REG - Artemis Resources Ld - Operating Update
15/08/2024 07:00
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RNS Number : 5022A Artemis Resources Limited 15 August 2024
15 August 2024
gold assays hit overlimits, exceed 10,000 g/t Au*
high grade GOLD vein discovery at titan prospect
copper assays reach 23.8% Cu
_________________________________________________________________________________
Highlights:
· High grade gold reported in veins at Titan prospect with abundant
visible gold at surface
· Titan prospect tracked for ~ 700m and remains open
· Rock chips samples report high grade gold assay results including;
o 24AR07-004, 005, 008 - > 10,000 g/t Au*
o 24AR11-002 - 6,520 g/t Au
o 24AR07-169 - 10.2 g/t Au
· Copper assay results return high values including;
o 24AR07-184 - 23.8% Cu
o 24AR07-183 - 14.55% Cu
· 10.4 oz gold bar produced from material extracted from Titan prospect
· Tenement review of Carlow project area results in mapping of further
gold veins
· New areas of gold mineralisation discovered across tenements
· Pathway open for potential larger scale regional discovery
Figure 1 10.4 oz gold bar produced from Titan prospect
Artemis Resources Limited ('Artemis' or the 'Company') (ASX/AIM: ARV) is
pleased to report the discovery of exceptionally high grade gold in veins at
the Titan prospect as part of its recent ground reconnaissance program at its
Karratha Gold Project, in the Pilbara region of Western Australia.
Executive Director George Ventouras commented: "We remain excited by the gold
prospectivity that our tenements continue to deliver. The re-focus of
exploration efforts and strategy on a tenement wide scale is continuing to
deliver evidence of multiple new zones for gold mineralisation, which we
believe could contain the potential for large scale deposits. The next steps
will allow us to refine these zones, delineate bona-fide prospects and work
towards more targeted exploration efforts."
Figure 2. Current known gold prospects contained within the Artemis tenements
Ground reconnaissance recently completed as a follow up to the previous
reported work has delivered further gold occurrences in areas that were
previously only lightly explored. This work was designed to map the
prospective surface veins and identify additional fertile structures that may
contain gold & copper mineralisation. Not only did the ground team
identify and trace several large-scale vein trends, they were also successful
in identifying a vein zone with abundant coarse visible gold at the Titan
prospect.
Figure 3. Current gold prospects contained within the Carlow tenement
TITAN PROSPECT
The Titan prospect is essentially a greenfields discovery as previous work
conducted at this location was limited to broad spaced soil sampling and a
constrained moving loop transient electromagnetic survey (MLTEM) program
without any follow up exploration. Titan is located within the Company's
Carlow tenement and approximately 2km from the Carlow project where there is a
current JORC 2012 compliant Mineral Resource of 374,000oz Au (Au Eq total
mineral resource of 704,000 oz AuEq).
Figure 4 Gold bar produced from Titan prospect
Recent work by the Company which focussed on the identification of prospective
surface veins has resulted in the discovery of a fertile region around the
Titan prospect, including a highly mineralised sub vertical quartz-iron vein
zone with abundant visible gold. This work involved taking rock chips from
surface and exposing the veining below very shallow cover.
The Titan mineralised trend has been tracked for approximately ~700m and
appears to remain open under shallow cover. Furthermore, recent field
observations suggest it also occurs on a much larger and strike extensive
structural zone.
Multiple hard rock gold samples were extracted from the quartz-iron veining
with the largest being an estimated 10cm x 4cm (refer figure 20). Importantly,
these gold samples are not analogous to the conglomerate hosted
mineralisation, Witwatersrand style of watermelon seed gold nuggets as per the
Purdy's Reward and other previously reported discoveries. Instead, these gold
occurrences originate from a hard rock source which indicates we are
potentially looking at large gold structures, at surface with potential to
extend along strike and at depth.
