REG - Artemis Resources Ld - Quarterly Activities Report

Artemis ResourcesAnnouncement

31/10/2023 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231031:nRSe8379Ra&default-theme=true

RNS Number : 8379R  Artemis Resources Limited  31 October 2023

Artemis Resources Limited

 

("Artemis" or the "Company")

 

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

 

Quarterly Activities Report

For the period ending 30 September 2023

Highlights:

Osborne Joint Venture (ARV 49%, GRE 51%)

·    Two new pegmatite zones identified within the Osborne JV next to the
Osborne trend, 5km south-east of the Kobe lithium pegmatite discovery.

·    Newly discovered trends, Wally and Maddox both extend over 1km with
outcrops up to 100m Wide.

·    Significant mineralised lithium samples include(1):

·    2.4 % Li(2)O from sample 23GT20-155 (Osborne Trend)

·    2.4 % Li(2)O from sample 23GT30-232 (Wally Trend)

·    1.5 % Li(2)O from sample 23GT20-233 (Wally Trend)

·    0.7 % Li(2)O from sample 23GT20-034 (Maddox Trend)

·    Final regulatory permits being obtained for a maiden drill program.

Artemis Lithium Project (ARV 100%)

·      Numerous swarms of pegmatites identified within and along the
margins of the Andover mafic intrusive complex within 100% Artemis tenement
E47/1746.

·      Six sets of pegmatites identified with elevated levels of
lithium-caesium-tantalum (LCT) and rubidium mineralisation, including four
pegmatite clusters considered highly prospective for economic mineralisation.

·      Over 90 outcrops of pegmatite identified to date with the largest
outcropping pegmatite having a strike of 200m and average width more than 45m.

·      21km(2) of prospective outcropping Andover Intrusive still to be
assessed for lithium pegmatite potential.

Greater Carlow Project - Lulu Creek

·    Dipole-dipole Induced Polarisation (IP) survey identified two
chargeability anomalies adjacent to a moderate-high resistive unit within the
Lulu Creek Intrusion Related Gold System (IRGS).

·    A third IP Chargeability anomaly has also been identified on the
southern margin of the Lulu Creek Intrusion and correspond with outcropping
gossanous BIF and ultramafic units along the Regal Thrust.

Corporate

·     Cash balance of $0.6 million and ASX share investments of $2.7
million.

·     Approximately 100 million options with exercise price $0.025, with
a number of option holders exercising.

(1)Greentech Meals Ltd, ASX Announcement, 5 October 2023

 

Osborne Joint Venture (GreenTech 51% Artemis 49% interest)

The Osborne JV and Artemis 100% held lithium projects are situated within a
newly identified lithium pegmatite field strategically located between
significant discoveries by neighbouring companies Azure Minerals and GreenTech
Metals (Figure 1).

 

Figure 1. Artemis Resources Lithium Project and Osborne JV Location Map

 

Recent mapping and sampling by GreenTech Metals(1) has confirmed the discovery
of new lithium bearing pegmatites and the identification of newly named zones
(Wally, Osborne and Maddox) (Figures 2 and 3). These newly discovered
pegmatite zones are located approximately 5km south-east from the eastern
portion of the Kobe Li-pegmatite trend within the Osborne JV tenement E47/3719
(ARV:49%, GRE:51%) which previously reported multiple high-grade lithium
assays up to 3.6% Li(2)O(2).

 

 

 

 

(2)Greentech Metals Ltd, ASX Announcement, 24 July 2023

 

Figure 2. Lithium soil (historic) anomalies in relation to recently discovered
mineralised pegmatites zones Kobe, Wally, Maddox and Osborne(1).

Figure 3. Newly discovered Lithium pegmatite zones across the southern area of
the Osborne JV tenement with significant (>0.5%) Li(2)O rock chip assays
reported(1).

A preliminary summary of the new Li-pegmatite zones are as follows:

Wally Li-Pegmatite Zone (> 1km)

·      1km north-east to south-west trending zone of Lithium pegmatites.

·      Zone has outcrop widths up to ~100m.

·      Pegmatites are moderate to steeply dipping towards the north.

·      Recent surface chip results returned multiple high-grade lithium
assays up to 2.4% Li(2)O(1).

 

 A
 B

Figure 4: Example of the Wally lithium zone highlighted by red polygon with
approximate location of significant lithium Assays. 'A' Eastern portion of
pegmatite trend with Image viewed towards the west. 'B' Central portion of
pegmatite trend with image viewed to the south.

Osborne Li-Pegmatite Zone (>500m)

·    ~500m north-west to south-east trending zone of Lithium pegmatites.

·    Zone has moderately north dipping pegmatite outcrops with widths up
to 15m.

