REG - Artemis Resources Ld - Quarterly Activities Report

Artemis ResourcesAnnouncement

31/07/2023 07:00

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RNS Number : 7049H  Artemis Resources Limited  31 July 2023

Artemis Resources Limited

 

("Artemis" or the "Company")

 

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

 

Quarterly Activities Report

For the period ending 30 June 2023

 

Highlights:

Osborne Joint Venture

·    Lithium bearing pegmatite identified by Joint Venture (JV) partner
GreenTech Metals within the Osborne JV (GRE: 51%, ARV 49%) with high tenor
rock samples assaying up to 3.6% Li(2)O.

Greater Carlow Project

·    Anomalous lithium and lithium pathfinder element trends identified
within tenements E47/1746 and E47/1797 (ARV: 100%).

·    Moving Loop Electromagnetic (MLEM) survey completed over Carlow
Castle, Carlow North, Europa and Titan Prospects with 4 new EM conductors
identified.

·    Induced Polarisation (IP) survey commenced over the Lulu Creek
intrusion related gold deposit.

Paterson Central Project

·    A positive independent review of the Central Paterson Project, which
focused on the Company's exploration program since the granting of tenure in
2020. The review also re-evaluated the prospectivity across the project area
for orogenic and strata bound copper-gold mineralisation.

·    Artemis is evaluating all options to de-risk the project including
third party funding options and or joint venture.

Corporate

·     Cash balance of $1.65 million and ASX share investments of $3.7
million.

Osborne Joint Venture (Artemis 49% interest)

Two lithium bearing pegmatite trends have been identified within exploration
licence E47/3719 by JV partner GreenTech Metals (Figure 1). The two trends
consist of a northern and southern trend, each of which has been interpreted
as traversing approximately east-west.

The northern Kobe trend currently has approximately 1.4 km of strike within
the Osborne JV. Test work carried out by Curtin University by way of XRD
analysis on a sample from the first phase of the sampling program confirmed
that the lithium bearing mineral is spodumene. For completeness, three samples
from the second program have also been submitted to Curtin University for
mineralogical characterisation. The yet unnamed southern trend has its lithium
species being classified by XRD analysis at ALS Metallurgy.

 

High tenor lithium assays received within the project area include:

·        3.6% Li(2)O from Sample 23CR038

·        2.3% Li(2)O from Sample 23CR039

·        1.8% Li(2)O from Sample 23GT11-041

·        1.7% Li(2)O from Sample 23GT11-042

·        1.58% Li(2)O from Sample 23GT11-039

Figure 1: Lithium rock sample assays and trend lines within Osborne JV
Tenement E47/3719

Further lithium exploration is planned on the Osborne JV tenement in the
forthcoming quarter with sampling and mapping aimed at identifying the full
extent of the mineralised pegmatite zones and the consistency of the lithium
mineralogy and grade. Preparations have commenced to enable a maiden drilling
program, subject to receiving all approvals.

Greater Carlow Project (ARV 100%)

Lithium

During the June quarter the Company completed a review of the lithium
potential of its prospective 100% held tenure. Artemis currently controls
approximately 144 km(2) of ground, adjacent to the GreenTech and Azure
Minerals (ASX: AZS) lithium finds in the West Pilbara. Azure's tenement is
located approximately 12 km east from Artemis tenements.

A review of the Company's historic regional exploration soils database
indicated elevated lithium and lithium pathfinder elements within exploration
licences E47/1746 and E47/1797 (Figures 2 and 3).

Figure 2: Plot of levelled +95(th) percentile Lithium soils data with circled
anomalous trends

 

The data has defined seven distinct lithium cluster anomalies within E47/1797
and E47/1746 with elevated Lithium above the 95(th) percentile. Two of these
anomalies also correspond with two broad rubidium anomalies, and form part of
the initial reconnaissance programs in identifying potential lithium bearing
pegmatites.

First pass field reconnaissance programmes have commenced and have been
expanded to investigating the source of the lithium soil anomalies with rock
chip samples collected for analysis. Results from the initial rock chip
samples are expected in August.

 

Figure 3: Plot of 95(th) Percentile Rubidium soils data with circled anomalous
trends

 

Moving Loop Electromagnetics (MLEM) - Copper-Gold, Base Metals Targeting

High powered, systematic moving loop (MLEM) surveying was completed within the
Greater Carlow Project between late May and mid-June 2023 by Southern
Geoscience Consultants (SGC). The survey consisted of 33 lines for 22.9 km
over Carlow Castle, Carlow North, Marillion North, Europa and Titan.

Four new EM conductor plates were identified from the survey being of low to
strong conductance as well as one historic VTEM conductor historically
referred to as Stoneham, north of the Europa gravity anomaly (Figure 4 and
Table 1). The conductors described are within highly resistive ground
conditions such that the EM anomalies should be considered prospective in
identifying sulphide mineralisation.

3D conductor plate models have been provided by SGC and they are currently
being assessed from a geological perspective and ranked for follow up
investigation. Of particular interest are conductors CCN1 and CCN2 which have
a moderate to high conductance. Both conductance plates are immediately north
of the Carlow Castle deposit and have not been previously drill tested.
Additionally, CCN1 is associated with a chargeability anomaly identified from
a dipole - dipole IP survey completed across Carlow Castle in 2021 (Figure 5).

 

Figure 4: Modelled EM conductor Plates within Greater Carlow

 

Table 1 - MLEM Conductor details

 Conductor        Details                                                                          Conductance (S)
 CCN1             Immediately north of Carlow with an aerial size of approx. 800 x 400 m. Dip      Moderate ~ 1,500-2,000+
                  approx. 50 degrees to the SSW. Depth to top estimated at 50 - 75 m.
 CCN2             Immediately north Carlow Castle Quad Est mineralisation with an aerial size of   Moderate to High ~3,000 - 4,000
                  approx. 300 x 400 m. Dip approx. 70 degrees to SE. Depth to top of source
                  estimated at <50 m.
 CCNE             Located approx. 900m north of the Marillion prospect with an aerial size of      Moderate conductance ~700 - 900+
                  approx. 750 x 500 m. Dip approx. 85 degrees south. Depth to top of source
                  estimated at 50 - 75 m. Poorly constrained to steep topography.
 EUR1 (Stoneham)  Located north of Europa gravity anomaly with an aerial extent of 500 x 500 m.    Low conductance ~ 50 - 150
                  Dip approx. 45 degrees south. Depth to top at 50 - 100 m.
 TIT1             Located slightly south of the main Titan gold in soil anomaly with an aerial     Low Conductance ~ 50 - 150
                  extent of 1,000 x 1,000 m. Dip approx. 80 degrees north. Depth to top 75 - 125
                  m.

 

Figure 5: MLEM conductors CCN1 corresponding with 2021 2D IP Chargeability
anomaly (red blob) in relation to Carlow Castle Deposit

 

Lulu Creek IP - Gold Target

A high-resolution dipole - dipole IP geophysics survey commenced in late June
over the Lulu Creek Intrusion Related gold prospect with the survey finishing
in late July. The survey consisted of 15 lines for approximately 14 line
kilometres over an area of 251 hectares (Figure 6).

The aim of the survey was to provide vertical resolution in defining
chargeability anomalies that may represent disseminated sulphides within and
around the Lulu Creek diorite. Defined chargeability anomalies will then be
used for exploration drill targeting of sulphide mineralisation which is
believed to host gold mineralisation in conjunction with quartz veins.

Dipole-dipole array IP survey was chosen due to its ability to provide good
lateral and vertical chargeability resolution in the search for disseminated
sulphides within the Lulu Creek prospect area.

Processing and interpretation of the IP survey is expected to be completed by
mid-August.

Figure 6: Completed dipole-dipole IP Survey area in relation to known Lulu
Creek Intrusion

 

Paterson Central Project

A comprehensive exploration review of the Central Paterson Project was
conducted during the June quarter.

The primary focus of the review was to assess the effectiveness of exploration
completed by Artemis since the grant of the tenure in 2020 as well as to
re-evaluate prospectivity across the project. The outcome was positive towards
Artemis exploration to date in targeting for Havieron style mineralisation
with the Company being effective in all aspects of the work undertaken.

The review identified exploration potential in other mineralisation models
including orogenic and strata bound copper - gold mineralisation across the
project.

Artemis will seek a partner to advance the project, which may include JV,
earn-in or outright sale. A process to achieve this outcome will commence in
the next few weeks. Additional disclosure will be made in the coming weeks.

 

The Company spent $539,000 on exploration costs during the quarter ended 30
June 2023.

 

 

 

 

 

Corporate

Financial Resources

The Company had cash on hand at the quarter end of $1.65 million. In addition,
the Company has $3.7 million in ASX listed investments.

The Company paid $71,000 to directors during the quarter for salaries and
consulting fees.

 

This announcement was approved for release by the Board.

 

For Further information contact:

 Artemis Resources Limited

 Guy Robertson                                       via Camarco
 Dr Simon Dominy / Technical Director                info@artemisresources.com.au (mailto:info@artemisresources.com.au)

 WH Ireland Limited (Nominated Adviser and Broker)
 Antonio Bossi / James Bavister / Isaac Hooper       Tel: +44 20 7220 1666

 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.

For more information, please visit www.artemisresources.com.au
(http://www.artemisresources.com.au)

 

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  Armada Mining Pty Ltd      100%     Live

 

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