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RNS Number : 6345O Artemis Resources Limited 01 February 2023
1 February 2023 Quarterly Activities Report
For the period ending 31 December 2022
ASX: ARV Highlights:
AIM: ARV Mineral Resource Estimate
USOTC: ARTTF · New high-grade Gold, Copper and Cobalt Inferred JORC Mineral Resource
Estimate (MRE) produced by independent consultants Snowden Optiro.
FRA: ATY
· New inferred MRE stands at 704,000 oz Au Eq at 2.5 g/t Au Eq(1) from
8.74 Mt combined open pit and underground resource.
Board & Management · The Carlow deposit is open in multiple directions with infill and
extensional drilling planned for Q1 2023.
Non-Executive Chairman
Carlow Exploration
Mark Potter
· Gravity and EM surveys identified the Marillion and Europa
Technical Director exploration targets on the Carlow tenement to be drill tested in 1H 2023.
Dr Simon Dominy · Ultrafine soil orientation program completed over Carlow priority
areas including Europa Gravity Target as well as newly defined gold anomaly
Non-Executive Directors Titan.
Vivienne Powe Paterson
Daniel Smith · 5,135m diamond drilling campaign successfully completed
Executive Director, Chief Financial Officer & Company Secretary · Mineralised breccia encountered at new 1.5 km long Apollo Copper
-Gold Prospect located 2 km along strike of Newcrest Mining (ASX: NCM) and
Guy Robertson Greatland Gold's (AIM: GGP) 6.5 Moz Au Eq Havieron gold-copper deposit.
General Manager Geology · Apollo's structural setting appears like the adjacent Havieron
deposit; being a large NW trending regional splay fault that has been intruded
Steve Boda by a dolerite sill or dyke.
· To date large intercepts (up to 90 m) of pervasive veining and
multiphase crackle breccia have been encountered either side of the dolerite
Artemis Resources is a gold and green metals exploration and development intrusion, often with significant amounts of visible pyrite, chalcopyrite and
company with a focus on delivering shareholder value through discovery and pyrrhotite.
development.
· Sporadic gold and copper have been intercepted within the breccia,
with peak gold values of 1.73 g/t Au and 4.99% Cu.
Corporate
· Non-executive Director Dr Simon Dominy was appointed Technical
Directed of Artemis Resources on 22 November 2022. Dr Dominy has extensive
experience in resource estimation, mineral processing and orebody knowledge
and will perform an integral role in the Executive team.
· Executive Director Mr Alastair Clayton and Non-Executive Director
Edward Mead both stood down as directors on 22 November 2022. Mr Clayton will
remain with the Company as an executive officer until 17 March 2023 to assist
with the transition.
· Artemis Resources sold 100% of its equity investment in Alien Metals
(AIM: UFO) for approximately £1.15 Million GBP (~ $2.0 Million AUD)
Cash balance of $1.67m the end of the quarter and $0.9m in investments.
Mineral Resource Update
Carlow Au-Cu-Co Project
Artemis Resource 100% owned gold copper, and cobalt Mineral Resource is
situated in the premier mining jurisdiction of Western Australia's West
Pilbara, 25km from the regional city of Karratha. With well serviced
infrastructure at its doorstep including power, roads and port access, the
Carlow deposit is one of Australia's best serviced undeveloped polymetallic
gold deposits with significant resource upside potential.
The Carlow deposit is on granted exploration licence E47/1797 and is only
~35km from Artemis resources 100% owned Radio Hill Processing Plant.
An updated high-grade inferred MRE was released by Artemis on 13 October 2022.
The MRE, prepared in collaboration with independent consultants Snowden Optiro
was produced utilising new wireframes and data produced by the 2022 drill
program.
The new Inferred Mineral Resource was estimated to contain 704,000 oz Au Eq at
2.5 g/t Au Eq(1) from 8.74 Mt from a combined open pit and underground source.
The estimation process completed included:
· Data verification - site visit for geological familiarisation, review
of on-site processes, high level review or drillhole database, and review of
sampling, assaying and QAQC.