Sampling work was conducted around the Titan prospect with around 300kg
material removed. This material was sorted, crushed, separated, gold extracted
and a gold bar weighing 10.4 ounces was subsequently produced.
The potential upside remains large not only for this prospect, but more
importantly for tenement wide prospectivity as the Company believes Titan is
not a sole occurrence but instead part of a larger gold mineralised system
across the Carlow tenement.
Further, we believe that the mineralisation extends beyond the Carlow tenement
and these trends persist across the Silica Hills and Osborne tenements,
leading towards the Lulu Creek prospect which was recently the recipient of a
government grant for co-funded drilling.
Rock chips samples from Titan were collected and sent to the ALS laboratory in
Perth for analysis. Results received and included the following highlights;
o 24AR11-004, 005, 008 - >10,000 g/t Au*
o 24AR07-002 - 6,520 g/t Au
o 24AR07-169 - 10.2 g/t Au
o 24AR07-192 - 6.1 g/t Au
o 24AR07-162 - 5.1 g/t Au
o 24AR07-184 - 23.8% Cu
o 24AR07-183 - 14.55% Cu
*Note - Rock chip sample processing exceeded the capacity of the lab assay
capabilities and resulted in over-limits which are reached when a gold sample
records an assay higher than 1% or 10,000ppm Au.
Sample No Easting Northing Au g/t Cu % Ag ppm Co ppm Zn pct
24AR07-186* 507976 7697654 0.6 6.95 24.1 1525 0.06
24AR11-002* 505852 7699473 6520 0.03 >100 282 0.01
24AR11-004* 505855 7699471 >10000 0.01 >100 21.4 0.01
24AR11-005 505860 7699470 >10000 0.02 >100 31
24AR11-008 505863 7699466 >10000 0.01 >100 12.4
24AR07-169 505843 7699451 10.2 0.06 1.3 137.5 0.02
24AR07-192 507741 7696876 6.1 3.37 31.2 190.5 0.08
24AR07-162 505854 7699471 5.1 0.04 0.7 134.5 0.01
24AR07-191* 507742 7696859 4.5 6.74 14.3 33.1 0.01
24AR07-185* 508475 7696631 3.4 3.88 38.4 160.5 0.02
24AR07-190 508531 7696647 2.5 0.15 6 70.4
24AR07-180 505855 7699472 2.4 0.03 0.1 629 0.01
24AR07-183* 507757 7696887 2.2 14.55 8.8 139 0.03
24AR07-196* 495466 7686219 1.7 1.66 127 173 8.6
24AR07-194* 506985 7698805 1.7 0.55 4 406 0.03
24AR07-187* 507230 7698840 1.1 6.04 6.7 230
24AR07-182* 507823 7696948 1 9.7 5.6 140.5
24AR07-143 505021 7699506 0.9 0 0.1 1.5
24AR07-168 505857 7699471 0.7 0.02 0.1 66.3 0.02
24AR07-176 505860 7699466 0.7 0 0 3.3
24AR07-193* 507978 7697656 0.7 5.75 37.4 266 0.02
24AR07-188* 507139 7698883 0.7 0
24AR07-131 506478 7699113 0.6 0.01 13 0.9 0.01
24AR07-032* 497730 7695166 0.6 0 0 4.3 0.02
24AR07-184* 507594 7696862 0.5 23.8 121 91.8 0.01
24AR07-035 497444 7695662 0.5 0 0.1 1.2
24AR07-073 486930 7695821 0.5 0.01 8.2 11.7 0.02
24AR07-144 505052 7699508 0.5 0 0.1 6.1
24AR07-189* 506941 7698830 0.3 5.67 26.6 160 0.03
24AR07-181* 507997 7697002 0.3 5.4 4.4 101.5 0.02
Table 1 Significant results from recent rock chip sampling - 0.3 g/t Au cut
off
*Sample taken from historical workings/mullock heaps
Tenement wide prospectivity
Recent ground reconnaissance programs have been completed with surface samples
identifying numerous potential gold mineralisation zones including Carlow,
Sing 6-Well and Orpheus. These zones are distinctive trends that have the
potential for the discovery of sub-surface gold mineralised zones and have
expanded the Company's exploration upside, in a greenfields location, only
~15km from Karratha.
