REG - Artemis Resources Ld - Substantial Drilling and Carlow Gold Studies

Artemis ResourcesAnnouncement

03/06/2025 07:00

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RNS Number : 0993L  Artemis Resources Limited  03 June 2025

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulation ("MAR")
(EU) No. 596/2014, as incorporated into UK law by the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement, this inside
information is now considered to be in the public domain.

 

3 June 2025

 

Substantial Drilling and Carlow Gold Studies to Commence in September Quarter

Artemis Resources Limited ("Artemis" or "the Company") (ASX/AIM: ARV) is
pleased to outline a substantial drill program of up to 5,000m including
extensional drilling and technical studies at the Carlow Gold and Copper
Project, RC drilling at Titan, and exploration at Cassowary.

1.   Carlow Gold and Copper Project - 3,800m diamond drilling to scope out
potential for significant extensions to the Carlow Mineral Resource 1 
(#_ftn1) which contains 374koz gold and 64,000t copper and to provide samples
for metallurgical test work and further studies.

2.   Titan Gold Targets - 1,200m shallow low-cost RC drilling of geophysical
anomalies in areas with high-grade surface gold occurrences 2  (#_ftn2) and a
brecciated host sequence.

3.   Cassowary Intrusion - Gravity survey across a unique untested >5km
wide intrusion east of Kalgoorlie 3  (#_ftn3) to target drilling for potential
IOCG-type copper/gold mineralisation.

Carlow Gold/Copper Project

Diamond drilling will test the potential for significant extensions to the
Carlow high-grade gold and copper lode system, well beyond the current limit
of drilling 4  (#_ftn4) , including:

Ø Widely spaced holes within a 600m gap along strike between the existing
resource and a recent intersection of: 7m @ 2.9g/t Au, including 1m @ 15.3g/t
Au 5  (#_ftn5)

Ø Widely spaced holes to follow up an historic intersection of: 4m @ 11.1 g/t
Au and 2.0% Cu 120m below the Carlow resource, which remains open below 380m
 

Ø Project Manager appointed to oversee technical studies including
metallurgical test work, conceptual mining studies and a review of processing
options

Titan Gold Targets

Ø Infill gravity survey to confirm 4 gravity anomalies (G1-G4) in an area of
surface gold occurrences 6  (#_ftn6) and strong brecciation within ~2km wide
interpreted thrust zone

Ø RC drilling to test the G1 anomaly and wider ultramafic/sediment sequence
which hosts elevated gold in recent drilling up to 0.5g/t Au (peak assay: 1m @
16.4g/t Au) 7  (#_ftn7) .

 

Cassowary Intrusion

Ø Artemis EL application (330km(2)) covering the large Cassowary Intrusion is
expected to be granted in September quarter.  Gravity survey planned to
assist drill targeting.

Ø Potential for IOCG type copper-gold mineralisation has added credibility
with nearby applications by WA1 Resources (2 adjacent EL's) and Teck Resources
(7 EL's)

 

Julian Hanna, Managing Director, commented:

"The next few months should be an exciting period for Artemis with drill
programs aimed at growing the scale of the Carlow Project and technical
studies required to move Carlow towards possible feasibility and early
development stages.  The first priority is widely spaced diamond drilling to
scope out potential for significant extensions to the high-grade gold and
copper lodes along strike and below the mineral resource announced in October
2022, and to provide core samples for metallurgical test work.

A further strategy to build Carlow is using low-cost RC drilling to test the
potential for shallow gold mineralisation at Titan, only 2km west of Carlow.
RC drilling at Titan will initially test a near-circular ~400m wide gravity
anomaly (G1) with small outcrops of brecciated and sheared chert which
returned assays up to 41.4g/t gold (sample ID: 24AR28-048 reported 28 January
2025) from surface samples of ferruginous chert 8  (#_ftn8) . RC drilling is
also planned across the Titan thrust zone to test the wider potential of this
unusual feature.  A heritage survey to enable wider access for drilling at
Titan is scheduled in July.

The Company's other outstanding exploration project is the interpreted
Cassowary Intrusion which occurs in a unique geological setting on the margin
of a >500km long north-east trending crustal boundary, with surrounding
geology disrupted over 10's of kms. Cassowary is a rare opportunity to drill
for possible IOCG type copper/gold mineralisation.  Artemis's 330km(2) EL
application which covers Cassowary is expected to be granted in September
Quarter and planning is underway for a gravity survey to assist drill
targeting.

We look forward to reporting progress on these three gold and copper
opportunities as soon as possible"

 

Carlow Gold/Copper Project

The March quarter drilling program 9  (#_ftn9) combined with detailed surface
mapping and a hole-by-hole review of more than 400 historic holes at Carlow
have resulted in a new interpretation of the geology and a better
understanding of the potential for significant extensions to the high-grade
gold/copper lode system at Carlow along strike and below the resource. (Refer
Figure 1).

