REG - Artemis Resources Ld - NEW TARGET IDENTIFIED AT PATERSON GOLD PROJECT
28/02/2024 07:15
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RNS Number : 7589E Artemis Resources Limited 28 February 2024
28 February 2024
Artemis Resources Limited
NEW TARGET IDENTIFIED AT PATERSON GOLD PROJECT
Highlights:
· Independent technical review identifies new priority target - Apollo
North - identified by gravity anomaly
· Review identified that Hole 22PTMRD011 intercepted the same lithotypes
and similar mineralisation as Havieron and are considered to be typical of a
'near-miss' at Havieron.
· Project located adjacent to Newmont/ Greatland Gold tier 1 discovery
Havieron deposit containing over 6.5m oz Au
· Options being considered to advance project including joint ventures
and third party funding
Artemis Resources Limited ('Artemis' or the 'Company') (ASX/AIM: ARV) is
pleased to report that a detailed strategic review of the Company's 100% owned
Paterson Gold Project in Western Australia is currently underway with the
aim of establishing a development pathway that extracts maximum value for
shareholders.
Previous drilling at the Paterson Project delivered the following significant
intercepts:
· Within drill hole 22PTMRD011 include;
o 2.42m @ 0.85g/t Au and 2.86% Cu from 752.58m, including;
o 0.87m @ 0.36g/t Au and 4.99% Cu from 752.58m; 1m @ 1.73g/t Au and 2.58% Cu
from 754m; and 1m @ 0.61g/t Au and 3.28% Cu from 904m(1)
· Within drill hole 22PTMRD010 include;
o 5m @ 0.32g/t Au and 0.81% Cu from 639m, including;
o 1m @ 0.39g/t Au and 2.99% Cu from 639m(1)
(1)Artemis Resources Ltd, ASX Announcement, 12 December 2022
Executive Director George Ventouras commented: "The Patersons Project is a
unique greenfields exploration opportunity. With the drilling and
reconnaissance work previously undertaken, the project is ripe for additional
work to unlock further potential mineralisation. While exploring at depth
requires additional resources and capital, as can be seen from the nearby
Havieron discovery, the upside may be considerable.
I am excited by the potential that the Paterson Project holds and we are
looking forward to advancing the project with a partner".
Paterson Gold Project Background
The Paterson Gold Project is a 100% Company owned tenement covering 605 km(2).
It surrounds the 6.5 Moz AuEq Havieron Copper-Gold discovery(2) held by
Newmont Mining (NYSE:NEM) and Greatland Gold (LON: GGP) and is located only
~42kms from the Telfer copper/gold mine (owned by Newmont).
Figure 1. Artemis Resources' Paterson Project
The Project is located approximately 450 km east of Port Hedland in the Great
Sandy Desert, with the project being accessed via a series of well-maintained
tracks from the Telfer Mine Site Gate House which is only 50km to the west.
(2)Newcrest Mining Ltd, ASX Announcement, 10 December 2020
Apollo North - New Prospect
A new priority target has been identified by a single station gravity anomaly.
Located ~2.5km from the Apollo Prospect, this target is situated within the
prospective structural corridor, with a discrete gravity anomaly present. The
depth of cover is unknown but represents a walk up target that warrants
further exploration activity.
Figure 2. Paterson targets on gravity survey
Apollo Prospect
Identified as a potentially significant ~1.5km north-west trending magnetic
anomaly representing an interpreted splay fault that has been intruded by a
dolerite intrusion. Recent drilling has revealed multi-phase breccias and
veining that host polymetallic systems. Drilling at hole 22PTMRD011 also
intercepted the same lithotypes and similar mineralisation as Havieron and are
considered to be typical of a 'near-miss' at Havieron.
Large intercepts (up to 90m) of pervasive veining and multi-phase crackle
breccias have been encountered either side of the dolerite intrusion, often
with significant amounts of pyrite, chalcopyrite and pyrrhotite.
Figure 3: Drill hole 22PTMRD011 from 754.7 - 755.1 displaying sulphide
mineralisation including chalcopyrite and pyrite within a carbonate breccia.