Figure 5 Executive Director George Ventouras pointing to quartz-iron vein zone
containing visible gold
Figure 6 and 7 Gold (24AR11-007 & 24AR11-014) located in surface veins at
the recently discovered Titan gold prospect. Analysis of gold collected from
the surface cover assisted with locating the recently discovered surface veins
containing abundant visible coarse gold. These samples were not sent to the
lab for assay.
Figure 8. Generalised schematic model for potential Titian Gold
mineralisation. Liberation of gold from hard rock source into surface
sediments. Free gold in surface sediments are analysed to determine
proximity to potential hard rock source and new discovery site. Not to scale
The Carlow project, with its 374,000 oz Au Mineral Resource estimate is an
important starting point but the Company is interested in further exploring
the prospectivity of the greater tenement package and its inherent
mineralisation to identify multiple Carlow type projects or deposits which
could be combined with Carlow to form a larger overall system of
mineralisation.
This recent program continues to demonstrate the prospectivity of the region
and in particular the Artemis tenements and we are confident that further work
will result in additional exploration success.
Figures 9-20 Gold recovered in quartz-iron veining collected from Titan
Prospect
Figure 21 Abundant coarse gold observed in surface quartz veining chip samples
(24AR11-013) collected from Titan Prospect
Update on Heritage and Ethnographic Surveys
Heritage and ethnographic surveys have now been completed over Lulu Creek gold
and Mt Marie lithium prospects and once the written report has been received,
the pathway to drilling will be clear. As always, we thank the Ngarluma
Corporation for their ongoing support and cooperation.
This announcement was approved for release by the Board.
For further enquiries:
Artemis Resources Ltd
Guy Robertson, Chairman info@artemisresources.com.au
George Ventouras, Executive Director
Zeus Capital Limited (Nomad & Broker)
Antonio Bossi / James Bavister / Isaac Hooper Tel: +44 20 3829 5000
About Artemis Resources
Artemis Resources (ASX/AIM: ARV; FRA: ATY; US: ARTTF) is a gold, copper and
lithium focused resources company with projects in Western Australia. The
Company's main projects include;
· Karratha Gold Project including the Carlow Castle 704k oz AuEq
gold-copper-cobalt project in the West Pilbara;
· Karratha Lithium Project including the high grade Mt Marie Lithium
Prospect and the Osborne Lithium JV (Artemis 49%; GreenTech Metals (ASX:GRE
51%)
· Paterson Central Gold/Copper project in the Paterson Province
(located adjacent to Greatland Gold / Newmont's recent gold-copper discovery
at Havieron and only ~42km from the Newmont Telfer gold mine).
· Artemis also owns the Radio Hill processing plant, located only
35km from Karratha.
Artemis is focused on discovering multiple gold prospects within its +200km(2)
tenement package that can build upon the initial Mineral Resource at Carlow.
The majority of the tenement package has been lightly explored and is now the
subject of methodical exploration programs with a view to identify all gold
zones, veins, structures and faults.
The Company will also continue to progress the Karratha Lithium project
including the high grade Mt Marie prospect and will look to advance this
exciting project through further field work which will lead to drilling the
most advanced targets in due course.
Competent Person Statement
The information in this report that relates to exploration results was
prepared by Mr Oliver Hirst M.Sci (Hons), a Competent Person who is a member
of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Hirst is
a technical consultant to Artemis Resources. Mr Hirst 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
Hirst consents to the inclusion in this report of the matters based on his
information in the form and context in which it appears.
Adrian Hell BSc (Hons), an advisor and consultant to the Company, is a Member
of the AUSIMM, and has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration 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'. Adrian
Hell consents to the inclusion in the report of the 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 and Mineral Resource Estimates for the Carlow Gold/Copper Project
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.
