REG - Artemis Resources Ld - June 2022 Quarterly Activities Report
29/07/2022 07:30
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RNS Number : 1689U Artemis Resources Limited 29 July 2022
29 July 2022
Artemis Resources Limited
("Artemis" or the "Company")
June 2022 Quarterly Activities Report
Artemis Resources Limited ("Artemis" or the "Company") (ASX / AIM:ARV,
Frankfurt: ATY, US OTCQB: ARTTF) is pleased to release its Quarterly
Activities Report for the quarter ended 30 June 2022 (the "June Quarter").
Overview
The June Quarter saw a significant number of assay results from the Greater
Carlow Project returned for holes drilled in the March Quarter. Numerous
excellent gold and copper grades were reported, further demonstrating the
excellent potential at Greater Carlow. Following the receipt of the final
batch of assays it is expected that Artemis will release an updated resource
statement for the Greater Carlow Project. Final assays for the Chapman
Prospect located ~1km to the south of Carlow are also pending. Artemis is
looking forward to finalising its plans for the next phase of exploration at
Greater Carlow and will update shareholders accordingly. Work at Paterson
Central began in the quarter and is expected to continue for much of the rest
of 2022.
Financial Resources
Artemis is well funded with over A$11m in financial resources comprising cash
of ~A$6m at the end of the June Quarter and this is supplemented by over A$5m
worth of shares in several listed entities. Some of these shares are free
trading and some subject to short-term and longer-term escrow provisions.
Paterson Project
Camp establishment and logistics for the 2022 drill season were put in place
during the Quarter and post-period the Paterson diamond drilling programme got
underway.
Despite attractive geological observations the results from the first phase of
drilling did not indicate the presence of gold in the drill core. Regardless
the Company is highly encouraged by the geology which is suggestive of being
proximal to a mineralised system. Notably brecciated veins and un-mineralised
sulphides were encountered in hole GDRCD007.
In total a further ~3,000m of drilling is expected to be completed at Apollo
and Atlas as part of the Phase 1 programme which began in late 2021, to
continue to test the wide-spaced geophysical targets at Apollo and Atlas.
Phase 2 of ~4,500m is being scoped to continue to drill at Apollo and Atlas,
and also to test The Company's other highly prospective targets of Juno,
Voyager, Enterprise and likely continue for much of the remainder of 2022.
Carlow Castle Au-Cu-Co Project
Assay results have been returning throughout this quarter from the 7,811m
drill programme completed in the first quarter of 2022.
An additional 10 holes for 1,836m of RC were completed in the June quarter
targeting northern extension of the Crosscut Zone, Chapman and isolated VTEM
targets.
Crosscut Zones
Additional areas of interest were identified by structural interpretation and
coincident SAM survey, and are known as Crosscut, Crosscut 2 and Crosscut 3,
running from west to east respectively.
Diamond hole 22CCRD008 intersected zones of sulphide in vein breccias, from
255.8 - 272.4m. This wide interval has an upper and lower zonation. Assay
results from the diamond core returned results of:
· 16.6m @ 2.73% Cu, 1.19g/t Au, 0.049% Co from 255.8m
o Including 1.18m @ 15.65% Cu, 5.40g/t Au, 0.090% Co from 256.8m and
o Including 3.14m @ 5.90% Cu, 3.30g/t Au, 0.050% Co from 265.9m
RC holes drilled 40m to the south of the diamond hole also intersected
sulphides of equal tenor, returning results of:
· 13m @ 2.58% Cu, 0.62g/t Au, 0.057% Co from 130m; Hole ARC387
o Including 4m @ 7.59% Cu, 1.81g/t Au, 0.148% Co from 131m
· 15m @ 2.02% Cu, 0.63g/t Au, 0.171% Co from 299m; Hole ARC389
o Including 1m @ 6.29% Cu, 1.9g/t Au, 0.200% Co from 300m
o Including 1m @ 6.32% Cu, 0.33g/t Au, 0.044%Co from 307m
o Including 1m @ 3.40% Cu, 2.08g/t Au, 0.687% Co from 309m
Drilling has now tested Crosscut with extensions to the original
mineralisation to the north, with some holes returning values of:
· 8m @ 2.35% Cu, 5.01g/t Au, 0.400% Co from 80m; Hole ARC366
· 8m @ 0.98% Cu, 1.08g/t Au, 0.020% Co from 167m; Hole ARC367
Hole ARC389 may have intersected mineralisation related to Crosscut 2 with a
result of:
· 4m @ 1.02% Cu, 0.76g/t Au, 0.016% Co from 135m; Hole ARC389
No significant results retuned from Crosscut 3.
Further work is being planned to continue building the resource potential at
the Crosscut Prospects. The Company believes these areas have significant
potential to add shallow, high grade tonnes to the Greater Carlow Project.
PATERSON CENTRAL
The next exploration phase of drilling at Paterson has commenced with
additional holes planned at both Apollo and Atlas. The focus of the
exploration is to test various geophysical targets mostly of magnetic and
gravity origins that may indicate breccia, vein and massive sulphides typical
of intrusion-related and skarn styles of mineralisation. Location of targets
are shown in Figure 1.
http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf)
Figure 1: Location of priority targets at Paterson Central.
Encouraged by the presence of altered diorite and alteration mineral
assemblage and high-sulphide content of selected core zones encountered in
GDRCD007 the Company's plans remain unchanged and involve systematic testing
of our numerous high-priority targets during the remainder of 2022.
Work continues on non-priority Paterson core, drilled last quarter for
selective sampling and interpretation. This target is an extension of a
modelled gravity ridge extending down to the Newcrest/Greatland Havieron north
target.
A similar trend in the magnetics can be seen in Figure 2.
http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf)
Figure 2: Location of drill collars with respect to tenement outlines and
magnetic anomalies
Table 1: List of drill holes for the Paterson program. Note holes are labelled
by priority, whereby priority 2 holes may not be drilled based on success of
priority 1 holes.