·    Sampling has returned multiple high-grade assays including 2.4%
Li(2)O(1) and historic samples up to 3.6% Li(2)O(2).

 

Figure 5: Example of the Osborne lithium trend highlighted by red polygon with
approximate location of significant lithium Assays. Image viewed towards the
west.

 

Maddox Li-Pegmatite Zone (>1.2km)

·    >1.2km east-west trending zone of lithium pegmatites.

·    Pegmatites occur as sporadic outcrops (up to 25m wide), outcrop
extent masked by thin veneer of surface sediments. These pegmatites are highly
weathered and located across low-lying areas.

·    Significant recent chip assay results reported up to 0.7% Li(2)O(1).

 

Figure 6: Example of the Maddox lithium zone highlighted by red polygon with
approximate location of significant lithium Assays. Image viewed towards the
west.

 

Joint Venture partner GreenTech Metals has advised Artemis that final
regulatory permitting is being finalised in preparation for a maiden drilling
program.

 

Artemis Lithium Project

To date, exploration has focused on the central portion of exploration licence
E47/1746 (Figure 7), where historic soils highlighted elevated lithium and
associated pathfinder elements around the margins of the Andover mafic
intrusive.

Rock geochemistry of the sampled pegmatites has delineated six areas for
follow up (Figure 8) based on elevated lithium, caesium, tantalum (LCT) and
rubidium assays and four of the anomalous zones having potential to host
economic lithium mineralisation (Figure 9).

 

Figure 7. Pegmatite evaluation work area (yellow outline) in relation to
Artemis tenure.

 

Figure 8. LCT and Rb anomalous rock chip samples with priority areas for
follow up.

Figure 9. Most prospective pegmatites for follow up.

Details of the six priority targets are as follows:

·    Alpha Cluster - a 180 m long north-east trending outcrop of
pegmatites with elevated lithium between 162.1 to 387.5 ppm Li(2)O. The
pegmatites form along a contact with the Andover intrusive gabbro and
Roebourne Formation basalts which appears as a magnetic low in the regional
magnetics.

·    Bravo Cluster - comprises two small outcrops with a north-east strike
over 60 m with a combination of elevated Li(2)O ≥ 100 ppm, Ta(2)O(5) ≥ 50
ppm, Cs(2)O ≥ 30 ppm and Rb >1,000 ppm.

·    Charlie Cluster - an 80 m long north-east trending pegmatite outcrop
that forms part of a longer 260 m elevated tantalum trend containing Ta(2)O(5)
ranges between 50.1 ppm and 349.2 ppm.

·    Delta Cluster - a series of pegmatites trending north-north-west over
220 m. The cluster is elevated in caesium and rubidium. Geochemistry indicates
that the prospectivity of the pegmatites may increase towards the north.

·    The Echo Pegmatite - the largest pegmatite identified to date with a
north-east trend over 200 m and an average width more than 45 m. Currently the
northern portion of the pegmatite is elevated in caesium and rubidium, with
rock chip samples ranging between 39 - 121.3 ppm Cs(2)O and 1,360 - 4,220 ppm
Rb.

·    Foxtrot Cluster - pegmatite grouping containing elevated caesium and
rubidium with rock samples ranging between 34.4 - 35.3 ppm Cs(2)O and 1,010 -
1,685 ppm Rb. Additionally, the Foxtrot cluster contains one elevated lithium
sample of 102 ppm Li(2)O, which sits along the same magnetic low as the Alpha
cluster. These rock chip samples are separated by 450 m and will be
re-assessed for pegmatite development soon.

 

It is important to note that results displaying high readings of caesium and
rubidium are indicators or signals of fertile pegmatite zones and that lithium
could potentially be contained within these pegmatite zones. The variable
abundance of the pathfinder elements as well as lithium is due to the usually
zoned nature of the LCT elements within the pegmatite zones. The
identification of numerous pegmatites containing these pathfinder elements for
lithium pegmatites is very encouraging and highlights the potential for
discovery of lithium within these pegmatites as well as in other areas of the
tenement.

In the coming quarter Artemis will be modifying its exploration approach as it
begins to revisit priority pegmatites that require further assessment as well
as maintaining the current reconnaissance work to identify new pegmatites.

The processing of the Worldview 3 Satellite Hyperspectral data has been
completed and is being reviewed by the company's technical team. Preliminary
undertakings indicate the data will further enhance the company's targeting
abilities.

 

Greater Carlow Project (ARV 100%)

Lulu Creek IP - Gold Target

A high-resolution dipole - dipole IP geophysics survey was completed during
the quarter over the Lulu Creek intrusion related gold prospect. The survey
consisted of 15 lines for approximately 14 line kilometres over an area of 251
hectares (Figure 10).