ASX announcements referred to in this release;
Artemis Resources Ltd, 12 June 2024
Artemis Resources Ltd, 16 April 2024
Artemis Resources Ltd, 13 October 2022
Artemis Resources Ltd, 13 November 2023
Artemis Resources Ltd, 29 September 2017
Artemis Resources Ltd, 23 October 2017
Artemis Resources Ltd, 28 November 2017
Artemis Resources Ltd, 14 November 2017
Artemis Resources Ltd, 29 November 2017
Artemis Resources Ltd, 17 September 2018
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or · Samples referred to in this report are obtained from random in-situ
specific specialised industry standard measurement tools appropriate to the rock chip samples collected by Artemis Resources during field reconnaissance
minerals under investigation, such as down hole gamma sondes, or handheld XRF exercises. Rock chips containing visible gold has been selectively
instruments, etc). These examples should not be taken as limiting the broad sampled. Sampling also undertaken across historic workings and mullocks
meaning of sampling. heaps.
· Include reference to measures taken to ensure sample representivity · The random rock chip samples are irregularly spaced which is
and the appropriate calibration of any measurement tools or systems used. considered appropriate for "regional-scale" reconnaissance-level gold
exploration.
· Aspects of the determination of mineralisation that are Material to
the Public Report. · Rock chips are random, subject to bias and often unrepresentative for
the typical widths required for economic consideration. They are by nature
· In cases where 'industry standard' work has been done this would be difficult to duplicate with any acceptable form of precision or accuracy.
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to produce a 30 g charge for fire · Samples were dispatched to ALS Global Laboratories in Perth for
assay'). In other cases more explanation may be required, such as where there analysis.
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (eg submarine nodules) may warrant disclosure of detailed · Analysis included:
information.
- Au-AA26 - Au 50g FA AA finish
- Au-GRA22 - default overlimit method - 50g FA with Gravimetric
finish; upper limit of the method 10,000ppm; ME-MS6148 element four acid
digestion and ICP-MS finish.
- Trigger default overlimit method also requested for Ag, Cu, and
Zn
· Crushing and sluicing equipment was used to produce gold bar from
approximately. 300kg of quartz vein material collected from Titan.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary · Not applicable, as no drilling was undertaken.
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type, · No mention is made in this announcement of exploration results
whether core is oriented and if so, by what method, etc). including drilling conducted by other companies on nearby tenements.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · Not applicable as no details on any drilling carried out by Artemis
results assessed. Resources are included in this announcement.
· Measures taken to maximise sample recovery and ensure representative
nature of the samples.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
Logging · Whether core and chip samples have been geologically and · Not applicable due to the reconnaissance nature of the sampling.
geotechnically logged to a level of detail to support appropriate Mineral
Resource estimation, mining studies and metallurgical studies.
· Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography.
· The total length and percentage of the relevant intersections logged.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core · No sub sampling of rock chip samples has been undertaken as part of
taken. this program.
· If non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry.
· For all sample types, the nature, quality and appropriateness of the
sample preparation technique.
· Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples.
· Measures taken to ensure that the sampling is representative of the
insitu material collected, including for instance results for field
duplicate/second-half sampling.
· Whether sample sizes are appropriate to the grain size of the
material being sampled.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and · Rock chip samples were dispatched to ALS Global Laboratories in Perth
laboratory procedures used and whether the technique is considered partial or for analysis using their ME_MS61L (48 elements), and Au-AA26 (1 element) for
total. 49 elements in total.
· For geophysical tools, spectrometers, handheld XRF instruments, etc, · The laboratory reported the use of standards and blanks as part of
the parameters used in determining the analysis including instrument make and the analyses for QA/QC.
model, reading times, calibrations factors applied and their derivation, etc.
· No standards or blanks were submitted by the company.
· Nature of quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established.