PROPID EastWGS84 NorthWGS84 RL(m) Dip AzimWGS HType MR (m) Dia (m) EOH (m) Rationale Priority
GDRCD006 462427 7600442 -307 -60 89.3 0 240 240 Extend hole to test mag high 1
GDRCD008 464560 7600420 267 -75 80 MD 400 550 950 Converging mag and gravity highs 1
PAT001a 464560 7600420 267 -65 275 MD 400 600 1000 Drilling back towards GDRCD007 over mag high 1
PAT001b 463715 7600532 267 -60 90 MD 400 600 1000 Drill testing the sharp vertical gravity edge and mag high to the east 2
GDMRD010 462659 7601294 263 -60 230 MD 400 525 925 Testing a mag and gravity high to the west 1
GDMRD011 465246 7600830 267 -70 270 MD 400 500 900 Drilling to the west testing subtle gravity and mag high, part of the N-S 1
fault
GDMRD012 466955 7600760 267 -80 90 MD 400 525 925 Targeting gravity high termination 2
JUN001 462975 7610022 267 -80 90 MD 400 450 850 Targeting mag high anomaly on the edge of the N-S fault 1
JUN002 462975 7610022 267 -60 220 MD 400 600 1000 Testing the gravity high that is offset to the southwest 2
JUN003 463110 7610290 267 -65 90 MD 400 550 950 Targeting mag high anomaly on the edge of the N-S fault further north 2
VOY001 466001 7611082 267 -70 80 MD 400 450 850 Targeting peak of mag high with weak gravity lows 1
VOY002 466182 7611074 267 -65 90 MD 400 450 850 Targeting peak of mag high with weak gravity lows 2
ENT001 465363 7594693 267 -60 260 MD 400 550 950 Targeting an intense mag high with associated gravity 1
ENT002 465913 7594709 267 -60 260 MD 400 600 1000 Targeting an intense mag high with associated gravity 1
ENT003 466892 7594371 267 -60 260 MD 400 450 850 Testing near proximity to mag and gravity high 2
VID01 465799 7589777 267 -75 90 MD 400 450 850 Testing mag peak in gravity trough 2
VID02 466375 7589777 267 -65 90 MD 400 450 850 Testing gravity peak in mag trough 2
CARLOW CASTLE PROJECT
The recent follow up drilling programme that was completed in the June Quarter
concentrated on the Crosscut, Chapman and a VTEM target area named Marillion.
The programme comprised 10 holes for 1,836m of RC. A total of 3,805 samples,
inclusive of QAQC, were collected and sent for analysis.
Discrepancy between the drilling metres and the Number of Samples is due to a
dispatch lag period from the previous quarter, as drilling continued into the
June Quarter.
Table 2: Drill statistics for June Quarterly
Location No of Holes (m) RC (m) Diamond (m) No of Samples
Crosscut 2 372 0 1907
Chapman 2 372 0 688
Carlow West 5 882 0 976
Marillion 1 210 0 234
Totals 10 1,836 0 3,805
Crosscut Zone
During the June quarter, a total of 2 holes for 372m was competed. A total of
2,594 samples were received from ALS Chemex laboratories. Drill hole collar
locations are shown in Figure 3. Note that only holes ARC403 and ARC404 were
drilled during the quarter, as shown in Figure 3.
The aim of this programme was to continue to test and follow trends of
mineralisation and test the structural model.
The Crosscut Zone (XCZ) is defined by a parallel NW structure, hosting en
echelon dilation zones that host mineralisation. The recent drilling in this
area has indicated that these dilational features are striking north-south and
have steep dips, usually to the east. Drilling had intersected significant
sulphide zones at interpreted pierce point target zones at Crosscut, which is
an encouraging result with respect to the interpretation of the targets.
http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf)
Figure 3: Location of drill holes at Crosscut and section lines. Note that
only holes ARC403 and ARC404 were completed during the quarter period. Other
holes are referenced in section figures.
Diamond Hole 22CCRD008
A diamond hole was drilled in response to the high-grade intersection in
ARC344 which returned 22m @ 2.23g/t Au, 1.39% Cu, 0.457% Co from 247m. Results
for this hole returned during the June quarter and the hole in section 9,960mE
is shown in Figure 4.
Mineralisation style encountered in hole 22CCRD008 is quartz-carbonate infill
breccias and veining with sporadic agglomerations of sulphides and massive
sulphide infills. The visible sulphides include chalcopyrite, pyrrhotite and
pyrite. These are shown in Figures 5 and 6.
Structural information suggests that the mineralisation does strike N-S
locally, with vein sets typically dipping steeply to near vertically east.
Long-section through the Crosscut zone seems to indicate that the plunge of
mineralisation is moderate to steep to the south.
Best intersection in the diamond core was 16.6m @ 2.73% Cu, 1.19g/t Au, 0.049%
Co from 255.8m. Table of results are noted below:
Table 3:Significant intersections for diamond hole 22CCRD008
Significant Intersection 0.3g/t Cu cutoff 2m internal dilution
HoleID From (m) To (m) DHWidth Cu (%) Au (g/t) Co (%)
22CCRD008 233.06 236.78 3.72 0.32 0.07 0.032
255.8 272.4 16.60 2.73 1.19 0.049
Incl 256.84 258.02 1.18 15.65 5.40 0.090
Incl 265.92 269.06 3.14 6.38 3.61 0.059
285.79 288.88 3.09 0.58 0.29 0.030
305.69 307.89 2.20 0.43 0.16 0.031
309.42 315.43 6.01 0.68 0.63 0.176
Mineralisation style encountered in hole 22CCRD008 is quartz-carbonate
breccias and veining with sporadic agglomerations of sulphides and massive
sulphide infills. This includes visible sulphides comprising of chalcopyrite,
pyrrhotite and pyrite.
Geometry of the mineralised lodes are shown in Figure 4 with core photos of
the mineralisation shown in Figure 5 and 6.
http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf)
Figure 4: Section 9,960mE showing significant intersections for hole
22CCRD008. High grade intersections for ARC344 included for comparisons. Hole
ARC392 drilled updip from the massive sulphide occurrence is pending assay
results.
http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf)
Figure 5: Part of the upper zone of the broader 16.6m showing the massive
sulphide interval with brecciated upper contact which returned a result of
1.18m @ 15.65% Cu, 5.40g/t Au, 0.090% Co from 256.84m.
http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf)
Figure 6: 22CCRD008 (263-273.5m) lower interval of significant vein hosted
sulphide forming part of the broader 16.6m interval with a significant grade
of 3.14m @ 6.38% Cu, 3.61% Cu, 0.059% Co from 265.92m
Mineralisation continues until the end of the hole, as shown in Figure 7. The
hole was not continued as the driller had run out of rods.
http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf)
Figure 7: 22CCRD008 mineralisation occurrence at EOH 315.3m.