Figure 4. Drill hole 22PTMRD011 with significant intercepts
Figure 5. Drill hole 22PTMRD010 with significant intercepts
Juno and Voyager
Juno is a target which displays as a discrete magnetic feature on the edge of
the north-south trending Havieron Fault zone. It has a gravity high offset to
the south-west of the magnetic anomaly. Voyager is a northeast trending
magnetic anomaly which may be part of the structural lineament on which Juno
occurs. Heritage surveys and programs of works have been approved for Juno and
Voyager.
Figure 6: Magnetic anomalies at Juno and Voyager
The Location
The Paterson Central Gold-Copper Project is located within the Yaneena Basin
of the Paterson Province, which hosts large scale mineral deposits, such as
the World class Telfer gold-copper mine, recently discovered Winu copper-gold
deposit, Nifty copper mine, and the Havieron gold and copper deposit. The
Company's Paterson Central project surrounds and is adjacent to the Havieron
gold - copper deposit on three sides and covers the same continuous geological
domain.
The geology of the project area consists of Canning Basin sediments, primarily
Permian siltstones, which overlie Proterozoic meta-sedimentary basement rocks
which form the main host rocks to large mineral deposits in the region. The
sedimentary cover is 300m thick in the western part of the project area and is
interpreted to deepen to over 800m in the east. The Havieron gold and copper
deposit is associated with a strong magnetic anomaly and sits under about 450m
of sedimentary cover. Mineralisation at Havieron extends over deep intervals
to at least 600m below the base of sedimentary cover, where the mineralisation
starts, and it continues to remain open at depth.
While difficult to explore due to the depth of cover and the remote location,
the Paterson ground remains highly prospective.
This announcement was approved for release by the Board.
For Further information contact:
Artemis Resources Ltd
George Ventouras, Executive Director george.ventouras@artemisresources.com.au
(mailto:george.ventouras@artemisresources.com.au)
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 Geoscientists (MAIG) and Australasian Institute of
Mining and Metallurgy (MAusIMM). Mr Hirst is an advisor 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.
Forward Looking Statements
This announcement contains or may contain certain 'forward-looking statements'
and comments about future events, including in relation to Artemis Resources
business, plans and strategies and expected trends in the industry in which
Artemis Resources currently operates. Forward-looking statements involve
inherent risks, assumptions and uncertainties, both general and specific, and
there is a risk that such predictions, forecasts, projections and other
forward-looking statements will not be achieved. Forward looking statements
are based on Artemis Resources good faith assumptions as to the financial,
market, regulatory and other relevant environments that will exist and affect
the Company's business and operations in the future. A number of important
factors could cause Artemis Resources actual results to differ materially from
the plans, objectives, expectations, estimates, targets and intentions
expressed in such forward-looking statements, and many of these factors are
beyond Artemis Resources control. Forward-looking statements may prove to be
incorrect, and circumstances may change, and the contents of this announcement
may become outdated as a result. Artemis Resources does not give any assurance
that the assumptions will prove to be correct. Readers should note that any
past performance is given for illustrative purposes only and should not be
relied on as (and is not) an indication of the Company's views on its future
financial performance or condition. Past performance of the Company cannot be
relied on as an indicator of (and provides no guidance as to) future
performance including future share price performance. Except as required by
law or regulation, Artemis Resources undertakes no obligation to provide any
additional or updated information whether as a result of new information,
future events or results or otherwise. Nothing in this announcement should be
construed as either an offer to sell or a solicitation to buy or sell Artemis.
JORC Code, 2012 Edition - Table 1 report template
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or · Ground gravity surveying
specific specialised industry standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma sondes, or handheld XRF · The gravity survey detects density contrasts/more dense rock types
instruments, etc). These examples should not be taken as limiting the broad potentially related to alteration or a mineralised system. Sampling will be
meaning of sampling. required to confirm the presence of alteration/mineralisation. None of the
targets identified in the survey have been sampled.
· Include reference to measures taken to ensure sample representivity
and the appropriate calibration of any measurement tools or systems used.
· Aspects of the determination of mineralisation that are Material to
the Public Report.
· 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 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 that has inherent sampling problems. Unusual commodities or
mineralisation types (eg submarine nodules) may warrant disclosure of detailed
information.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary · Not applicable as no drilling was undertaken
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc).
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · Not applicable as no drilling was undertaken
results assessed.
· Measures taken to maximise sample recovery and ensure representative
nature of the samples.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
Logging · Whether core and chip samples have been geologically and · Not applicable as no drilling was undertaken
geotechnically logged to a level of detail to support appropriate Mineral
Resource estimation, mining studies and metallurgical studies.
· Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography.
· The total length and percentage of the relevant intersections logged.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core · No drilling is being reported.
taken.
· If non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry.
· For all sample types, the nature, quality and appropriateness of the
sample preparation technique.
· Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples.
· Measures taken to ensure that the sampling is representative of the
in situ material collected, including for instance results for field
duplicate/second-half sampling.
· Whether sample sizes are appropriate to the grain size of the
material being sampled.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and · No assays are being reported
laboratory procedures used and whether the technique is considered partial or
total. · 400x 400m spaced ground gravity stations
· For geophysical tools, spectrometers, handheld XRF instruments, etc, · Gravity data were acquired concurrently with GNSS data using a single
the parameters used in determining the analysis including instrument make and Scintrex CG-5 gravity
model, reading times, calibrations factors applied and their derivation, etc.
meter.
· Nature of quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of · Each loop contained a minimum of two repeated readings so that an
accuracy (ie lack of bias) and precision have been established. interlocking network of closed
loops was formed.
· A total of 57 repeat readings representing 3.34% of the survey
were acquired for quality control purposes.
· Repeat readings were evenly distributed, where
possible, on a time-basis throughout each of the gravity loops.
· One CG-5 Autograv Gravity Meter (Serial Number: 40241, SF:
1.00000)
· ▪ One CHC Nav i70+ GNSS Base Receiver
· ▪ One CHC Nav i70+ GNSS Rover Receiver
Verification of sampling and assaying · The verification of significant intersections by either independent · No drilling is being reported
or alternative company personnel.
· The use of twinned holes.
· Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic) protocols.
· Discuss any adjustment to assay data.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar · GNSS raw data was used and processed by GrafNav v8.70 post processing
and down-hole surveys), trenches, mine workings and other locations used in software.
Mineral Resource estimation.
· GrafNav was used to transform the GNSS-derived WGS84 coordinates
· Specification of the grid system used. to GDA94 coordinates
· Quality and adequacy of topographic control. for each gravity station location.
· MGA coordinates were then derived by projecting the GDA94
geodetic coordinates with a Universal Transverse Mercator (UTM) transform
using the
appropriate zone.
· GrafNav produced GDA94 ellipsoidal heights for
each gravity station location; and elevations above the Australian Height
Datum (AHD) were
modelled using the AUSGEOID09 geoid model, with separations (N values) added
to GDA94
ellipsoidal heights.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · 400x 400m spaced ground gravity stations
· Whether the data spacing and distribution is sufficient to establish
the degree of geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and classifications applied.
· Whether sample compositing has been applied.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · No drill data is being reported
possible structures and the extent to which this is known, considering the
deposit type.
· 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. · No sampling being reported
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · No sampling being reported
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · Gravity Survey by Artemis was carried out on E45/5276 - 100%
agreements or material issues with third parties such as joint ventures, owned by Artemis Resources Ltd.
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings. •This tenement is in good standing, free of any impediments.
· 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. · 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 oncealed 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.
Geology · Deposit type, geological setting and style of mineralisation. · 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.
· Style of mineralisation is currently unknown but inferred to be
related to Iron Oxide Copper Gold (IOCG).
Drill hole Information · A summary of all information material to the understanding of the · No drilling is being reported.
exploration results including a tabulation of the following information for
all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o 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, · No drilling is being reported.
maximum and/or minimum grade truncations (eg cutting of high grades) and
cut-off grades are usually Material and should be stated.
· Where aggregate intercepts incorporate short lengths of high grade
results and longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
· 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 · No drilling is being reported.
Exploration Results.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
· If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width
not known').
Diagrams · Appropriate maps and sections (with scales) and tabulations of · Appropriate plans are shown in the text.
intercepts 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 · All results are reported.
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · Exploration data is contained in previous AM reports.
reported including (but not limited to): geological observations; geophysical
survey results; geochemical survey results; bulk samples - size and method of
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 · Drilling to provide subsurface information on the targets.
extensions or depth extensions or large-scale step-out drilling).
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
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