Verification of sampling and assaying · The verification of significant intersections by either independent · Rock chip sample and geological information is recorded in the field
or alternative company personnel. with co-ordinates saved from handheld GPS used in the field.
· The use of twinned holes. · All rock chip samples were inspected and described by Artemis
geologists in the field.
· Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic) protocols. · Field data is entered into Fulcrum App before being loaded into a
database.
· Discuss any adjustment to assay data.
· No analytical result adjustments have been applied.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar · Sample points were determined by hand held GPS which is considered
and down-hole surveys), trenches, mine workings and other locations used in appropriate for the reconnaissance nature of the sampling.
Mineral Resource estimation.
· All sample location coordinates are provided in the Geocentric Datum
· Specification of the grid system used. of Australia (GDA94 Zone 50).
· Quality and adequacy of topographic control.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Not applicable due to the reconnaissance nature of the sampling.
· Whether the data spacing and distribution is sufficient to establish · No attempt has been made to demonstrate geological or grade
the degree of geological and grade continuity appropriate for the Mineral continuity between sample points.
Resource and Ore Reserve estimation procedure(s) and classifications applied.
· No sample compositing is applied to samples.
· Whether sample compositing has been applied.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · Samples were collected from outcropping veins where possible, some
possible structures and the extent to which this is known, considering the samples were taken from historic workings and Mullock heaps where it was not
deposit type. practical to retrieve in situ samples. If visible gold in vein material is
observed this material have been sampled
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
Sample security · The measures taken to ensure sample security. · Sample security is by way of chain of custody.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · No review of the sampling techniques has been undertaken.
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · The project tenement covers an area of 126km(2) and comprises
agreements or material issues with third parties such as joint ventures, granted tenement: E47/1746
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings. · All Artemis Project tenures are 100% owned by Artemis Resources
subsidiary company KML No 2 Pty Ltd E47/1746 & E47/1797 with the exception
· The security of the tenure held at the time of reporting along with of E47/3719 which is subject to a GreenTech Metals/Artemis Resources 51%/49%
any known impediments to obtaining a licence to operate in the area. Joint Venture
· The tenement is in good standing with DMIRS and there are no known
impediments for exploration on these tenements.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · Previous explorers in the region include but not limited to are
Westfield Minerals, Consolidated Gold Areas, Open Pit Mining and Exploration,
Legend Mining, Agip Exploration, Titan Resources and Fox Resources.
Geology · Deposit type, geological setting and style of mineralisation. · Surface mineralisation is consistent with structure-controlled shear
zone lodes in Archean low grade metamorphic terrains. Implications for
intrusion related mineralised systems is also being considered.
Drill hole Information · A summary of all information material to the understanding of the · Not applicable as no drilling has been undertaken
exploration results including a tabulation of the following information for
all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea level in metres) of the
drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
· If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, · Not applicable as no data aggregation has been used.
maximum and/or minimum grade truncations (eg cutting of high grades) and
cut-off grades are usually Material and should be stated.
· Where aggregate intercepts incorporate short lengths of high grade
results and longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · Not applicable as surface sampling is reconnaissance in nature.
Exploration Results.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
· If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width
not known').
Diagrams · Appropriate maps and sections (with scales) and tabulations of · All the appropriate maps are provided in the body of this
intercepts should be included for any significant discovery being reported announcement.
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · This announcement discusses the findings of recent reconnaissance
practicable, representative reporting of both low and high grades and/or sampling and associated assays.
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · All the meaningful exploration data has been included in the body of
reported including (but not limited to): geological observations; geophysical this announcement.
survey results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work · The nature and scale of planned further work (eg tests for lateral · Artemis Resources plans to conduct further ground reconnaissance and
extensions or depth extensions or large-scale step-out drilling). sampling in the short term to determine the surface extent both laterally and
along strike and also the economic potential of the prospect. Trenching and
· Diagrams clearly highlighting the areas of possible extensions, drilling will also be undertaken if warranted.
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
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