Two additional holes, ARC387 and ARC389 drilled on section 9,920mN Loc (40m to
the south) had intersected mineralisation near the proposed pierce points.
These holes are shown in Figure 8, with the mineralisation style shown in
Figure 9.
http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf)
Figure 8: Section 9920mE looking Northwest showing additional holes that had
intersected mineralisation 40m to the south of section 9960mE. This shows the
continuation of what is the massive sulphide interval to the south through the
sections. The intersection of 4m @ 1.02% Cu, 0.76g/t Au, 0.016% Co from 135m
occurs in the Crosscut 2 zone.
http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf)
Figure 9: Sulphides in quartz vein breccia at 310m in hole ARC389 showing
similarities to the vein breccia in hole 22CCRD008
Testing the Northern Extension of Crosscut
Six holes to the north (ARC 363 to 365 and ARC395 to 397) were drilled in the
previous quarter based on extending the mineralisation to the north from the
high-grade intersections encountered in hole ARC366 and ARC367 which returned
grades of 8m @ 2.35% Cu, 5.01g/t Au, 0.400% Co from 80m and 8m @ 0.98% Cu,
0.96g/t Au, 0.020% Co from 167m, respectively as shown in Figure 13, with
Figure 14 showing a cross section.
Holes ARC363, 364 and 365 encountered massive basalts and returned no
significant results.
Logging of holes ARC395, 396 and 367 showed that the NE holes encountered a
major fault zone and intersected pelites and black shales. Hole ARC395 showed
presence of sulphides associated with fuchsite (Figure 10) with silicification
and sericite alteration, (Figure 11).
Figure 12 shows a close up of the alteration and related mineralisation from
hole ARC396.
Assays for these holes are pending.
http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf)
Figure 10: Interval of sulphide and fuchsite in Hole ARC395. Assay results are
pending for hole.
http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf)
Figure 11: Sulphide occurrence in Hole ARC395. Assay results are pending for
this hole.
http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf)
Figure 12: ARC396 107-108m 1% pyrite and pyrrhotite in silicified sericite
matrix. Assay results are still pending for this hole.
http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf)
Figure 13: Showing the location of the holes to test the mineralisation to the
north. ARC403 encountered sulphides but assays are pending. Interpretation of
the magnetics have identified similar NW structures to the west and NW along
strike. North of the cataclasite ridge is considered prospective for
mineralisation.
http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf)
Figure 14: Section through 10,200mE Local Grid showing high-grade
intersections for ARC366 and ARC376. Refer to Figure 3 for section location.
An additional hole ARC403 had intersected sulphides (Figure 15) consistent
with those in the high-grade zones to the south, meaning that the mineralised
envelops had 'stepped' over to the west, in true en echelon form.
Interpretation is on-going.
http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf)
Figure 15: Sulphide occurrence in ARC403 comprising pyrite and pyrrhotite.
Not only is it common for mineralised structures to anastomose downdip, they
also tend to stagger or step sideways within the confined margins of the NW
zones.
It appears that the Crosscut Zone is copper-rich, with zones of higher-grade
Au.
Additional drilling required to extend the Crosscut Zone to the north.
Planning is in progress to determine the interaction with the East Zone. There
is now growing confidence in the interpretation, however there are still
issues with drill targeting. It is now believed that the mineralisation in
Crosscut plunges moderate to steeply to the southeast, towards Carlow East
Main Zone.
Additional holes drilled to test SAM Survey
A series of holes were drilled to the east of Crosscut to test additional
structures identified from magnetic interpretation and SAM survey anomalies.
No significant results were reported from holes ARC379, 380 and 381. These
holes can be located in Figure 3.
No significant results were reported from holes ARC368 to ARC371. It is noted
that ARC370 and ARC371 had intersected unusually high magnetite occurring as
very fine layers. It has been noted as a komatiite, however Ni values are
unusually consistent through this unit at an average of around 0.14% Ni, with
Cr showing a zonation, with high values of around 0.125%
Ni and Cr shows a distinct segregation to the NE and indicates the presence of
ultramafics in the system, however not economically mineralised.
SAM was successful in identifying highly magnetic and conductive units to the
east of Crosscut.
Carlow West
Five holes were drilled in the western zone, as shown in Figure 16 to test the
high-grade shoots geometry and assays for these holes are pending.
http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf)
Figure 16: Location of Carlow West drill holes. Note trend of a NW structure
in the vicinity of ARC401. Yellow solids are Carlow mineralised polygons.
All holes except ARC400 hit significant sulphide mineralisation with Figures
17, 18 and 19 showing the part of the mineralised intervals for the series of
holes.
http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf)
Figure 17: Sulphide mineralisation in Hole ARC398 from 99 to 103m
http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf)
Figure 18: Mineralisation occurrence in ARC401 showing some 'massive' style of
sulphides
http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf)
Figure 19: Additional mineralisation in hole ARC401 from 159 -160m
It is possible that hole ARC401 has intersected mineralisation obliquely that
is related to the NW structure as interpreted from magnetics.
Once assays results are received, additional work will to be generate further
drill targets to test this new NW structure.
Table 4: Significant assay results for the Crosscut Zone for drill holes
received to date
Significant Intervals >0.3% Cu, 2m internal dilution
HoleID From (m) To (m) DHWidth Cu (%) Au (g/t) Co (%)
ARC366 40 48 8 0.40 0.55 0.061
72 78 6 0.40 0.25 0.036
83 91 8 2.35 5.01 0.400
83 84 1 Incl 4.03 9.04 0.377
85 86 1 Incl 9.02 11.25 1.265
ARC367 119 121 2 0.31 0.08 0.008
125 126 1 0.35 0.06 0.011
149 150 1 0.48 0.31 0.060
161 164 3 0.56 0.12 0.047
167 175 8 0.98 0.96 0.149
ARC369 227 228 1 1.64 0.02 0.004
ARC381 259 260 1 1.00 3.41 0.082
ARC386 19 20 1 0.30 0.01 0.023
89 90 1 0.70 0.26 0.005
ARC387 130 143 13 2.58 0.62 0.057
131 135 4 Incl 7.59 1.81 0.148
ARC389 135 139 4 1.02 0.76 0.016
299 314 15 2.02 0.63 0.171
300 301 1 Incl 6.29 1.9 0.2
307 308 1 Incl 6.32 0.33 0.044
309 310 1 Incl 3.4 2.08 0.687
HoleID From (m) To (m) DHWidth Cu (%) Au (g/t) Co (%)
317 326 9 0.45 0.34 0.074
329 330 1 0.47 0.20 0.016
ARC390 48 50 2 0.52 0.39 0.049
76 77 1 0.88 2.91 0.029
98 99 1 0.33 0.07 0.008
104 110 6 0.85 0.26 0.027
107 108 1 Incl 3.47 0.69 0.037
150 152 2 0.31 0.04 0.015
ARC391 143 147 4 1.11 0.39 0.099
ARC392 130 141 11 0.99 0.75 0.037
ARC393 - 404 Pending
Thorpe Prospect
No recent work completed on this prospect.