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 that could then be used for exploration drill
targeting of sulphide mineralisation, which is believed to host gold
mineralisation in conjunction with localised shearing and quartz veining.

Figure 10: Completed dipole-dipole IP Survey area in relation to known Lulu
Creek Intrusion

The survey identified three chargeability anomalies, two of which are located
within the interpreted Lulu Creek Intrusion and adjacent to a moderate-high
resistive body interpreted as representing significant alteration and veining
(Figures 11 and 12), while a third IP chargeability anomaly was identified
just off the intrusion along the Regal Thrust (Figure 11), which corresponds
with outcropping gossanous BIF and ultramafic rocks at surface.

Figure 11: IP chargeability plan view -75 m below surface against Lulu Creek
Intrusion outcrop outline in pink.

Figure 12: IP resistivity plan view -75 m below surface against Lulu Creek
Intrusion outcrop outline in pink.

In the central portion of the intrusion, a shallow discrete chargeability body
was identified 25 m below surface with a down plunge component of
approximately 100 m. This anomaly has been historically intercepted by two 50
m reverse circulation (RC) drill holes, each of which intercepted broad
low-grade mineralisation being:

·    12 m at 0.42 g/t Au from 24 m, including 2 m at 1.62 g/t Au from 34 m
within drill hole CWRC006 and

·    8 m at 0.4 g/t Au from 42 m within drill hole CWRC005 (terminated in
mineralisation).

 

Logging of the mineralised zones within these drill holes, indicates that the
mineralisation and the chargeability anomaly are both associated with
disseminated pyrite in the order of 2-3%. This association is expected to be
similar for the larger and deeper northern chargeability anomaly, which has an
east-west strike of 300 m and a down plunge extent greater than 200 m.

Further modelling and interpretation of the IP chargeability and resistivity
bodies is required in the coming reporting period along with an additional
heritage survey across the prospect prior to any new targeted drilling.

Paterson Central Project

No Activities completed during the quarter.

 

 

 

 

 

 

Corporate

Management Restructure

Artemis has recently announced a Board restructure aimed at having a full time
Executive Director based in Perth, Western Australia, to focus on Artemis'
lithium projects and progressing the identification of suitable partners to
further the Company's gold projects in Paterson, Greater Carlow and Lulu
Creek.

Mr George Ventouras appointed as an Executive Director, has over 15 years'
experience in the resources sector and has substantial experience in business
development, corporate restructuring, listing and promoting ASX companies and
marketing.

Dr Simon Dominy has relinquished the interim CEO role and will remain the
Company's UK based Non-Executive Director.

Mr Daniel Smith has resigned as a director and the Board takes this
opportunity to thank Dan for his contribution to Artemis.

 

Financial Resources

The Company has taken material steps to cut its cost base and focus a lean
team on furthering its exploration programs and delivering value for
shareholders. Over the same quarter in the previous year the Company has
reduced the board from seven to four and reduced annualised overhead operating
costs by $1.6 million.

Exploration costs for the quarter were $0.75 million, comprising lithium
exploration $0.25 million, Lulu Creek gold exploration $0.25 million and Radio
Hill costs and tenement maintenance $0.25 million.

The Company had cash on hand at the quarter end of $0.6 million. In addition,
the Company has $2.7 million in ASX listed investments.

The Company paid $93k to directors during the quarter for salaries and
consulting fees.

 

 

 

 

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 and Osborne JV projects 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 report was approved for release by the Board.

 

For further information contact:

 Artemis Resources Ltd
 Guy Robertson, Chairman

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

 

Competent Person's Statement

The information in this report that relates to Artemis Resources Ltd
exploration results was prepared by Mr Luke Meter, a Competent Person who is a
Member of the Australasian Institute of Geoscientists (MAIG) and Australasian
Institute of Mining and Metallurgy (MAusIMM). Mr Meter is employed by Artemis
Resources as Exploration Manager. Mr Meter 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 Meter consents
to the inclusion in this report of the matters based on his information in the
form and context in which it appears.

 

 

Information Relating to Previous Disclosures

5/10/2023       ARV: Multiple Pegmatites Discovered on Artemis 100%
Tenure in West Pilbara.

5/10/2023       GRE: More High-Grade Lithium Assays at Osborne JV
Including 2.4 % Li(2)O.

5/09/2023       GRE: New Lithium Targets at Ruth Well & Osborne JV
in WA

01/09/2023     GRE: Analysis Confirms Spodumene at Osborne JV

24/07/2023     GRE: Further High-Grade Lithium Reported at Osborne JV

18/07/2023     Addendum to Announcement Lithium Bearing Pegmatites
identified at West Pilbara Joint Venture Project.

 

 

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

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLDZMFGVMLGFZG