REG - Artemis Resources Ld - Quarterly Activities Report

Artemis ResourcesAnnouncement

30/07/2024 07:15

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RNS Number : 3593Y  Artemis Resources Limited  30 July 2024

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

Artemis Resources Limited

 

("Artemis" or the "Company")

 

Quarterly Activities Report

For the period ending 30 June 2024

Highlights:

Karratha Lithium Project (ARV 100%)

·      Further high grade rock chip assays received

·      Significant results included;

·      Mt Marie Prospect

o  24AR04-07 - 4.63% Li(2)O

o  24AR04-14 - 4.52% Li(2)O

o  24AR04-13 - 4.28% Li(2)O

o  24AR04-12 - 3.63% Li(2)O

o  24AR04-04 - 3.45% Li(2)O

·      Osborne East Prospect

o  24AR04-20 - 0.69% Li(2)O

o  24AR04-24 - 0.60% Li(2)O

o  24AR04-25 - 0.59% Li(2)O

o  24AR04-26 - 0.59% Li(2)O

 

Osborne Lithium Project (ARV 49%)

·      Further soil sampling over southern zones completed

·      Assays highlight extended mineralisation

 

Karratha Gold Precinct

·    Gold review identifies multiple targets

·    Orpheus zone delivers high grade gold assay from Nickol River Hill
south of 6.93 Au g/t in rock chips which include a peak copper assay of 10.85%
Cu

·    Heritage survey over Lulu Creek gold prospect in process

 

Corporate

·    Elizabeth Henson appointed as non-executive director.

·    Oversubscribed capital raise of A$2.87 million - strongly supported
by sophisticated and institutional investors.

·    $0.5 million in cash as of 30 June 2024, which was supplemented by a
further $1.6 million received from the second tranche of the capital raise
(announced 10 May 2024) post quarter end, and liquid investments of ~$1
million.

 

 

 

Figure 1. Artemis Resources Project Location Map

Artemis 100% Lithium Project

Further ground reconnaissance was completed during the quarter and was
designed as a follow up to the original Mt Marie results where rock chip
assays peaked at 4.67% Li(2)O. These results confirmed the high-grade strike
at Mt Marie and will lead to further exploration work to uncover the extent of
the mineralisation. This work will include additional programs to identify
sub-surface pegmatites and lithium mineralisation.

 
Figure 2. Artemis Resources Lithium Project Location Map

Figure 3. Artemis Resources Mt Marie rock chip results

Osborne East was also included in the expanded exploration program which was
subject to additional sampling, resulting in another round of multiple rock
chip assays returning greater than 0.5% Li(2)O.

Figure 4. Artemis Resources Osborne East rock chip results

As a result, the strike length of the Osborne East prospect has again been
extended through this most recent program with multiple zones of pegmatite
extending across an area of 500mx350m and which remains prospective for
further growth.

The rock chip assays included the following;

Mt Marie Prospect

o  24AR04-07 - 4.63% Li(2)O

o  24AR04-14 - 4.52% Li(2)O

o  24AR04-13 - 4.28% Li(2)O

o  24AR04-12 - 3.63% Li(2)O

o  24AR04-04 - 3.45% Li(2)O

Osborne East Prospect

§ 24AR04-20 - 0.69% Li(2)O

§ 24AR04-24 - 0.60% Li(2)O

§ 24AR04-25 - 0.59% Li(2)O

§ 24AR04-26 - 0.59% Li(2)O

Rock chip samples previously taken from the Mt Marie prospect were tested for
mineralogy type at Curtin University and the analysis confirmed that the host
mineral for the lithium is spodumene.

The high grade Li(2)O results at Mt Marie confirms the Company has discovered
a potentially high grade system which is important in a regional sense in that
it is reflected by Azure Minerals' Andover project where a peak rock chip
assay result of 4.87% Li(2)O was recorded and an exploration target of
100-240Mt @ 1.00-1.5% Li(2)O reported.

 

 

Osborne Lithium Project (ARV 49%)

A follow-up in-fill soil program comprised a total 916 samples was completed
focussing on the southern portion of the Osborne JV tenement with results from
the program reported post-quarter end. The Osborne pegmatite zone is defined
by a large associated anomalous lithium soil footprint which has a strike of
~4km and a width of up to 1.3km.

Figure 5. Lithium Soil Footprint Associated with Osborne Pegmatite Cluster

 

The anomalous footprint eclipses the size of the observed pegmatite outcrop
and indicates there is potentially more to be discovered at Osborne. The soils
report a peak assay of 712ppm Li(2)O and with numerous Li(2)O assays greater
than 300ppm. This in-fill sampling was undertaken on a 50m x 200m sampling
grid.

 

 

 

 

 

 

 

 

 

 

 

 

Artemis 100% owned gold projects

Figure 6. Artemis tenement package in the West Pilbara with Carlow resource
and gold prospects identified.

Ground exploration during the quarter was focused on revisiting the areas most
prospective with respect to gold mineralisation and looked to confirm work
where previous exploration was conducted.

Figure 7. Artemis Resources Carlow project prospects

This ground work commenced late in May 2024 and a small number of rock chips
were taken across the tenement. The rock chips collected were taken proximate
to previously identified targets, including specimens taken from historic
workings to confirm mineralisation at these locations.