Mineral Resource Estimate (MRE) UPDATES
Work continues apace on the resource update iteration for the Carlow Project
Paterson Access Works
E45 / 5276 - Paterson
Juno/ Voyager:
34km of track from Minyari track area to E45/5276 was previously a two wheel
track, however it is now overgrown. Various work streams are underway to
ensure it is in a usable state when the drill rig moves to test these high-
priority targets, (Figure 20).
Enterprise:
Newcrest Mining Limited (ASX:NCM) ("Newcrest Mining") have assisted organising
access for Artemis to be able to get to Enterprise. This will involve moving
through their mining lease (Figure 20).
Atlas/ Apollo:
Durock Drilling are currently drilling in the Atlas/Apollo area. An update on
progress will be provided to shareholders as and when material information
comes to hand, (Figure 20).
Viidian:
It is envisaged that there will be an access track from Punmu Rd to the
prospect of Viidian (south of Enterprise). The area at Viidian will be a
larger rectangle to accommodate a minimum of two drill holes, (Figure 20).
http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf)
Figure 20: Current collars at Paterson showing Northern Track (blue) and
proposed Viidian track (also blue) from Punmu Rd. (pink)
E47/1797- Carlow North
Heritage survey request submitted 23 May 2022 with a budget estimate received
2 June 2022.
An outline for the survey is shown in Figure 21.
http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf)
Figure 21: showing Carlow North survey area (green) and hole collars at Carlow
Castle area.
E47/1746, E47/3719- Osborne JV Prospect (GreenTech Metals Limited earn in to
51%)
A Heritage survey request submitted in February 2022, with the Heritage report
being received in late May 2022.
Having received the final report for the recent heritage clearance survey,
GreenTech announced on 30 June 2022 that it had commenced the first of up to
three reverse circulation (RC) drill holes designed to test the shallowest
portion of the Osborne nickel sulphide target.
Drilling commenced using Egan Drilling and Field crew by Newexco.
http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1689U_1-2022-7-28.pdf)
Figure 22: showing Osborne revised drill pads and hole collar location
M47/161 - Radio Hill ("RH")
Proposal to re-evaluate the plant and feasibility on re-processing the RH
tailings.
As part of an on-going expenditure commitment, planning of two holes to test a
soil anomaly.
Exploration Expenditure
The Company spent ~$1.7 million on exploration in the quarter, principally on
heritage and preparation costs for Paterson Central drilling ($0.3m) and
drilling and assay costs for Carlow Castle ($0.8m), and $0.6 on other
projects.
CORPORATE
Appointment of Director
On 4 July 2022 the Company appointed Vivienne Powe as a Director of the
Company. Vivienne is a metallurgical engineer and highly experienced senior
executive with a strong track record of creating shareholder value in top
tier, global mining and oil & gas companies.
Vivienne is currently Chief Executive Officer, Investments for Perenti Group
(ASX: PRN). Prior to joining Perenti, she has served in senior executive and
leadership roles in private and listed organisations which have included
Global Advanced Metals and BHP as well as having worked at Iluka Resources,
Woodside Energy and Renison Goldfields Consolidated.
Vivienne holds a Bachelor of Engineering degree (Metallurgical Engineering,
with Distinction) from the Royal Melbourne Institute of Technology, a Graduate
Diploma in Applied Finance & Investment from FINSIA and a Master of
Business Administration (Technology Management) from Deakin University.
EIS Funding
A total of $132,000 was received from the Department of Mines, Industry
Regulation and Safety (DMIRS) as part of the Exploration Incentive Scheme
(EIS) Western Australia Government funding grant.
Sale of Investments
The Company sold ~26 million shares in Thor Mining Limited during the quarter
realising $309k.
Other
The Company paid directors salaries and superannuation for the quarter in the
amount of $146,000.
COMPETENT PERSONS STATEMENT WEST PILBARA:
The information in this report that relates to Exploration Results complies
with the 2012 Edition of the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves (JORC Code) and has been compiled
and assessed under the supervision of Mr. Steve Boda, who is a Member of the
Australasian Institute of Geoscientists (AIG). 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 report of the matters based on his information in the
form and context in which it appears.
Table 6: Table showing the collar locations and hole attributes for Carlow
program
HoleID Type Easting GDA94 Northing GDA94 RL (m) Dip Azim EOH (m)
ARC398 RC 506760 7698820 37.2 -60.4 179.3 162
ARC399 RC 506820 7698772 36.1 -59.4 180.8 192
ARC400 RC 506840 7698796 36.5 -59.4 180.3 162
ARC401 RC 506840 7698866 38.6 -58.6 179.2 180
ARC402 RC 506800 7698856 38.8 -57.7 180.1 186
ARC403 RC 507209 7699036 39.9 -56.4 243.0 150
ARC404 RC 507247 7699035 38.4 -58.2 241.3 222
ARC405 RC 507927 7697805 31.0 -59.9 129.2 162
ARC406 RC 508500 7698468 30.7 -64.1 212.4 210
ARC407 RC 508651 7697769 29.7 -69.4 210.1 210
Tenement List - All tenements are located in Western Australia.
Project Tenement Status Company
Carlow Castle E47/1797 Live KML No 2 Pty Ltd
Radio Hill M47/161 Live Fox Radio Hill Pty Ltd
M47/337 Live Fox Radio Hill Pty Ltd
L47/93 Live Fox Radio Hill Pty Ltd
Telfer E45/5276 Live Armada Mining Pty Ltd
Osborne Ni E45/3719*¹ Live Karratha - ARV JV
Sing Well P47/1622 Live KML No 2 Pty Ltd
P47/1112 Live KML No 2 Pty Ltd
This announcement was approved for release by the Board.