· Resource estimation reporting - new mineralisation wireframes, data
analysis, kriging neighbourhood optimisation, cut-off grade determinations,
and block model reported considering reasonable prospects for eventual
economic extraction (RPEEE) using Whittle for open pit and Datamine Minable
Shape Optimiser (MSO) for underground resources.
· Classification - reported in accordance with the Australian Code for
Reporting of Exploration results, Mineral Resources and Ore reserves (The JORC
Code, 2012).
· Internal peer review by Snowden Optiro.
The Mineral Resource for Carlow is presented in Tables 1 to 4 and Figures 1 -
4. All three deposits forming Carlow are open at depth, and Quod Est and
Crosscut are open along strike (Figures 1 & 2).
Figure 1: Oblique view of the Carlow resource block model showing potential
continuations of known mineralisation.
Figure 2: Long Section (looking north) model showing key domains and potential
continuation of known mineralised zones.
Table 1: Carlow MRE by weathering state reported above a cut-off of 0.7 g/t Au
Eq within an optimised open pit shell and above 2 g/t Au Eq cut-off for
underground using MSO shapes (current as of 13 October 2022). The entire
resource is classified as Inferred in accordance with the JORC Code, 2012. All
tonnes are dry metric tonnes. Figures may not compute due to rounding.
OP or UG Au Eq Cut-off (g/t) Tonnes (Mt) Au Eq (g/t) Au (g/t) Cu (%) Co (%) Au (oz) Cu (t) Co (t)
Open Pit 0.7 7.25 2.4 1.3 0.73 0.09 296,000 53,000 6,500
Underground 2.0 1.49 3.1 1.6 0.72 0.12 78,000 11,000 1,800
Total - 8.74 2.5 1.3 0.73 0.09 374,000 64,000 8,000
Table 2: Carlow MRE reported by deposit above a cut-off of 0.7 g/t Au Eq
within an optimised pit shell (current as of 13 October 2022). The entire
resource is classified as Inferred in accordance with the JORC Code, 2012. All
tonnes are dry metric tonnes. Figures may not compute due to rounding.
Deposit Tonnes (Mt) Au Eq (g/t) Au (g/t) Cu (%) Co (%) Au (oz) Cu (t) Co (t)
Main 6.33 2.4 1.3 0.70 0.08 271,000 44,300 5,100
Quod Est 0.19 3.2 1.5 0.85 0.24 9,000 1,600 450
Crosscut 0.73 2.2 0.7 0.99 0.09 16,000 7,300 650
Total 7.25 2.4 1.3 0.73 0.09 296,000 53,200 6,200
(1 ) Gold equivalent equations for the oxide, transition and fresh domains
as derived for October 2022 Resource Estimate:
Oxide Au Eq. = Au(g/t) + Cu(%) x 0.86 + Co(%) x 2.31
Transitional Au Eq. = Au(g/t) + Cu(%) x 0.81 + Co(%) x 2.17
Fresh Au Eq. = Au(g/t) + Cu(%) x 1.31 + Co(%) x 3.96
Exploration Activities
Paterson Central Au-Cu Project
Exploration during Q4 2022 focused on the Apollo prospect after sulphide
mineralisation associated with breccias was identified peripheral to and
within a dolerite intrusion following the extension of Q3 2022 diamond drill
hole GDRC006 (refer ASX announcement dated 12 Dec 2022: Paterson Central -
Mineralised Breccias Encountered at new ~1.5km long Apollo Copper- Gold
Target).
The company completed two diamond drill holes during the December quarter to
assist in defining the potential and orientation of the mineralised breccia
(Table 3). A total of 1183.7 m was drilled from drill holes 22PTMRD010 and
22PTMRD011 defining a north-west trending splay fault intruded by a dolerite
sill. The intrusion has been defined as a sill since its emplacement appears
to be parallel to the regional bedding layers of the Lamil Formation
sediments. Along with reprocessed geophysics received in September 2022,
Artemis has been able to determine that the Apollo target is one part of a
~1.5 km long magnetic anomaly with a structural setting similar to that of the
nearby Havieron deposit.
