REG - Artemis Resources Ld - Paterson Central 2022 Drilling Underway

Artemis ResourcesAnnouncement

07/07/2022 07:17

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RNS Number : 5814R  Artemis Resources Limited  07 July 2022

 

7 July 2022

Artemis Resources Limited

("Artemis" or the "Company")

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

Paterson Central 2022 Drilling Underway

 

Artemis Resources Limited ("Artemis" or "the Company") (ASX:ARV AIM:ARV,
Frankfurt: ATY, US OTCQB: ARTTF) is pleased to provide an update on its
100%-owned Paterson Central Gold and Copper Project in the Paterson Province
in the West Pilbara regions of Western Australia.

 

Highlights

 

·    Artemis Resources begins 7,500m to 10,000m drill programme across the
Apollo and Atlas targets and then moves to the completely untested targets at
Juno, Voyager, Enterprise East, Enterprise West and Vidiian.

 

·    This 2022 programme is expected to continue through the remainder of
the year with regular updates on progress, assays and key findings.

 

·    The Paterson Central 2022 programme is budgeted to cost ~A$2.5m to
A$3.0m depending on the final metres drilled. The Company currently has ~A$12m
in cash and listed investments.

 

·    Artemis retains 100% ownership of the Paterson Central Project which
is proximal to, and surrounds on three sides, the outstanding Havieron
gold-copper discovery and mine development in Western Australia.

 

 

http://www.rns-pdf.londonstockexchange.com/rns/5814R_1-2022-7-6.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5814R_1-2022-7-6.pdf)

Figure 1: Drill Rig at Paterson Central Project

 

 

Alastair Clayton, Executive Director commented: : "With drilling now underway
the Company is focussing on the additional value that exploration success at
Paterson Central and our Greater Carlow Project could bring to the Company's
current market capitalisation of approximately ~A$42m (~GBP£24m). This is
underpinned by the book value of our Radio Hill Plant (~A$20m) and current
cash (~A$6m) and listed investments (~A$6m).

The Company has had less than 14 weeks total drilling time at our Paterson
Central Project to date and has only managed to partially-test a handful of
the 9 highest-priority targets. We now have a 6-month "drilling window" to
finally, after several years of Covid-related personnel/rig issues as well as
local climatic challenges, systematically complete the first phase exploration
of our 605sqkm licence area.

Whilst awaiting a re-start our Paterson Central team have been very busy over
the last 6 months refining our targeting, establishing our base camp and
importantly working on improved logistical and access solutions in conjunction
with our local partners and stakeholders.

I'd like to thank shareholders for their patience and wish our exploration
team and drilling contractors a safe and successful 2022 Paterson Central
drill campaign."

 

http://www.rns-pdf.londonstockexchange.com/rns/5814R_1-2022-7-6.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5814R_1-2022-7-6.pdf)

Figure 2: Location of the various drilling prospects for the Paterson Program.

Paterson Overview

During the hiatus between drilling programmes a review of the geophysical
targets, along with the revised drill collar locations was completed to ensure
good correlation between the geophysical data with inferred geological
interpretations, see Figure 2.

Geological setting for the Paterson Central Project revolves around the
Havieron Thrust and a regional NS-S dyke-infilled fault, both of which are
highlighted by the distinctive purple lines in Figure 3 and visible in Figure
2, orientated NW. The Haverion deposit site occurs on the eastern side of this
inferred thrust system as a distinctive high, which also places the majority
of the Artemis prospects in the same favourable location.

 

http://www.rns-pdf.londonstockexchange.com/rns/5814R_1-2022-7-6.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5814R_1-2022-7-6.pdf)

Figure 3: Location of proposed drill collars with respect to tenement outlines
and magnetic anomalies.

 

Apollo and Atlas Prospects

Drilling in 2021 showed some signs of hydrothermal activity as indicated by
the breccias and veins encountered in hole GDRCD007. This activity suggested
that this structure has been a focus for tectonic activity, which may have
introduced the plutons responsible for the formation of the Havieron
deposit.

 

http://www.rns-pdf.londonstockexchange.com/rns/5814R_1-2022-7-6.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5814R_1-2022-7-6.pdf)

Figure 4: Artemis drill hole locations for Atlas and Apollo. Note that
GDMRD011 and GDMRD012 will require heritage clearance and may need to be
drilled at a later point in the program.