For further information on the Company, please visit
www.artemisresources.com.au or contact:
Artemis Resources Limited via Camarco
Alastair Clayton
WH Ireland Limited
(Nominated Adviser and Broker)
Jessica Cave / Megan Liddell (Corporate Finance) Tel: +44 20 7220 1666
Harry Ansell / Daniel Bristowe (Corporate Broking) Tel: +44 20 7220 1648
Camarco (Public Relations) Tel: +44 20 3781 9244
Gordon Poole / James Crothers Email: artemis@camarco.co.uk (mailto:artemis@camarco.co.uk)
Emily Hall / Rebecca Waterworth
About Artemis Resources
Artemis Resources (ASX: ARV; AIM: ARV, FRA: ATY; US: ARTTF) is an
Australian-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.
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.
JORC Code, 2012 Edition - Table 1
SECTION 1 SAMPLING TECHNIQUES AND DATA
(Criteria in this section apply to all succeeding sections.)
Criteria Commentary
Sampling Nature and quality of sampling (eg cut channels, random chips, or specific Reverse circulation drilling was used to obtain both 2m composite and one
specialised industry standard measurement tools appropriate to the minerals metre samples, using a 5 ¼" face sampling hammer.
techniques under investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc). These examples should not be taken as limiting the broad Samples were collected on a 2m composite basis to a prescribed depth
meaning of sampling. predetermined by previous drilling, wireframing and assay data. Once the
predetermined depth is achieved, the sampling reverts to one metre sample
Include reference to measures taken to ensure sample representivity and the through the ore zone to EOH.
appropriate calibration of any measurement tools or systems used.
After composite sample results received, all samples that return a value of
Aspects of the determination of mineralisation that are Material to the Public >0.1g/t Au will result in the resplitting of the one metre bulk bags at
Report. site using a 75:25 jones riffle splitter. These one metre samples are then
submitted for analysis.
In cases where 'industry standard' work has been done this would be relatively
simple (eg 'reverse circulation drilling was used to obtain 1 m samples from All samples are pulverized to produce a 50g charge for fire assay.
which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other
cases more explanation may be required, such as where there is coarse gold Drilling sampling techniques employed at the Artemis core facility include saw
that has inherent sampling problems. Unusual commodities or mineralisation cut HQ (63mm) drill core samples.
types (eg submarine nodules) may warrant disclosure of detailed information.
Both RC and HQ wireline core is currently being used to drill out the
geological sequences and identify zones of mineralisation that may or may not
be used in any Mineral Resource estimations, mining studies or metallurgical
testwork.
Duplicate samples were collected at the rig from a static cone splitter, with
the primary and duplicate bag both simultaneously collected from separate
chutes.
For RC, the cyclone was cleared between rod changes to minimise contamination.
Drilling Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, Reverse Circulation drilling completed by Topdrill.
auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard
techniques tube, depth of diamond tails, face-sampling bit or other type, whether core is Drilling was completed using a truck mounted T685 Schramm rig mounted on 8x8
oriented and if so, by what method, etc). trucks
This can produce 1000psi/2700CFM with an axillary booster which is capable of
achieving dry samples at depths of around 300m.
Diamond was drilled by a truck mounted Sandvik DE880.
Drill sample Method of recording and assessing core and chip sample recoveries and results Recoveries are recorded on logging sheets along with encounters with water and
assessed. whether the samples are dry, moist or wet.
recovery
Measures taken to maximise sample recovery and ensure representative nature of Drilling recoveries for Reverse Circulation drilling were >80% with some
the samples. exceptions that maybe caused by loss of return through faults or encounters
with water.
Whether a relationship exists between sample recovery and grade and whether
sample bias may have occurred due to preferential loss/gain of fine/coarse >90% of samples returned dry.
material.
Statistical analysis shows that no bias of grade exists due to recoveries
Logging Whether core and chip samples have been geologically and geotechnically logged RC samples were collected from the static cone splitter as two samples, one
to a level of detail to support appropriate Mineral Resource estimation, bulk sample and one primary (analytical) sample.
mining studies and metallurgical studies.
The bulk samples are one metre splits.
Whether logging is qualitative or quantitative in nature. Core (or costean,
channel, etc) photography. These bags are then placed in neat rows of 50 bags each clear of the rig for
safety reasons.
The total length and percentage of the relevant intersections logged.
A field technician mixes the bag by hand before taking a sample using a sieve
and sieves the sample to remove fines.
The sieved sample is then transferred to a wet sieve in a bucket of water, and
the sample is sieved further until rock fragments are clearly visible.
These rock fragments are then logged by the site geologist, taking note of
colour, grainsize, rock type, alteration if any, mineralisation if any,
veining if any, structural information if notable and any other relevant
information.
This information is then written down on pre-printed logging sheets, using
codes to describe the attributes of the geology.
A representative sample is transferred to pre-labelled chip trays into the
corresponding depth from where the sample was drilled from.
The remainder of the sample from the sieve is then transferred into a core
tray that has been marked up by depths at metre intervals.
An identification sheet noting the hole number and from-to depths that
correspond to each tray is then written up and placed above the tray and a
photograph is taken of the chips.
The hole is logged in its entirety, hence 100%
The geological data would be suitable for inclusion in a Mineral Resource
Estimation (MRE)
Sub-sampling If core, whether cut or sawn and whether quarter, half or all core taken. RC samples were collected on the drill rig using a cone splitter. If any
mineralised samples were collected wet these were noted in the drill logs and
techniques and If non-core, whether riffled, tube sampled, rotary split, etc and whether database.
sampled wet or dry.
sample
The RC drilling rig is equipped with a rig-mounted cyclone and static cone
For all sample types, the nature, quality and appropriateness of the sample splitter, which provided one bulk sample of approximately 20-30 kilograms, and
preparation preparation technique. a sub-sample of approximately 2-4 kilograms for every metre drilled.
Quality control procedures adopted for all sub-sampling stages to maximise Field QC procedures involve the use of Certified Reference Materials (CRM's)
representivity of samples. as assay standards, along with duplicates and blank samples. The insertion
rate of these was approximately 1:20.
