g/t)  Au (g/t)  Cu (%)  Co (%)  Au (oz)  Cu (t)  Co (t)
 Open pit     0.7                   7.25         2.4           1.3       0.73    0.09    296,000  53,000  6,500
 Underground  2.0                   1.49         3.1           1.6       0.72    0.12    78,000   11,000  1,800
 Total        -                     8.74         2.5           1.3       0.73    0.09    374,000  64,000  8,000

Competent Persons Statement:

The information in this announcement that relates to Exploration Results and
Exploration Targets is based on information compiled or reviewed by Mr. Steve
Boda, who is a Member of the Australasian Institute Geoscientists.  Mr. Boda
is an employee of Artemis Resources Limited. Mr. Boda has sufficient
experience that is relevant to the style of mineralisation and type of deposit
under consideration and to the activity which he is undertaking 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.
Boda consents to the inclusion in the announcement of the matters based on his
information in the form and context in which it appears.

The information in this announcement that relates to Mineral Resources is
based on information compiled by Ms Janice Graham, MAusIMM MAIG, and Dr Simon
Dominy, FAusIMM(CPGeo) FAIG(RPGeo) FGS(CGeol). Ms Graham is a full-time
Principal Consultant of Snowden Optiro. Dr Dominy is a Non-Executive Director
of Artemis Resources Ltd. Ms Graham and Dr Dominy have sufficient experience
relevant to the styles of mineralisation and type of deposits under
consideration and to the activity being undertaken to individually 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". Ms
Graham and Dr Dominy consent to the inclusion in the report of the matters
based on this information in the form and context in which it appears.

 

 

 

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