Table 3: Drill Collar Details for Q4 Paterson Central Drilling
Hole ID Type Easting MGA94 Northing MGA94 RL (m) Dip Azi MGA EOH (m)
22PTMRD010 MD 462,120 7,600,420 262 -75 92.87 1052.1
22PTMRD011 MD 462,360 7,600,420 262 -76.14 353.78 940.0
Drill hole 22PTMRD011 was drilled to the north to drill test a perpendicular
section of the Apollo magnetic signature as well as the dolerite intrusive
(Figure 3). The drill hole intercepted approximately 121m of brittle quartz
-carbonate matrix supported breccia from 705m within sediments. A dolerite was
intersected from 784 to 854m, with the hanging wall contact showing fluidised
breccia and sulphides in the matrix. Brittle brecciation then recommences near
903m to 937m where the hole ends at 940m.
The hole returned the best results seen to date at the Central Paterson
Project with mineralised breccia returning an intercept of 2.42 m @ 0.85g/t Au
and 2.86% Cu from 752.58 m, including 0.87 m @ 0.36g/t Au and 4.99% Cu from
752.58 m and 1 m @ 1.73g/t Au and 2.58% Cu from 754 m (Table 4 and Figures 4,
5 and 6).
Mineralisation formed within a section of massive to semi massive sulphide
replacement within a brecciated quartz-carbonate vein hosted within sediments.
An additional assay with similar tenor for gold and copper was also received
down hole in a similar quartz carbonate breccia with an intercept of 1m @
0.61g/t Au and 3.28% Cu from 904m (Figures 4).
Figure 3: Reprocessed magnetics showing the ~1.5km long Apollo structure
(highlighted in dashed line). Completed drill holes (white dots). Insert ;
Apollo Location and anomaly size with respect to Havieron resource footprint
(black outline).
Table 4: Significant Q4 Intercepts for 22PTMRD011
Intercepts >0.20 g/t Au
Hole ID From To Intercept
22PTMRD011 714m 715m 1.0m @ 0.29 g/t Au, 0.10 % Cu
22PTMRD011 733m 734m 1.0m @ 0.26 g/t Au, 0.65% Cu
22PTMRD011 752.58m 755m 2.42m @ 0.85g/t Au, 2.86 % Cu
Including 754m 755m 1.0m @ 1.73 g/t Au, 2.58% Cu
22PTMRD011 904m 905m 1.0m @ 0.61 g/t Au, 3.28% Cu
Intercepts >0.25% Cu
Hole ID From To Intercept
22PTMRD011 733 744 1.0m @ 0.65% Cu, 0.26 g/t Au
22PTMRD011 747 748 1.0m @ 0.46% Cu, 0.07 g/t Au
22PTMRD011 752.58 755 2.42m @ 2.86% Cu, 0.85 g/t Au
including 752.58 753.45 0.87m @ 4.99% Cu, 0.36 g/t Au
and 754 755 1m @ 2.58% Cu, 1.73 g/t Au
22PTMRD011 904 905 1m @ 3.28% Cu, 0.61 g/t Au
Figure 4: Section 462,350mE looking east showing drill hole trace gold and
copper intersections on geology and magnetics highlighted in red dashed lines.
Figure 5: 22PTMRD011 from 750.07m - 754.61m showing the typical
quartz-carbonate breccia that dominates the hole from 705m - 826m. Drilling
had intersected a section of massive sulphide within brecciated quartz and
carbonate matrix from 752.7 - 753.5m. Sulphides here comprise of
chalcopyrite-pyrite-pyrrhotite
Figure 6: Core showing massive to semi massive sulphide replacement of
brecciated quartz-carbonate vein between 752.75 to 753.5m. Assays from this
interval contain a peak intercept of 0.87m at 0.36g/t Au and 4.99% Cu from
752.58m
Drill Hole 22PTMRD010 was planned to further assess the magnetic anomaly and
below the sulphide occurrence in GDRCD007 (Figures 7 and 8; Table 5). The hole
intercepted sulphide mineralisation at around 530 m. This mineralisation was
structurally hosted, within vein and breccia occurrences. Drilling encountered
a dolerite intrusive at 966 m to 1,013 m and exited into strongly silicified
sediments with patchy albite alteration. No further sulphide mineralisation
was noted in the footwall of the intrusive. It is interesting to note that
mineralisation in hole 22PTMRD010 occurred higher in the hole and not in the
vicinity of the dolerite intrusive (Figures 7 and 8; Table 5).