Measures taken to ensure that the sampling is representative of the in-situ
material collected, including for instance results for field For RC drilling, field duplicates were taken on a routine basis at
duplicate/second-half sampling. approximately 1:20 ratio using the same sampling techniques (i.e. cone
splitter) and inserted into the sample run.
Whether sample sizes are appropriate to the grain size of the material being
sampled. Primary and duplicates results have been compared.
The sample sizes are appropriate, representative and are considered more than
adequate to ensure that there are no particle size effects relating to the
grain size of the mineralisation.
Quality of assay The nature, quality and appropriateness of the assaying and laboratory No assays released in this report.
procedures used and whether the technique is considered partial or total.
data and
For geophysical tools, spectrometers, handheld XRF instruments, etc, the
laboratory tests parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc.
Nature of quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established.
Verification of The verification of significant intersections by either independent or Sampling was undertaken by field assistants supervised by experienced
alternative company personnel. geologists from Artemis Resources. Significant intercepts were checked by
sampling and
senior personnel who confirmed them as prospective for gold mineralisation.
The use of twinned holes.
assaying
No twin holes using RC was completed in this program.
Documentation of primary data, data entry procedures, data verification, data
storage (physical and electronic) protocols. Electronic data capture on excel spreadsheets which are then uploaded as .csv
files and routinely sent to certified database management provider.
Discuss any adjustment to assay data.
Routine QC checks performed by Artemis senior personnel and by database
management consultant.
PDF laboratory certificates are stored on the server and are checked by the
Exploration Manager.
Location of Accuracy and quality of surveys used to locate drill holes (collar and A Garmin GPSMap62 hand-held GPS was used to define the location of the initial
down-hole surveys), trenches, mine workings and other locations used in drill hole collars. Standard practice is for the GPS to be left at the site of
data points Mineral Resource estimation. the collar for a period of 5 minutes to obtain a steady reading. Collar
locations are considered to be accurate to within 5m.
Specification of the grid system used.
A high-quality downhole north-seeking multi-shot or continuous survey
Quality and adequacy of topographic control. gyro-camera was used to determine the dip and azimuth of the hole at 30m
intervals down the hole
The topographic surface was calculated from the onsite mine survey pickups and
subsequently verified by RTK GNSS collar surveys.
Zone 50 (GDA 94).
Surface collar coordinates are surveyed via RTK GNSS with 1cm accuracy by a
professional surveying contractor.
Data spacing Data spacing for reporting of Exploration Results. In certain areas, current drill hole spacing is variable and dependent on
specific geological, and geochemical targets.
and distribution Whether the data spacing and distribution is sufficient to establish the
degree of geological and grade continuity appropriate for the Mineral Resource A nominal 40x20m drill spacing is considered adequate to establish the degree
and Ore Reserve estimation procedure(s) and classifications applied. of geological and grade continuity appropriate for JORC (2012) classifications
applied.
Whether sample compositing has been applied.
No sample compositing to date has been used for drilling completed by Artemis.
All results reported are the result of 1 metre downhole sample intervals.
Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible Drill holes were designed to be perpendicular to the strike of known
structures and the extent to which this is known, considering the deposit mineralisation. Due to the structural and geological complexity of the area,
type. mineralisation of unknown orientation can be intersected.
If the relationship between the drilling orientation and the orientation of
key mineralised structures is considered to have introduced a sampling bias,
this should be assessed and reported if material.
Sample security The measures taken to ensure sample security. The chain of custody is managed by the supervising geologist who places calico
sample bags in polyweave sacks. Up to 10 calico sample bags are placed in each
sack. Each sack is clearly labelled with:
Artemis Resources Ltd
Address of laboratory
Sample range
Samples were delivered by Artemis personnel to the transport company in
Karratha and shrink wrapped onto pallets.
The transport company then delivers the samples directly to the laboratory.
Audits or reviews The results of any audits or reviews of sampling techniques and data. Data is validated upon up-loading into the master database. Any validation
issues identified are investigated prior to reporting of results.
SECTION 2 REPORTING OF EXPLORATION RESULTS
(Criteria listed in the preceding section also apply to this section.)
Criteria Commentary
Mineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or Drilling by Artemis was carried out on E47/1797 - 100% owned by Artemis
material issues with third parties such as joint ventures, partnerships, Resources Ltd. This tenement forms a part of a broader tenement package that
overriding royalties, native title interests, historical sites, wilderness or comprises the West Pilbara Project.
national park and environmental settings.
This tenement is in good standing.
The security of the tenure held at the time of reporting along with any known
impediments to obtaining a licence to operate in the area.
Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. Paterson Project
Majority of the exploration for gold was completed by Newcrest and its
predecessor Newmont, within the area encompassing E45/2418, 45 km to the east
of Telfer gold mine known locally as Anketell, commenced in 1986 and
progressed in three main phases to 1996.
1986-1989: Originally part of Newmont's Canning tenement group, surface
geochemical sampling (mainly BLEG) and RAB and RC drilling were undertaken in
the Anketell area following the recognition of a suite of distinctive and
intriguing aeromagnetic anomalies. Results from this work were not encouraging
and the tenements were surrendered.
1991-1992: New tenement coverage was obtained by Newcrest following detailed
interpretation of the aeromagnetics and recognition that the earlier work had
not, in fact, tested the magnetic anomalies because of thick Phanerozoic
cover. Diamond drilling was used to test several of the anomalies, with
mineralization of potential economic significance being intersected in two
holes at the Havieron Prospect. Unfortunately, the Proterozoic-hosted
mineralization is concealed beneath +400m of post-mineral cover, and no
further work was done in this period.
1995: The project was again revived, with a program of diamond drill testing
of additional magnetic targets in the northern parts of the Anketell area
without success, and at the Havieron Prospect with only minor success.
1997: No exploration was undertaken on M45/605. The tenement was included in a
package of Telfer tenements on offer for farm-out.
1998-2001: The Havieron tenement M45/605 was included as part of the
Normandy/Newcrest Crofton JV. No further field work was undertaken during this
time and Normandy withdrew from the JV on 10" January, 2001. The Mining Lease
was subsequently surrendered by Newcrest Mining Limited on the 19" March,
2001.
2003: The area was reapplied for by Newcrest Mining Limited on the 43" May,
2002 and subsequently granted by DOIR on May 8, 2003 as the Terringa Project
(E45/2418) with an area of 19,600ha (196km'). The tenement has subsequently
been renamed Havieron to reflect the location of the original AMAG anomaly.