Results received from this program included:

 Location                 Sample No    Easting    Northing    Au GPT  Cu%     ZN%    Ag GPT
 Nickol River Hill South  24AR05-024*  495471.00  7686229.00  6.93    10.850  7.540  86.6
 Sing-Well prospect       24AR05-039   499039.00  7695747.00  3.27    0.008   0.062  0.39
 Sing-Six prospect        24AR05-038*  497985.00  7695133.00  1.51    0.004   0.002  0.22
 Orpheus Prospect         24AR05-044   499775.00  7687406.00  0.89    1.850   6.980  9.44
 Lulu Creek prospect      24AR05-031   487025.00  7695845.00  0.65    0.003   0.004  7.15
 Sing-Six Prospect        24AR05-037   498045.00  7695294.00  0.45    0.030   0.013  0.21
 Lulu Creek Prospect      24AR05-028   489391.00  7696489.00  0.23    0.014   0.033  0.52

Table 1. Highlighted rock chip assay results

*Indicates rock chip sample taken from Mullings pile.

 

 

Figure 8. Artemis Resources' Silica Hills rock chip results

 

Sing-Six Gold Nuggets

A very preliminary assessment for coarse grain gold in surface cover was
completed using a gold detector at the Sing-Six prospect.  This work tested a
relatively small area of approximately 25m x 25m in proximity to historic hard
rock gold vein workings.

Results returned 21 gold nuggets (totalling 9.7gms) up to 15mm in width.

The physical characteristics of the gold include a majority with a high degree
of angularity which indicates that they are very close and/or proximal to the
likely hard rock source.

Furthermore, some of the gold nuggets occur with attached quartz and iron
oxides which compare to the mineralogy of the nearby gold bearing veins.

The Company views the discovery of these nuggets as a tool to assist with
near-surface targeting of hard rock gold occurrences, which is now being
considered.

 Figure 9. Twenty-one gold nuggets collected (sample 24AR06-001) from the
Sing-Six Prospect using metal detector (the physical characteristics of these
nuggets indicate a likely 'close to source' relationship and how the discovery
of these nuggets can further assist surface targeting toward in-situ and hard
rock gold occurrences is currently being evaluated)

 

Paterson Central Project

While the activities completed by the Company during the quarter predominantly
focussed on the West Pilbara gold and lithium prospects, Artemis continues to
possess a highly strategic landholding in the Paterson gold province. The
Paterson Central project consists of a 605km(2) exploration licence
surrounding and adjacent to the Tier 1 Havieron Copper-Gold discovery is also
45km east of Telfer in the Great Sandy Desert of Western Australia.

 

 

 

 

Corporate

During the period, the Company announced it had received firm commitments to
raise A$2.87 million at $0.01275 per share from institutional and
sophisticated investors. The issue price represented a 29% discount to the 20
day VWAP. The offer was oversubscribed and well supported by existing
shareholders.

The Company also issued one free attaching option for every two new shares (in
total 112,843,137 options), with an exercise price of $0.025 and expiry date
of 9 March 2026.

Funds will be used to undertake further gold and lithium exploration programs
across the Company's tenement portfolio.

In addition, the Company appointed Elizabeth Henson as non-executive director
during the quarter.  Ms Henson is an international lawyer with over 35 years
of global experience in corporate governance, business and professional
services.

As of 30(th) June 2024, Artemis had ~$0.5 million in cash, and received a
further $1.6 million subsequent to quarter end from the capital raise.

The Company spent $950,000 on exploration during the quarter which focused on
lithium fieldwork and assays.

The Company paid directors $126,000 during the quarter for salaries,
superannuation and consulting fees.

 

About Artemis Resources

Artemis Resources Limited (ASX/AIM: ARV; FRA: ATY; US: ARTTF) is a gold,
copper and lithium focused resources company with three major projects in
Western Australia. The Greater Carlow Castle gold-copper-cobalt project in the
West Pilbara; the Paterson Central Gold/Copper project in the Paterson
Province (located adjacent to Greatland Gold / Newcrest's recent gold-copper
discovery at Havieron; and the West Pilbara Lithium project (consisting of the
100% owned Karratha Lithium project and the Osborne JV (Artemis 49%; GreenTech
Metals (ASX:GRE) 51%).

Artemis also owns the Radio Hill processing plant, the only processing plant
in the West Pilbara region, 35km from Karratha.

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                        info@artemisresources.com.au

 George Ventouras, Executive Director

 Zeus Capital Limited (Nomad & Broker)
 Antonio Bossi / James Bavister / Isaac Hooper   Tel:  +44 20 3829 5000

 

Competent Person's Statement

The information in this report that relates to Artemis Resources Ltd
exploration results was prepared by Mr Oliver Hirst, 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), MSc, 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.

 

Information Relating to Previous Disclosures

ASX Announcement, Artemis Resources Ltd, 13 October 2022

ASX Announcement, Azure Minerals Ltd, 20 January 2023

ASX Announcement, Azure Minerals Ltd, 7 August 2023

ASX Announcement, Greentech Metals Ltd, 1 September 2023

ASX Announcement, Artemis Resources Ltd, 13 November 2023

ASX Announcement, Azure Minerals Ltd, 30 April 2024

ASX Announcement, Artemis Resources Ltd, 5 February 2024

ASX Announcement, Artemis Resources Ltd, 6 March 2024

ASX Announcement, Artemis Resources Ltd, 9 May 2024

 

 

Appendix 1

Schedule of tenements holdings at end of Q2

 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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