REG - Artemis Resources Ld - Operational Update
06/03/2024 07:00
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RNS Number : 6735F Artemis Resources Limited 06 March 2024
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.
6(th) March 2024
EXCELLENT ROCK CHIP ASSAYS PEAKING AT 4.67% Li(2)O
MULTIPLE ASSAY RESULTS > 1% Li(2)O
NEW ZONE - OSBORNE EAST - IDENTIFIED
COARSE SPODUMENE CRYSTAL SIZE UP TO 30CM LENGTH
_______________________________________________________________________________
Highlights:
· Ground reconnaissance sampling from 100% owned Artemis Resources
tenement E47/1746 delivers excellent assay results from the Mt Marie prospect
including:
o 24AR01-14 - 4.67% Li(2)O
o 24AR01-15 - 2.11% Li(2)O
o 24AR01-02 - 1.74% Li(2)O
o 24AR01-06 - 1.68% Li(2)O
o 24AR01-11 - 1.46% Li(2)O
· Coarse spodumene crystals observed up to 30cm in length.
· Multiple rock chip assays >0.50% Li(2)O from new zone at Osborne
East
· Further reconnaissance and follow-up sampling to be undertaken across
E47/1746
Artemis Resources Limited ('Artemis' or the 'Company') (ASX/AIM: ARV) is
pleased to provide this update to shareholders on its recent lithium focused
ground reconnaissance program.
Executive Director George Ventouras commented "This second round of rock chip
assay results provides further evidence of the potential scale and grade of
the Artemis lithium discovery. These results from the Mt Marie prospect and
the new zone identified at Osborne East, are opening up the lithium
mineralised region considerably and suggests that a greater portion of the
tenement area is now prospective for lithium mineralisation.
It's very early in the reconnaissance program. However, given the results to
date and the outcropping pegmatites already delineated, we are confident that
we have only just scratched the surface of lithium mineralisation potential
across the tenement portfolio. With more than 150km(2) of 100% owned tenure
and only around 25km(2) covered in the ground reconnaissance program to date,
the pathway of prospectivity is becoming exciting".
Mt Marie Lithium Prospect
A second program of strategic ground reconnaissance was completed in February
which aimed to expand on the results achieved previously, where rock chip
assays peaked at 1.82% Li(2)O at the Mt Marie Prospect(1) (Figure 2). The
location of the first outcropping pegmatite was used as a starting point. The
ground crew extended this beyond 200m of outcropping strike length and further
sampled this trend and general area, in addition to other locations identified
through technical review.
Figure 1. Artemis Resources West Pilbara tenements
(1)ASX Announcement, Artemis Resources Ltd, 5 February 2024
Osborne East Lithium Prospect
A first program of ground reconnaissance was completed in February and covered
part of the area to the east of the Osborne JV (ARV:49%, GRE: 51%). This area
was recognised via drone survey and identified as a priority target. Several
rock chips were subsequently sampled from this new region.
Results from Rock Chip Sampling
In total, 36 rock chip samples were collected from the Mt Marie and Osborne
East prospects and dispatched to the lab for multi-element analysis.
Figure 2 Mt Marie and Osborne East Lithium Prospects
Figure 3. Rock chip sample locations at the Mt Marie and Osborne East Lithium
Prospects
The rock chip assays have delivered excellent results which include the
following;
Mt Marie Prospect
§ 24AR01-14 - 4.67% Li(2)O
§ 24AR01-15 - 2.11% Li(2)O
§ 24AR01-02 - 1.74% Li(2)O
§ 24AR01-06 - 1.68% Li(2)O
§ 24AR01-11 - 1.46% Li(2)O
§ 24AR01-04 - 1.45% Li(2)O
§ 24AR01-12 - 1.29% Li(2)O
§ 24AR01-01 - 1.06% Li(2)O
§ 24AR01-03 - 1.05% Li(2)O
Osborne East Prospect
§ 24AR01-021 - 0.65% Li(2)O
§ 24AR01-027 - 0.60% Li(2)O
§ 24AR01-036 - 0.59% Li(2)O
§ 24AR01-035 - 0.57% Li(2)O
Rock chip samples from the Mt Marie prospect were previously tested for
mineralogy type at Curtin University and the analysis confirmed that the host
mineral for the lithium is spodumene(2). The follow up exploration program
uncovered even larger and coarser spodumene crystals than previously
identified (Figure 4) which provides a level of confidence as to the grade and
scale of this discovery. Samples from Osborne East will be sent to the
university in due course for testing and to ascertain mineralogy.