2004: Exploration conducted on E45/2418 comprised the drilling of one (1)
diamond drillhole (HACO301) for a total of 717.9m - 102m of RC and 615.9m of
core. A maximum intercept of 1m @ 180 ppb from 503m dhd was recorded.
2005: Nine core samples from HAC0301 were submitted to Mason Geoscience Pty
Ltd for thin section petrological analysis.
2006: An aeromagnetic survey was conducted across the entire tenement.
2007: No exploration conducted on surrendered ground.
2008: A 4 hole air core program was carried out to test a aeromagnetic
anomaly.
2013 - 2015, Potash exploration by Reward Minerals concluded that the area was
not prospective for potash occurrences.
2014 - Ming Gold explored on E45/3598. Work included reinterpretation of the
geophysical data (magnetics, gravity and EM) along with core inspection at
Havieron. Due to significant depth of cover the Proterozoic basement was not
reached for several targets and in other cases it is interpreted that the
drilling potentially missed the anomalies.
2018 - Tenement E45/5276 acquired by Armada Mining, subsidiary of Artemis
Resources. Armada completed low detection soil sampling (MMI and Ionic
leach). Three deep diamond holes were drilled in the Nimitz Prospect only
2.5km to the east of Havieron area for a total of 3,012m. Drilling programs
are on-going.
Carlow Project
The most significant work to have been completed historically in the Carlow
Castle area was completed by Open Pit Mining Limited between 1985 and 1987,
and subsequently Legend Mining NL between 1995 and 2008.
Work completed by Open Pit consisted of geological mapping, geophysical
surveying (IP), and RC drilling and sampling.
Work completed by Legend Mining Ltd consisted of geological mapping and
further RC drilling.
Legend also completed an airborne AEM survey over the project area, with
follow up ground-based FLTEM surveying. Re-processing of this data was
completed by Artemis.
Compilation and assessment of historic drilling and mapping data completed by
both Open Pit and Legend has indicated that this data is compares well with
data collected to date by Artemis. Validation and compilation of historic data
is ongoing.
All exploration and analysis techniques conducted by both Open Pit and Legend
are considered to have been appropriate for the style of deposit.
Geology Deposit type, geological setting and style of mineralisation. Paterson Project
This program has yet to define the type and style of mineralisation that is
being targeted.
However, based on other styles of mineralisation located nearby, as in the
Havieron Deposit, the types of mineralisation likely to be discovered include
IOCG, porphyry-style mineralisation, breccia hosted Au-Cu and skarns.
Geological setting of the area includes thick units of Permian fluvioglacials
which form the major component of the Phanerozoic cover sequence. Lithologies
consist of tillite, sandstone and siltstone. The cover thickness increases to
the east. The sandstone units are usually medium to coarse-grained, with
lesser finer grained intervals and usually grey in colour. The coarser grained
sandstones are occasionally brown or light brown in colour. Most of the
sequence appears to be fairly flat lying. The siltstone units are light or
dark grey in colour. Clasts in the tillite have been derived from a large
range of rock types including calcareous sediments, sandstone and siltstone,
as well as crystalline rocks such as granite and gneiss. Most of these rock
fragments appear to have been derived originally from the Proterozoic,
(Stewart, M.A., 2008 Annual Technical Report, Newcrest).
Occurrences of pyrite in these layers are not significant for gold and is
interpreted to be diagenetic.
Drilling that was undertaken by Newcrest indicate the development of higher
grade metamorphic units and granite in the north of the project area and lower
grade metamorphics in the south, including the Havieron prospect The marble
and quartzite at Havieron are believed to be related to the Puntapunta
Formation and Wilkie Quartzite Formations, both of which are linked to the
Yeneena Group. Down-hole dip measurements at the Havieron prospect suggest a
north-northwest to east-west strike to the local bedding which is in contrast
to the regional west-northwest strike. The variety of dip direction in the
area implies a structural complexity that is not yet fully understood,
however, is consistent with the prospect representing a geological anomaly
accounting for the localised mineralisation. Sulphide mineralisation at
Havieron includes pyrite ± chalcopyrite occurring as breccia-fill, and
occasionally, strata-bound pyrrhotite, all of which appear to be linked to
gold and bismuth mineralisation, (Stewart, M.A., 2008 Annual Technical Report,
Newcrest).
Carlow Project
The Carlow Castle Co-Cu-Au prospect includes a number of mineralised shear
zones, located on the northern margin of the Andover Intrusive Complex.
Mineralisation is exposed in numerous workings at surface along quartz-rich
shear zones. Both oxide and sulphide mineralisation are evident at surface
associated with these shear zones.
Sulphide mineralisation appears to consist of Chalcopyrite, chalcocite,
cobaltite, pyrrhotite and pyrite
Drill hole Information A summary of all information material to the understanding of the exploration Drill hole information is contained within this release.
results including a tabulation of the following information for all Material
drill holes:
easting and northing of the drill hole collar
elevation or RL (Reduced Level - elevation above sea level in metres) of the
drill hole collar
dip and azimuth of the hole
down hole length and interception depth
hole length.
If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum All intervals reported are composed of 1 metre down hole intervals for Reverse
and/or minimum grade truncations (eg cutting of high grades) and cut-off Circulation drilling.
grades are usually Material and should be stated.
Aggregated intercepts do include reported lengths of higher-grade internal
Where aggregate intercepts incorporate short lengths of high grade results and intercepts.
longer lengths of low grade results, the procedure used for such aggregation
should be stated and some typical examples of such aggregations should be No upper or lower cut-off grades have been used in reporting results.
shown in detail.
No metal equivalent calculations are used in this report.
The assumptions used for any reporting of metal equivalent values should be
clearly stated.
Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration The mineralisation in the Carlow Castle Western Zone strikes generally E-W and
Results. dips to the north at approximately -75 to -80 degrees. The drill orientation
was 180 -60 dip. Drilling is believed to be generally perpendicular to strike.
If the geometry of the mineralisation with respect to the drill hole angle is Given the angle of the drill holes and the interpreted dip of the host rocks
known, its nature should be reported. and mineralisation, reported intercepts approximate true width.