Figure 7: Section 7,600,450mN looking to the north showing drill traces with
Au and Cu intersections on geology and magnetics highlighted in red dashed
lines.
Figure 8: Hole 22PTMRD010 at 639.3 - 639.6 showing brecciated veining with
chalcopyrite and pyrite mineralisation
Table 5: Significant Q4 Intercepts for 22PTMRD010
Intercepts >0.20 g/t Au
Hole ID From To Intercept
22PTMRD010 617m 618m 1.0m @ 1.49g/t Au, 0.02% Cu
22PTMRD010 639m 644m 5.0m @ 0.31 g/t Au, 0.81 % Cu
Including 639m 640m 1.0m @ 0.39 g/t Au, 2.99% Cu
22PTMRD010 687m 690m 3.0m @ 0.31 g/t Au, 0.35% Cu
Including 687m 688m 1.0m @ 0.70 g/t Au, 0.66% Cu
Intercepts >0.25% Cu
Hole ID From To Intercept
22PTMRD010 620m 624m 4.0m @ 0.41% Cu, 0.05 g/t Au
22PTMRD010 Includes 623m 624m 1.0m @ 1.25% Cu, 0.15 g/t Au
22PTMRD010 626m 630m 4.0m @ 0.27% Cu, 0.07 g/t Au
22PTMRD010 Includes 626m 627m 1.0m @ 0.75% Cu, 0.18 g/t Au
22PTMRD010 639m 643m 4.0m @ 0.97% Cu, 0.31 g/t Au
22PTMRD010 Includes 639m 640m 1.0m @ 2.99% Cu, 0.39 g/t Au
22PTMRD010 668.78 670 1.22m @ 0.28% Cu, 0.04 g/t Au
22PTMRD010 687 690m 3.0m @ 0.35% Cu, 0.31 g/t Au
Additional significant assays received from the Central Paterson Project
during the December quarter are listed below in Table 6 and are from diamond
extension drill hole GDRCD006.
Table 6: Significant Q4 Intercepts for GDRCD006
Intercepts >0.20 g/t Au
Hole ID From Depth Intercept
GDRCD006 1032 1033 1.0m @ 0.22 g/t Au, 0.07 % Cu
GDRCD006 1090.9 1091.1 0.3m @ 3.08 g/t Au, 0.01 % Cu
Note: no significant copper assays were received from GDRCD006
Assay results received to date show sporadic gold and copper occurs within a
suite of rocks that in many places are like those described at the nearby
Haveron deposit(2). From examination of the exploration history at Havieron(2)
it is evident that the discovery of large intercepts of multi-sulphide
endowed, high-temperature crackle breccias and veining doesn't confirm the
presence of gold. Furthermore, the exploration history(2) at Havieron
indicates that holes with exceptionally large gram- metre intercepts (HAD005)
can be as little as 50 m from holes that return no significant results at all
(HAD006).
The intrusion event and timing of the quartz-carbonate breccia is still in
debate; however, some initial interpretations show:
· Mineralisation does not appear to be related to the dolerite;
however, remobilisation of sulphides does occur along its margin.
· The mineralisation at Apollo is structurally controlled, i.e.
coincident with veining and later-stage brecciation.
· There are at least two phases of breccias, a hydrothermal fluidised
occurrence as noted near the contact of the dolerite and a tectonic event, as
indicated by the presence of quartz-carbonate matrix support breccias,
exhibiting angular clasts.
· The mineralisation noted in hole 22PTMRD010 occurs higher up and not
near the dolerite.
· The source of the mineralisation at Apollo appears to be deeper to
the NE and may be related to the magnetic flexure and the central
de-magnetised zone as shown in Figure 3.
The challenge from here is to focus on determining where mineralised fluids,
likely active along Apollo, have localised into potential economic
mineralisation. To this end and as Artemis' next step, DHEM will be undertaken
at Apollo to target conductors, potentially related to mineralisation.
DHEM surveys will be utilised at all of Artemis highly prospective targets at
Paterson Central Project which will provide valuable data and enhanced
exploration targeting.
(2) Ackerman, B., Finn, D., Baxter, C., Harris, A., Switzer, C., MacCoruodale,
F., Wilson, A., Lisowiec, N., William,s, J., 2021. Havieron Gold-Copper
Deposit: Next Generation of Undercover Discoveries. NewGen Gold Conference
Proceedings 2021, p.145 - 159
Paterson Central Heritage Survey
Artemis Resources completed a 7 day heritage survey with the Martu Traditional
owners in October 2022. The survey was designed to clear access tracks from
the established road network in the Central Paterson to the Juno and
Enterprise prospects as well as clear areas for drill pads and a lay down
area. Additionally, Artemis Resources was also able to add additional drill
pad clearances to the Apollo prospect to enable drill testing of the Apollo
north-west magnetic trend.
At the time of this report preliminary clearance advice is outstanding.
Carlow Au-Cu-Co Project
During the December quarter the Company completed a small ultrafine soil
orientation program within the Greater Carlow Project area(Figure 9). Labwest
in conjunction with the CSIRO have developed the Ultrafine geochemical
analysis as a method of detecting anomalies against a normalised background by
completing a full analytical digest via a -2 micron clay fraction. Ultrafine
soil particles such as clays and iron oxides, have more surface area which can
bind gold and other metals that move through the environment, enabling the
ultrafine particles to effectively trap and hold geochemical signatures of
bedrock covered by transported cover while removing the effect of spikey data.
The analysis method has been shown to be effective with cover up to 20 metres
which makes it an ideal sample method for the Greater Carlow project.
Artemis objective for the orientation study is to collect geochemical data
across prioritised areas of the Carlow trend within the GSWA mapped Roebourne
Group and Nikol River Formation greenstone sequence. It is hoped that
anomalies identified along the normalised background will form a trend for
follow up via either additional ultrafine analysis or for walk up drill
targets.
A total of 404 Ultrafine soil samples were collected across three areas within
the Greater Carlow Project area on a nominal 80m x 160m spacing during late
November and early December with a focus on the Europa Gravity anomaly (Figure
9; refer ASX announcement dated 14 November 2022: Greater Carlow Regional
Growth Plan High Priority Exploration Targets) and a small gold anomaly
identified by a 2018 ionic soils program 2km north-west of the Carlow Resource
called Titan.
Samples were submitted to Labwest in in mid-December with analytical results
expected to be received and processed in coming weeks.
Figure 9: Ultrafine Soil Sample Location Map
Additional two the ultrafine soil program two rock chip samples were collected
during the soils program from a banded chert outcrop with one sample returning
an analysis of 1.255 g/t Au. Details of the rock chip samples collected at
Titan are listed in Table 7.
Table 7: Titan gold prospect rock sample details
Sample Id Easting (MGA94) Northing (MGA94) Au (g/t) Description
TIT001 505196.6 7699701 0.003 Banded Chert / High Iron Oxide Content
TIT002 504927 7699709 1.255 Banded Chert. Highly Silicified
Carlow North Heritage Survey
Artemis Resources in conjunction with the Ngarluma Traditional owners
completed a heritage survey immediately north of the Carlow Mineral Resource
in August 2022 with a finalised clearance report received in November 2022.
The area cleared is displayed in Figure 10 and will permit Artemis to drill
test the projected northweststructures that host the Crosscut deposit. Field
reconnaissance has identified gossanous outcrop along the structure which
traverse through the cataclasite hills immediately north of Carlow and into
the flat terrain behind them. It is hoped drilling will be able to define new
north-south mineral shoots within the defined Riedel shears.