 

http://www.rns-pdf.londonstockexchange.com/rns/5814R_1-2022-7-6.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5814R_1-2022-7-6.pdf)

Figure 5: Section through Atlas and Apollo looking north, showing the magnetic
inversion shells and gravity isolines being targeted by proposed drilling,
highlighted in red trace. The dumbbell shaped magnetic inversion layers define
two areas of magnetic highs, the left being a splay or structure that runs in
a NW direction, the right defining the distinctive north-south Havieron fault.
Only of the two holes labelled PAT001a and PAT001b will be drilled, depending
on access.

Juno and Voyager Prospects

The second group of targets planned to be drilled during this campaign will
include the Juno and Voyager Prospects, located ~10km to the north of Atlas
and Apollo.

The Juno target is of particular interest as it appears to display magnetic
features similar to that of Havieron, as a discrete magnetic feature on the
edge of the north-south trending Havieron Fault zone.

Two holes are designed to drill the centre and the shoulder of this magnetic
high (JUN001 and JUN003), with a third hole (JUN002) drilling towards a
gravity high located to the SW.

 

http://www.rns-pdf.londonstockexchange.com/rns/5814R_1-2022-7-6.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5814R_1-2022-7-6.pdf)

Figure 6: Enlarged view of the magnetic anomalies for Juno and Voyager, refer
to Figure 2 for location. The spatial relationship between Juno's distinctive
magnetic signature and the Havieron Fault Zone reflects that of Havieron
magnetic target. A larger magnetic signature defines the Voyager target. Refer
to Figure 7 for section details.

 

http://www.rns-pdf.londonstockexchange.com/rns/5814R_1-2022-7-6.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5814R_1-2022-7-6.pdf)

Figure 7: Oblique section A- A' view of Juno and Voyager magnetic signatures.
A distinctive gravity trough forms in the Juno area, with a strong
off-shoulder gravity anomaly forming to the southwest. Refer to Figure 4 for
location of section.

Enterprise and Vidiian Prospects

The Enterprise targets are of great interest. The proximity of this target to
the Havieron Thrust, the interpreted Dyke-filled fault and regional gravity
trough make it high priority. Magnetic signatures are quite intense in the
Enterprise prospect, that may highlight the trend of the Havieron Thrust.
Vidiian is also adjacent to the Havieron Thrust.

 

http://www.rns-pdf.londonstockexchange.com/rns/5814R_1-2022-7-6.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5814R_1-2022-7-6.pdf)

Figure 8: Location of the three holes planned to be drilled at Enterprise.
These holes are targeting the Haveiron Thrust south of the Haveiron Deposit.
Refer to Figure 9 for section A - A' details.

 

http://www.rns-pdf.londonstockexchange.com/rns/5814R_1-2022-7-6.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5814R_1-2022-7-6.pdf)

Figure 9: Section A - A' looking north showing the magnetic shells defining
the Havieron Thrust and proposed holes. Gravity lines in this area are
relatively flat lying with a raised ridge coincident with the strong mag
signature at the thrust. Refer to Figure 6 for section location.

 

COMPETENT PERSONS STATEMENT:

The information in this announcement that relates to Exploration Results and
Exploration Targets is based on information compiled or reviewed by Mr. Steve
Boda, who is a Member of the Australasian Institute Geoscientists.  Mr. Boda
is an employee of Artemis Resources Limited. Mr. Boda has sufficient
experience that is relevant to the style of mineralisation and type of deposit
under consideration and to the activity which he is undertaking to qualify as
a Competent Person as defined in the 2012 Edition of the 'Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr.
Boda consents to the inclusion in the announcement of the matters based on his
information in the form and context in which it appears.

This announcement was approved for release by the Board.

For further information on the Company, please visit
www.artemisresources.com.au (http://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

 Emily Hall / Rebecca Waterworth

 

About Artemis Resources

Artemis Resources (ASX: ARV; FRA: ATY; US: ARTTF) is a Perth-based exploration
and development company, led by an experienced team that has a focus on
delivering shareholder value from its Pilbara exploration projects - the
Greater Carlow gold-copper project in the West Pilbara and the Paterson
Central gold-copper project in the East Pilbara.

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