If it is not known and only the down hole lengths are reported, there should True thicknesses are calculated from interpretation deriving from orientation
be a clear statement to this effect (eg 'down hole length, true width not of high-grade intervals, orientation of the main mineralised trend and its
known'). dip. This is an estimation only and can change according to additional
information.
Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts Appropriate plans are shown in the text.
should be included for any significant discovery being reported These should
include, but not be limited to a plan view of drill hole collar locations and
appropriate sectional views.
Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, This release reports the results of five RC holes. The significant results
representative reporting of both low and high grades and/or widths should be tabulated in the release are reported at a base grade of >0.5 g/t Au or
practiced to avoid misleading reporting of Exploration Results. >0.5% Cu. Internal dilution of up to 2 m may be included in an
intersection.
Other substantive exploration data Other exploration data, if meaningful and material, should be reported Targeting for the RC drilling completed by Artemis was based on compilation of
including (but not limited to): geological observations; geophysical survey historic exploration data, and the surface expression of the targeted
results; geochemical survey results; bulk samples - size and method of mineralised shear zones and associated historic workings.
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work The nature and scale of planned further work (eg tests for lateral extensions Further work (RC and diamond drilling) is justified to locate extensions to
or depth extensions or large-scale step-out drilling). mineralisation both at depth and along strike.
Diagrams clearly highlighting the areas of possible extensions, including the
main geological interpretations and future drilling areas, provided this
information is not commercially sensitive.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
Artemis Resources Limited
ABN Quarter ended ("current quarter")
80 107 051 749 30 June 2022
Consolidated statement of cash flows Current quarter Year to date (12 months)
$A'000
$A'000
1. Cash flows from operating activities - -
1.1 Receipts from customers
1.2 Payments for - -
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs - -
(e) administration and corporate costs (430) (2,862)
1.3 Dividends received (see note 3) - -
1.4 Interest received - 1
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Government grants and tax incentives 7 21
1.8 Other (fees relating to asset sales) - -
1.9 Net cash from / (used in) operating activities (423) (2,840)
2. Cash flows from investing activities - -
2.1 Payments to acquire or for:
(a) entities
(b) tenements - -
(c) property, plant and equipment (70) (191)
(d) exploration & evaluation (1,672) (8,976)
(e) investments - (224)
(f) other non-current assets - -
2.2 Proceeds from the disposal of:
(a) entities
(b) tenements - 500
(c) property, plant and equipment - -
(d) investments 309 309
(e) other non-current assets - -
2.3 Cash flows from loans to other entities - -
2.4 Dividends received (see note 3) - -
2.5 Other (provide details if material) - -
2.6 Net cash from / (used in) investing activities (1,433) (8,582)
3. Cash flows from financing activities - 9,443
3.1 Proceeds from issues of equity securities (excluding convertible debt
securities)
3.2 Proceeds from issue of convertible debt securities - -
3.3 Proceeds from exercise of options - -
3.4 Transaction costs related to issues of equity securities or convertible debt (40) (465)
securities
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related to loans and borrowings - -
3.8 Dividends paid - -
3.9 Other (provide details if material) - -
3.10 Net cash from / (used in) financing activities (40) 8,978
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 7,943 9,082
4.2 Net cash from / (used in) operating activities (item 1.9 above) (423) (2,840)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (1,433) (8,582)
4.4 Net cash from / (used in) financing activities (item 3.10 above) (40) 8,978
4.5 Effect of movement in exchange rates on cash held 50 (541)
4.6 Cash and cash equivalents at end of period 6,097 6,097
5. Reconciliation of cash and cash equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts
$A'000
$A'000
5.1 Bank balances 823 322
5.2 Call deposits 5,274 7,621
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 6,097 7,943
6. Payments to related parties of the entity and their associates Current quarter
$A'000
6.1 Aggregate amount of payments to related parties and their associates included 146
in item 1
6.2 Aggregate amount of payments to related parties and their associates included -
in item 2
Note: Items in 6.1 include payments for directors fees and payments to their
associated entities for services provided to the company.
7. Financing facilities Total facility amount at quarter end Amount drawn at quarter end
Note: the term "facility' includes all forms of financing arrangements available to the entity.
$A'000
$A'000
Add notes as necessary for an understanding of the sources of finance available to the entity.
7.1 Loan facilities - -
7.2 Credit standby arrangements - -
7.3 Other (please specify) - -
7.4 Total financing facilities - -
7.5 Unused financing facilities available at quarter end -
7.6 Include in the box below a description of each facility above, including the
lender, interest rate, maturity date and whether it is secured or unsecured.
If any additional financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing details of
those facilities as well.
8. Estimated cash available for future operating activities $A'000
8.1 Net cash from / (used in) operating activities (item 1.9) (423)
8.2 (Payments for exploration & evaluation classified as investing activities) (1,672)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (2,095)
8.4 Cash and cash equivalents at quarter end (item 4.6) 6,097
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 6,097
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.9
No
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8.
7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following
questions:
8.8.1 Does the entity expect that it will continue to have the current
level of net operating cash flows for the time being and, if not, why not?
Answer: N/A
8.8.2 Has the entity taken any steps, or does it propose to take any
steps, to raise further cash to fund its operations and, if so, what are those
steps and how likely does it believe that they will be successful?
Answer: N/A
8.8.3 Does the entity expect to be able to continue its operations and
to meet its business objectives and, if so, on what basis?
Answer: N/A
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2
and 8.8.3 above must be answered.
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters
disclosed.
Date: 29 July 2022
Authorised by: The Board ...............................................
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying
activity report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and the effect
this has had on its cash position. An entity that wishes to disclose
additional information over and above the minimum required under the Listing
Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions in, and
provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash
flow report has been prepared in accordance with other accounting standards
agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities, depending
on the accounting policy of the entity.
4. If this report has been authorised for release to the
market by your board of directors, you can insert here: "By the board". If it
has been authorised for release to the market by a committee of your board of
directors, you can insert here: "By the [name of board committee - eg Audit
and Risk Committee]". If it has been authorised for release to the market by a
disclosure committee, you can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the
market by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance Council's
Corporate Governance Principles and Recommendations, the board should have
received a declaration from its CEO and CFO that, in their opinion, the
financial records of the entity have been properly maintained, that this
report complies with the appropriate accounting standards and gives a true and
fair view of the cash flows of the entity, and that their opinion has been
formed on the basis of a sound system of risk management and internal control
which is operating effectively.
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