Widely spaced drilling is planned within two target areas:

·    ~600m long zone along strike from Carlow East (below the Andover
Intrusion), and:

·    >1500m long zone below Carlow West and Carlow East (above the
Regal Thust).

5-6 diamond holes spaced 200m apart are initially planned to scope out
potential for high grade lodes extending into the two target areas.  These
areas are supported by high-grade gold intersected in two historic and recent
holes (20CCDD003 and 25ARDD001) and by the new geological interpretation of
low angle thrusting continuing below Carlow (Refer Figure 1).

Drilling will include large diameter core holes to collect ore samples for
metallurgical test work.  Artemis is in discussion with a leading
metallurgical group to review historic test work and a range of processing
options. The Company's Project Manager will oversee this program.

Figure 1:  Schematic long section of Carlow showing high-grade gold
(>10g/t Au) & copper (>2.0% Cu) assays 10  (#_ftn10) projected onto
section, interpreted geology, resource outline 11  (#_ftn11) , target areas
(red dash line) and planned holes.

Titan Exploration Targets

Titan is a large, structurally complex area interpreted from geophysical data
and limited outcrop to occur within a >2km wide thrust zone dominated by
Regal Thrust chert ridges along the southern margin. The central covered area
at Titan is undrilled and may be underlain by an ultramafic/sediment sequence
or intrusions into the thrust zone.  Both scenarios may be prospective for
gold. Surface gold occurrences from selective sampling of chert outcrops and
quartz veins in four areas at Titan were reported in 2024 and summarised in
January 2025 12  (#_ftn12) .

The only holes at Titan were drilled by Artemis in the March quarter 2025
across one of the surface gold occurrences.  All 3 holes intersected elevated
gold values from 0.2g/t to 0.5g/t Au, with one hole (25ARDD004) intersecting
1m @ 16.4g/t Au 13  (#_ftn13) within a porphyry intruded into a sequence of
altered chrome rich ultramafic units overlying brecciated sediments.

Southern Geoscience has completed re-modelling of existing gravity data at
Titan (200m by 100m station spacing) and identified four distinct gravity
anomalies (G1-G4). The source of the Titan anomalies (refer Figure 2) is
unknown with the area largely obscured by scree and sheet wash. The first
target is anomaly G1, ~700m west of the Artemis drilling which intersected
elevated gold in all holes peaking at a 1m @ 16.4g/t Au interval in
porphyry 14  (#_ftn14) .

Small outcrops at G1 include brecciated, sheared and locally ferruginous
cherts with high-grade surface gold values up to 41.4g/t Au from selective
sampling of the ferruginous cherts 15  (#_ftn15) .  A heritage survey of the
western part of Titan is scheduled in mid-July which should allow RC drilling
to proceed.  10 shallow RC holes are planned as an initial test of the G1
anomaly.

Figure 2:  Titan Gravity image showing gravity anomalies (G1-G4), location of
3 Artemis drill holes drilled during March Q (holes 25ARDD003, 25ARDD004,
25ARDD005) 16  (#_ftn16) and planned RC drill traverses across G1 area.

 

Cassowary Intrusion

The Cassowary Intrusion has been interpreted from regional magnetic data and
is located 450km east of Kalgoorlie, below an estimated 250-300m of Eucla
Basin sediments. There is no previous drilling at Cassowary and depth of cover
is based on historic diamond drill holes in the region.  Diamond drilling in
the Eucla Basin region has proved effective for drilling through Eucla Basin
sediments and into basement targets.

Based on an interpretation of the magnetic data, the Cassowary Intrusion is
large (>5km wide) and occurs in a unique geological setting on the margin
of the >500km long Madura Crustal Boundary at the intersection with a
cross-cutting fault (Refer Figures 3 and 4). The surrounding geology including
the crustal boundary has been disrupted for many kms by the intrusion.

The Cassowary Intrusion may represent a focus for long lived magmatic activity
and a possible conduit for mineralising fluids and is a rare opportunity to
explore a large target for IOCG type copper/gold deposits and potentially
other types of intrusion related mineralisation.

 

 

Figure 3: Magnetic image 17  (#_ftn17) of interpreted Cassowary Intrusion
showing Artemis 330km(2) EL application (yellow)

 

IOCG type copper/gold mineralisation is also the main target announced by
adjacent tenement applicant and a leading Niobium company WA1 Resources
Limited (ASX: WA1) 18  (#_ftn18) .  IOCG type mineralisation may also be the
target for global copper company Teck Resources (NYSE: TECK), approximately
60km south along the same belt (Refer Figure 4).

Figure 4: Magnetic image of Madura Crustal Boundary showing interpreted
Cassowary Intrusion, Artemis EL application (yellow), WA1 Resources EL
applications (green) and Teck Resources EL applications (red).

