REG - Artemis Resources Ld - Quarterly Activities Report

Artemis ResourcesAnnouncement

28/04/2023 07:00

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RNS Number : 6970X  Artemis Resources Limited  28 April 2023

Artemis Resources Limited

 

("Artemis" or the "Company")

 

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

 

Quarterly Activities Report

For the period ending 31 March 2023

 

 

Highlights:

 

Greater Carlow Project

 

·    Ultrafine Fraction (UFF) soils program confirms Titan gold
prospectivity with elevated gold and arsenic in soils over an area of 750 m by
550 m with peak gold of 101.3 ppb.

·    Exploration plan developed to rapidly assess areas for additional
gold and sulphide mineralisation including Marillion EM target, Europa gravity
anomaly, Titan gold anomaly and Carlow Castle extensions.

 

Paterson Central Project

 

·    A comprehensive review of geology and mineralisation was completed
during the quarter with a focus on alteration and structural controls.

 

Corporate

 

·    $2.55 million raised (before costs) to be used towards exploration
and assessment of the Company's Greater Carlow and Central Paterson projects.

·    Following the resignation of Mark Potter on 31 March 2023, Executive
Director Guy Robertson will fill the role as interim Executive Chairman while
the Company takes steps to make a permanent appointment.

·    Cash balance of $2.5m at the end of the March quarter and $0.6m in
investments.

 

 

Greater Carlow Project

 

During the March quarter, the Company collected 91 UFF soil samples as part of
a larger soil sampling program across the Greater Carlow project. A total of
432 UFF samples were collected from three locations within the immediate
vicinity of the Carlow Castle Mineral Resource with a focus around structures
and splays associated with the Regal Thrust.

 

Finalised and interpreted results from the soils program defined a strong
coincident gold (Au) and arsenic (As) anomaly (Figure 1) over an area of 750 m
by 550 m at a location named Titan. Titan is located 1.8 km north-west of
Carlow Castle, adjacent to a secondary splay thrust north of the Regal Thrust
and is associated with sheared, altered basalts, and banded cherts with
ex-sulphide voids.

Figure 1: UFF Soil location map displaying Au range and contours in ppb

 

Anomalous zones of copper (Cu) in the order of 100 ppm were also identified by
the UFF soils program with a zone forming over the north-west margin of the
Europa target as well as a new zone immediately north of the Marillion
electromagnetic (EM) target, with a peak Cu in soils value of 258 ppm (Figure
2). This occurrence is situated near the tenement boundary and is associated
with Au-Cu mineralisation identified by Novo Resources Corp at their Morto
Largo Prospect.

 

Figure 2: UFF Soil location map displaying Cu range and contours in ppm

 

Moving forward Artemis plans to rapidly assess the potential of the Greater
Carlow project to host additional gold and sulphide mineralisation around the
704,000 Koz Au Eq. Carlow Castle Mineral Resource. Planning during the quarter
focussed primarily over the Marillion EM Target, Europa Gravity anomaly, Titan
gold anomaly and Carlow Castle extensions.

 

Paterson Central Project

 

A comprehensive review of the Paterson Central project was completed during
the quarter with an emphasis on drilled prospects Nimitz, Atlas, and Apollo
(Figure 3). The review focused on structural and alteration controls of
mineralisation intercepted to date and utilised logging and structural
records, drill hole geochemical analysis and short wave infrared hyperspectral
analysis.

 

Figure 3: Prospect Location map within Central Paterson Project tenement
E45/5276

 

The three prospects of Nimitz, Atlas and Apollo have each defined similar
types of systems due to proximity to various heat sources and structural
anomalies. In all three cases, veining is the most obvious form of
mineralisation host followed by brecciation, with the latter being the most
prominent at Apollo.

 

In the case of Nimitz, alteration noted in the core reflects high temperature
characteristics due to its proximity to the granodiorite. Alteration
assemblages are typically actinolite, biotite, with later sericite and quartz.
Majority of these were vein hosted along with minor breccias. Minor
chalcopyrite occurs within veins associated with low grade gold.

 

Holes 22PTMR008 and 22PTMRD009 had tested targets on the east and the west of
the magnetic and gravity high that corresponds to the Havieron Dolerite unit,
which strikes in a northly direction. Both these holes had drilled variable
altered sediments indicating high temperature alteration, particularly hole
22PTMRD008 which had drilled into the footwall of the dolerite and then
terminated in a granodiorite at depth.

 

The drilling at Apollo has shown that the magnetics have traced out an
intrusive dolerite in the form of a sill, since it appears to be parallel to
the regional bedding layers of the Lamil Formation sediments.

 

The dolerite intrusion event, the source of the alteration and mineralisation
and timing of the quartz-carbonate tectonic breccia event appears to coincide
with a deeper system. Some initial interpretations show:

 

·    Mineralisation is not 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 in drill hole 22PTMRD011.

·    The tectonic breccias affect the dolerite.

·    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 north and may be related to the magnetic flexure and the central
de-magnetised zone as shown in figure 4.

 

Figure 4: TMI RTP magnetics displaying 1.5km long Apollo structure
(highlighted dashed line) and completed drill holes.

 

Heritage Survey

 

Finalised clearance was received following a seven day heritage survey in
October 2022 with the Martu Traditional owners. The cleared survey areas allow
Artemis in the presence of heritage officers 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. Clearance
for an additional three drill pads at the Apollo prospect were obtained in the
report.

 

Corporate

 

Funding

 

$2.55 million (before costs) was raised via the placement of 170,000,000 new
shares at $0.015 per share and 85,000,000 free-attaching options with an
excise price of $0.025 and expiry date 9 March 2026 to sophisticated and
institutional investors along with the issue of 17,000,000 broker options. The
Company is making application to list the options. The funds raised are to be
used for exploration and assessment of the company's Greater Carlow and
Central Paterson projects.

 

The Company had cash outflows of $915k for exploration during the quarter
(Paterson project $471k, Greater Carlow $384k and Fox Radio Hill $60k). A
portion of these costs were incurred in the previous quarter.

 

Director Appointment and Resignations

 

On 31 March 2023 Non-Executive Chairman Mark Potter resigned to focus on his
other business obligations. In the interim, Executive Director Guy Robertson
assumed the position of Chairman while the Company takes steps to appoint a
permanent replacement.

 

In addition to the board changes announced on 31 March 2023, Technical
Director Dr Simon Dominy assumed the role of interim Chief Executive Officer.

 

Osborne Project

 

Greentech Metals provided notice to Artemis on 6 February 2023 that earn in
conditions for exploration licence E47/3719 had been reached for 51%
ownership.

 

Financial Resources

 

The Company had cash on hand at the quarter end of $2.5 million. In addition,
the Company has $0.6m million in investments.

 

The Company paid $132,000 to directors during the quarter for salaries and
consulting fees.

 

 

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

 Guy Robertson                                                  via Camarco

 WH Ireland Limited (Nominated Adviser)
 Antonio Bossi / James Bavister (Corporate Finance)             Tel: +44 20 7220 1666

 Cenkos Securities (Broker)
 Neil McDonald / Adam Rae / Pearl Kellie (Corporate Finance)    Tel: +44 20 7894 7000

 Leif Powis (Corporate Broking)                                 Tel: +44 20 7894 7000

 Camarco (Financial PR)
 Gordon Poole / Emily Hall / Rebecca Waterworth                 Email: artemis@camarco.co.uk (mailto:artemis@camarco.co.uk)

 

 

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.

 

 

 

 

 

 

 

 

Appendix 1

 

Schedule of tenements holdings at end of Q1

 

 Tenement  Project           Holder                     Holding  Status
 E47/1797  Greater Carlow    KML No 2 Pty Ltd           100%     Live
 E47/1746  Cherratta         KML No 2 Pty Ltd           100%     Live
 E47/3719  Osborne           KML No 2 Pty Ltd           49%      Live
 P47/1972  Cherratta         KML No 2 Pty Ltd           100%     Live
 M47/337   Radio Hill        Fox Radio Hill Pty Ltd     100%     Live
 M47/161   Radio Hill        Fox Radio Hill Pty Ltd     100%     Live
 E47/3361  Radio Hill        Elysian Resources Pty Ltd  100%     Live
 L47/93    Radio Hill        Fox Radio Hill Pty Ltd     100%     Live
 E45/5276  Central Paterson  Armarda Mining Pty Ltd     100%     Live

 

 

 

 

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