This level of Li(2)O result is unparalleled in the region and is on par with
the results achieved at the Andover project of Azure Minerals Ltd where they
recorded a peak rock chip assay result of 4.87% Li(2)O(3) and have reported an
exploration target of 100-240mt @ 1.00-1.5% Li(2)O(4) (Azure Minerals is
currently subject to a takeover proposal via a joint bid from Sociedad Quimica
y Minera de Chile SA (SQM) and Hancock Prospecting Pty Ltd).
The lithium bearing pegmatite at the Mt Marie prospect occurs along a mirrored
or similar NE structural trend to pegmatites discovered by Azure Minerals only
20km to the east. Given the location of the Artemis tenements in relation to
the Azure discovery and the proximity to Karratha and its logistical
advantages, the potential pathway for the Mt Marie lithium prospect is
becoming clearer and more compelling.
(2)ASX Announcement, Artemis Resources Ltd, 5 February 2024
(3)ASX Announcement, Azure Minerals Ltd, 20 January 2023
(4)ASX Announcement, Azure Minerals Ltd, 7 August 2023
Figure 4. Large and coarse spodumene crystals from the Mt Marie Lithium
Prospect.
Figure 5. Executive Director George Ventouras with spodumene bearing pegmatite
sample from the Mt Marie Lithium Prospect
Figure 6. Pegmatite with abundant spodumene, sample from the Mt Marie Prospect
The pegmatites intrude mafic units similar to the type of host rocks observed
at the Azure lithium discovery. The majority of recently sampled pegmatites
are characterised by quartz-feldspar-mica mineralisation with visible
spodumene commonly observed in outcrops at the newly discovered Mt Marie
prospect. In this area the spodumene crystals may represent up to 40% of the
bulk rock fabric and range between 3cm to 10cm in length. However, the
maximum spodumene crystal length is reported up to 30cm. The latest assay
results, reporting up to 4.67% Li(2)O, are very compelling and support these
observations.
The newly discovered pegmatite trend at Osborne East has returned some very
promising assay results of up to 0.65 % Li(2)O. These pegmatites broadly
occur to the east of the high-grade Osborne lithium pegmatite zone(5) which is
located on the Company's JV ground. Importantly, these new results now
form an emerging and prospective ~6km east-west trend.
Further work on the tenements across the major structural zones will follow on
from exploration already conducted including drone surveying, rock chip
sampling, soil sampling and other appropriate ground reconnaissance, where
appropriate. The aim of the technical team will be to cover all priority areas
identified through previous review and to build on the results to date.
Program of works (PoW's) and heritage clearance applications are also in
process.
(5)ASX Announcement, Greentech Metals Ltd, 13 February 2024
Figure 7. Pegmatite outcrop at the Mt Marie Prospect
Further work is also being planned on the Osborne Lithium Project which is a
joint venture with Greentech Metals (ASX:GRE) (ARV:49%-GRE:51%).
This announcement was approved for release by the Board.
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 Tel: +44 20 7220 1666
/ Isaac Hooper
About Artemis Resources
Artemis Resources (ASX/AIM: ARV; FRA: ATY) is a gold, copper and lithium
focused resources company with projects in Western Australia. The Mt Marie
Lithium Prospect, 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 Gold/Copper project in the Paterson Province
(located adjacent to Greatland Gold / Newmont's recent gold-copper discovery
at Havieron and only ~42km from the Newmont Telfer gold mine).
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 Statement
Adrian Hell, BSc (Hons), an advisor and consultant to the Company, is a Member
of the AUSIMM, and has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration 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'. Adrian
Hell consents to the inclusion in the report of the information in the form
and context in which it appears.
Dr Martin Wells (PhD). The sample testing was carried out in the John de
Laeter Centre at Curtin University. Spodumene was identified using a
proprietary automated mineralogy technique and confirmed using x-ray
diffraction (XRD) analysis by Dr Martin Wells (PhD). Dr Wells is a Research
Fellow (Mineralogy/Petrology) and an authority in lithium ore deposits as
evidenced by his authorship of the 2023 Geological Survey of Western Australia
Report 228 (The geology, mineralogy and Geometallurgy of EV materials deposits
in Western Australia;
https://dmpbookshop.eruditetechnologies.com.au/product/mriwa-report-m532-geology-mineralogy-and-metallurgy-of-ematerial-resources-in-wa.do
(https://dmpbookshop.eruditetechnologies.com.au/product/mriwa-report-m532-geology-mineralogy-and-metallurgy-of-ematerial-resources-in-wa.do)
). Dr Martin Wells consents to the inclusion in the report of the information
pertaining to sample analyses undertaken at the John De Laeter Centre in the
form and context in which it appears.
Significant Results > 0.5% Li(2)O
Sample No Easting Northing Li ppm Li2O_wt% Cs ppm Nb ppm Rb ppm Ta ppm
24AR01-001 497760 7696974 4940 1.06 48.9 94.4 1480 90.6
24AR01-002 497761 7696974 8080 1.74 39.5 47.1 904 55.3
24AR01-003 497758 7696967 4860 1.05 39.2 60.1 1275 61.7
24AR01-004 497759 7696973 6740 1.45 70.5 61.8 1920 76.2
24AR01-006 497757 7696968 7810 1.68 36.8 116 740 115
24AR01-007 497790 7696983 3380 0.73 55.3 63.4 2150 129
24AR01-008 497826 7696984 4010 0.86 59.7 69.4 1240 98.2
24AR01-010 497768 7696980 3510 0.76 55.1 63.9 1655 65.3
24AR01-011 497756 7696976 6800 1.46 84.1 45.5 2400 68.3
24AR01-012 497760 7696986 6000 1.29 90.9 40.3 2610 60.3
24AR01-014 497739 7696973 21700 4.67 61.8 37.2 523 53.4
24AR01-015 497754 7696968 9780 2.11 18.3 86.1 775 105.5
24AR01-018 499139 7689901 2550 0.55 727 76.8 9430 30.1
24AR01-021 499152 7689902 3010 0.65 643 70.1 9520 29.7
24AR01-023 499170 7689906 2560 0.55 847 42.5 8880 46.2
24AR01-027 499188 7689943 2780 0.60 1230 97.5 10150 60.5
24AR01-028 499175 7689937 2610 0.56 1170 33.5 11350 51.4
24AR01-035 499196 7689653 2670 0.57 1220 63.9 9520 46.1
24AR01-036 499192 7689643 2720 0.59 1120 87.9 9770 66.7
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 · Reconnaissance style rock chip sampling taken opportunistically from
specific specialised industry standard measurement tools appropriate to the pegmatite outcrop.
minerals under investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc). These examples should not be taken as limiting the broad · This announcement discusses the findings of a reconnaissance site
meaning of sampling. visit with a view to determining the lithium potential of the Company's
tenements and which included the collection of rock chip samples.
· Include reference to measures taken to ensure sample representivity
and the appropriate calibration of any measurement tools or systems used. · Pegmatite was identified in outcrop.
· Aspects of the determination of mineralisation that are Material to · The rock chip samples were restricted to outcrop of pegmatite rocks.
the Public Report.
· Samples were dispatched to ALS Global Laboratories in Perth for
· In cases where 'industry standard' work has been done this would be analysis.
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.
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, · This announcement does not relate to drilling carried out by Artemis
whether core is oriented and if so, by what method, etc). Resources Ltd.
· No mention is made in this announcement of exploration results
including drilling conducted by other companies on nearby tenements.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · Not applicable as no details on any drilling carried out by Artemis
results assessed. Resources are included in this announcement.
· 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 due to the reconnaissance nature of the sampling.
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 · Rock chip samples were dispatched to ALS Global Laboratories in Perth
taken. for analysis using their ME_MS89L (52 elements) plus B-MS89L technique. 53
elements in total. Sample decomposition by Sodium Peroxide Fusion, HCl leach
· If non-core, whether riffled, tube sampled, rotary split, etc and (FUS-PER02) is considered complete.
whether sampled wet or dry.
· The laboratory reported the use of standards and blanks as part of
· For all sample types, the nature, quality and appropriateness of the the analyses for QA/QC. In addition to the lab standards and blanks,
sample preparation technique. three lab pulp duplicates were also reported.
· Quality control procedures adopted for all sub-sampling stages to · The samples were opportunistic in nature and taken from insitu
maximise representivity of samples. outcrop.
· Measures taken to ensure that the sampling is representative of the · Samples were approximately 0.5kg to 1kg in weight.
insitu material collected, including for instance results for field
duplicate/second-half sampling. · The samples were considered generally representative of the outcrop
being sampled.
· 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 · Rock chip samples were dispatched to ALS Global Laboratories in Perth
laboratory procedures used and whether the technique is considered partial or for analysis using their ME_MS89L (52 elements) plus B-MS89L technique. 53
total. elements in total.
· For geophysical tools, spectrometers, handheld XRF instruments, etc, · The laboratory reported the use of standards and blanks as part of
the parameters used in determining the analysis including instrument make and the analyses for QA/QC.
model, reading times, calibrations factors applied and their derivation, etc.
· No standards or blanks were submitted by the company.
· Nature of quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of · The mineralogy of two lithium bearing samples was determined by XRD
accuracy (ie lack of bias) and precision have been established. analysis undertaken at Curtin University.
· XRD: Diffraction patterns were obtained using a Bruker D8 Discover
diffractometer using CuKα radiation (40 kV and 40 mA) and scanning from 4 to
90° 2θ in 0.015° 2θ steps, counting for 1.08 s/step for a total scan time
of ≈100 minutes/scan
· Samples were prepared for random-powder XRD analysis by front loading
of pulverised material into a plastic mount • Diffraction patterns displayed
in the following slides are presented over the 5-60° and 10°33° 2θ
angle-range to better display some of the less intense peaks • To correct
for 2θ shifts in the diffraction patterns was shifted using quartz as the
internal standard.
· TIMA automated mineralogy: Mineral and element distribution maps of
two polished round mounts (25 mm diameter) were obtained using the TIMA
(Tescan Integrated Mineral Analyser), automated mineralogy system at the John
De Lataeur Centre.
Verification of sampling and assaying · The verification of significant intersections by either independent · Duplicate samples of the lithium bearing pegmatite from earlier
or alternative company personnel. sampling program have been submitted to Curtin University in Perth for XRD
analysis.
· The use of twinned holes.
· The results of these verification analyses have been received.
· 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 · Sample points were determined by hand held GPS which is considered
and down-hole surveys), trenches, mine workings and other locations used in appropriate for the reconnaissance nature of the sampling.
Mineral Resource estimation.
· Specification of the grid system used.
· Quality and adequacy of topographic control.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Not applicable due to the reconnaissance nature of the sampling.
· Whether the data spacing and distribution is sufficient to establish · No attempt has been made to demonstrate geological or grade
the degree of geological and grade continuity appropriate for the Mineral continuity between sample points.
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 · Not applicable
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. · Sample security is by way of chain of custody.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · No review of the sampling techniques has been undertaken.
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 · The Mt Marie project tenement covers an area of 126km(2) and
agreements or material issues with third parties such as joint ventures, comprises granted tenement: E47/1746
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings. · The tenement is 100% owned by Artemis Resources subsidiary company
KML No 2 Pty Ltd
· 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. · The tenement is in good standing with DMIRS and there are no known
impediments for exploration on these tenements.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · Numerous exploration parties have held the area covered by the
current Artemis Resources tenure previously. There is no reported previous
exploration for lithium bearing pegmatites on the tenements.
· No other exploration companies generated data which was used in this
release.
· Regional RTP aeromagnetics and geology from Geological Survey of WA.
· The area was previously explored by Fox Resources Ltd and was
focussed on nickel and gold exploration.
Geology · Deposit type, geological setting and style of mineralisation. · The lithium bearing pegmatite zone is hosted in proximity to the
Regal., Cleaverville Formations and the Andover Intrusion.
· The lithium pegmatites appear as coarse crystalline with primary
feldspar quartz mica composition. Albite-silica alteration is common with
foliated textures.
Drill hole Information · A summary of all information material to the understanding of the · Not applicable as no drilling has been undertaken
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, · Not applicable, no weighting average applied to assay data.
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 · Not applicable as surface sampling is reconnaissance in nature.
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 · All the appropriate maps are provided in the body of this
intercepts should be included for any significant discovery being reported announcement.
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 · This announcement discusses the findings of recent reconnaissance
practicable, representative reporting of both low and high grades and/or sampling and associated assays.
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · All the meaningful exploration data has been included in the body of
reported including (but not limited to): geological observations; geophysical this announcement.
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 · Artemis Resources plans to conduct further ground reconnaissance and
extensions or depth extensions or large-scale step-out drilling). sampling in the short term to determine the surface extent both laterally and
along strike and also the economic potential of the prospect. Trenching and
· Diagrams clearly highlighting the areas of possible extensions, drilling will also be undertaken if warranted.
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
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