 

This announcement was approved for release by the Board

 

For further information:

 Mr Julian Hanna                                                      Mr Guy Robertson

 Managing Director                                                    Executive Chair

 Artemis Resources Limited                                            guy.robertson@artemisresources.com.au

 +61 8 6261 5463

 info@artemisresources.com.au
 Zeus (Nomad & Broker)                                                Tel:  +44 20 3829 5000

 Antonio Bossi / James Bavister

 

 

 

Competent Person Statement

The information in this report that relates to Exploration Results was
compiled by Mr Julian Hanna, a Competent Person who is a member of the
Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Hanna is
Managing Director of Artemis Resources Ltd and 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 Hanna consents
to the inclusion in this report of the matters based on his information in the
form and context in which it appears.

 
No New Information

To the extent that this announcement contains references to prior exploration
results which have been cross referenced to previous market announcements made
by the Company, unless explicitly stated, no new information is contained. The
Company confirms that it is not aware of any new information or data that
materially affects the information included in the relevant market
announcements and, in the case of estimates of Mineral Resources, that all
material assumptions and technical parameters underpinning the estimates in
the relevant market announcements continue to apply and have not materially
changed.

 

Caution regarding Forward Looking Information

This document contains forward looking statements concerning Artemis Resources
Limited. Forward looking statements are not statements of historical fact and
actual events and results may differ materially from those described in the
forward-looking statements as a result of a variety of risks, uncertainties
and other factors. Forward looking statements in this document are based on
Artemis' beliefs, opinions and estimates as of the dates the forward-looking
statements are made, and no obligation is assumed to update forward looking
statements if these beliefs, opinions or estimates should change or to reflect
other future developments.

About Artemis Resources

 

Artemis is a gold, copper and lithium focused resource company with a highly
attractive suite of projects in Western Australia's underexplored North
Pilbara Gold Province and a large copper/gold exploration target below the
Eucla Basin 450km east of Kalgoorlie in Western Australia.

·    Attractive projects:

o Gold/Copper - Karratha Gold Project (100%) multiple prospects incl: Carlow,
Titan, Marillion, Europa

o Copper/Gold - Cassowary Intrusion Exploration Project - large IOCG type
target

o Paterson Gold/Copper Project - adjacent to Havieron Mine (owned Greatland
Gold)

o Lithium - Artemis/Greentech Lithium JV: Mt Marie, Kobe, Osborne.

·    Highly strategic location: Tier 1 jurisdiction, close to major hub at
Karratha including regional rail and road infrastructure, administrative
centre and Dampier Port.

·    Significant exploration upside: highly prospective tenure package in
the Pilbara Region of Western Australia which is a rapidly emerging gold
province dominated by >12Moz Au Hemi Project.

·    Mineral Resource with growth potential: existing high-grade
gold-copper-cobalt Inferred Mineral Resource at Carlow (100%-owned tenure).

·    Established processing site at Radio Hill: strategically located,
fully permitted.

·    IOCG Exploration Target: Artemis has applied for a 330km(2)
exploration licence 450km east of Kalgoorlie covering a large interpreted
magnetic intrusion considered to be  prospective for IOCG type copper/gold
mineralisation.

 1  (#_ftnref1) Refer to Artemis ASX announcement on 13 October 2022

 2  (#_ftnref2) Refer to Artemis ASX announcement on 28 January 2025

 3  (#_ftnref3) Refer to Artemis ASX announcement on 28 January 2025

 4  (#_ftnref4) Refer to Artemis ASX announcement on 13 October 2022 and
Figure 1 in this announcement

 5  (#_ftnref5) Refer to Artemis ASX announcement on 28 April 2025

 6  (#_ftnref6) Refer to Artemis ASX announcement on 28 January 2025

 7  (#_ftnref7) Refer to Artemis ASX announcement on 28 April 2025

 8  (#_ftnref8) Refer to Artemis ASX announcement on 28 January 2025

 9  (#_ftnref9) Refer to Artemis ASX announcement on 28 April 2025

 10  (#_ftnref10) Refer to Tables 1-4 in this announcement

 11  (#_ftnref11) Refer to Artemis ASX announcement on 13 October 2022

 12  (#_ftnref12) Refer to Artemis ASX announcement on 28 January 2025

 13  (#_ftnref13) Refer to Artemis ASX announcement on 28 April 2025

 14  (#_ftnref14) Refer to WA1 Resources announcement on 28 April 2025

 15  (#_ftnref15) Refer to Artemis ASX announcement on 28 January 2025

 16  (#_ftnref16) Refer to Artemis ASX announcement on 28 April 2025

 17  (#_ftnref17) Source of magnetic image: GSWA Geoview

 18  (#_ftnref18) Refer to WA1 Resources announcement on 28 April 2025

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