Figure 10: Ngarluma Traditional Owner Heritage Clearance area defined in Green
at Carlow North
Corporate
Director Appointment and Resignations
Non-Executive Director Dr Simon Dominy was appointed Technical Director of
Artemis Resources on 22 November 2022. Dr Dominy has experience in mine
development, resource estimation and developing orebody knowledge, and will
form an integral role in the Executive team.
On 22 November Executive Director Alastair Clayton and Non-Executive Director
Edward Mead resigned as directors of the Company. Mr Clayton will remain with
the company as an Executive Officer to assist with the transition until 17
March 2023. The Board takes this opportunity to thank Mr Clayton and Mr Mead
for their service to the company.
In addition to the board changes announced on 22 November 2022, Artemis
Resources has commenced a search for an Australian-based Chief Executive
Officer (CEO) to strengthen the Executive team. Following the publication of a
high-grade inferred MRE in October 2022, the company is now well positioned to
embark on an accelerated growth strategy at its Greater Carlow Au-Cu-Co
Project in 2023. The further development of this project requires a CEO based
in Perth, Western Australia.
Disposal of Non-core Investment
During the December quarter, Artemis Resources sold 100% of its holding in
AIM-listed Alien Metals (AIM: UFO) for approximately £1.15 Million GBP (~
$2.0 Million AUD) of gross cash proceeds. Cash raised from the sale of the
holdings is being used to fund exploration activities at the Central Paterson
and Carlow Projects and for general working capital.
Financial Resources
The Company spent $2.28 million on exploration during the quarter, largely on
the Paterson drilling program and subsequent assays, and work associated with
the Carlow MRE upgrade, gravity and EM surveys.
The Company paid $144,000 during the quarter to related parties, being
directors and associated entities for salaries, company secretarial and
consulting fees.
The Company had cash on hand at the quarter end of $1.67m In addition, the
Company has $0.9m in investments.
Competent Person's Statement
Exploration Results
The information in this report that relates to exploration results is based
on, and fairly represents information supporting documentation prepared by Mr
Steven Boda, a Competent Person who is a member of the Australasian Institute
of 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 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 Boda Consents to the inclusion in this report of the matters
based on his information in the form and context in which it appears.
Mineral Resource Reporting
The information in this report for the Carlow project is based on information
compiled by Ms Janice Graham, MAusIMM MAIG, and Dr Simon Dominy,
FAusIMM(CPGeo) FAIG(RPGeo) FGS(CGeol). Ms Graham is a full-time Principal
Consultant of Snowden Optiro. Dr Dominy is a Technical Director of Artemis
Resources Ltd. Ms Graham and Dr Dominy have sufficient experience relevant to
the styles of mineralisation and type of deposits under consideration and to
the activity being undertaken to individually qualify as a Competent Person as
defined in the 2012 Edition of the "Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves". Ms Graham and Dr
Dominy consent to the inclusion in the report of the matters based on this
information in the form and context in which it appears.
About Artemis Resources
Artemis Resources (ASX/AIM: ARV; FRA: ATY; US: ARTTF) is a Perth-based
exploration and development company, led by an experienced team that has a
singular focus on delivering shareholder value from its Pilbara projects - the
Greater Carlow project in the West Pilbara and the Paterson Central
exploration project in the East Pilbara.
For more information, please visit www.artemisresources.com.au
(http://www.artemisresources.com.au/)
This announcement was approved for release by the Board.
For further information contact:
Mark Potter
Chairman
mark.potter@artemisresources.com.au
Appendix 1
Schedule of tenements holdings at end of Q4
Tenement Project Holder Status
E47/1797 Greater Carlow KML No 2 Pty Ltd Live
E47/1746 Cherratta KML No 2 Pty Ltd Live
E47/3719 Cherratta KML No 2 Pty Ltd Live
P47/1972 Cherratta KML No 2 Pty Ltd Live
M47/337 Radio Hill Fox Radio Hill Pty Ltd Live
M47/161 Radio Hill Fox Radio Hill Pty Ltd Live
E47/3361 Radio Hill Elysian Resources Pty Ltd Live
E45/5276 Central Paterson Armarda Mining Pty Ltd Live
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