Gold Mineralised Intrusion at Lulu Creek confirmed

Artemis Resources Limited

18 May 2023

 

 

Artemis Resources Limited

("Artemis" or the "Company")

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

Geological Review Confirms Gold Mineralised Intrusion at Lulu Creek

Highlights:

·    Lulu Creek lies some 20 km to the west of Artemis's Carlow Castle deposit and forms part of the prospective Greater Carlow area.

·    Historical geology and data review confirms that the 2020 drill program intercepted gold mineralisation within a quartz diorite intrusion.

·    Gold mineralisation is associated with disseminated sulphide and quartz veins with elevated silver, arsenic, molybdenum, lead and bismuth.

·    Drilling has defined the intrusion over a 2 km strike length with elevated gold in rock chips over a strike length of 4 km.

·    Geochemistry indicates possible relationship to prospective Sanukitoid granitoids as identified by De Grey Mining in the Mallina Basin.

·    Recent work by Geological Survey of Western Australia (GSWA) indicates the Lulu Creek area is prospective to 'Sanukitoid like Intrusions'¹.

·    Induced Polarisation (IP) survey to commence in late May to help identify disseminated sulphides at depth.

¹ Lu, Yongjun; GSWA Webinar Series - Pilbara Craton scientific advances and implications for mineral systems. 24^th February 2023. https://www.dmp.wa.gov.au/Geological-Survey/GSWA-Webinar-series-27727.aspx

Luke Meter, Exploration Manager, commented: "We have a new understanding of the importance of intrusion related gold in the Pilbara, including the identification of Sanukitoid like intrusions by the GSWA in the vicinity of the Karratha Granodiorite, some 2.5 km from Lulu Creek. The significance of the historic gold mineralisation therefore becomes apparent. With the Lulu Creek reconnaissance drill holes displaying similar grade and scale to De Grey's Diucon deposits, the potential upside for Lulu Creek is appreciable."

Lulu Creek Prospect

Lulu Creek lies some 20 km to the west of Artemis's Carlow Castle deposit and forms part of the prospective Greater Carlow area. It was previously known as Patterson's Hut and Carlow West and was initially identified in 2018 via a regional soils and rock chip program (Refer ASX announcement 05/11/2018) defining an area of interest over 4 km in an east-northeast orientation. Subsequent mapping and rock chip sampling identified gold associated with quartz veins and gossans, and in an unclassified weathered unit with a light covering of transported sands and gravels.

Figure 1: Lulu Creek location map with respect to Carlow Castle

In 2020, Artemis completed 126 RC drill holes with an average hole depth of 20 m and a maximum hole depth of 50 m. The drill program was technically successful identifying numerous low-grade zones of gold mineralisation associated with disseminated sulphides and quartz veins within a 2 km east-northeast trending quartz diorite intrusion (Figure 2).

Significant intercepts from the drill program (refer ASX announcement 18/09/2020) include:

·    2 m @ 1.62 g/t Au from 34 m in CWRC006

·    1 m @ 4.89 g/t Au and 13.7 g/t Ag from 24 m in CWRC011

·    1 m @ 1.15 g/t Au from 9 m in CWRC017

Figure 2: Lulu Creek Intrusion displaying 0.3 g/t metre gram contours

Additional low grade gold composite intercepts include:

·    8 m @ 0.40 g/t Au from 42 m in CWRC005

·    3 m @ 0.72 g/t Au from 9 m in CWRC008

·    3 m @ 0.31 g/t Au from 24 m in CWRC050

·    9 m @ 0.17 g/t Au from 15 m in CWRC088

At the time of the 2020 drill program, the significance of intrusion related gold within the Pilbara was not fully appreciated with resources being directed to more advanced projects within the company portfolio.

Following the conclusion of the 2022 drill season, a comprehensive exploration focused strategic review was completed across Artemis tenure re-identifying the potential of the Lulu Creek prospect. Drill chips from the 2020 RC program were re-logged and assays re-processed to generate a new interpretation. Coincidently, work completed by the GSWA identified the presence of 'Sanukitoid like' intrusive bodies around the Karratha (granitoid) Dome 2.5 km north-west of the Lulu Creek intrusion.

Lulu Creek is also situated along the margin of the 90 km long Regal Thrust who's splay and secondary structures host numerous mineral occurrences including the Company's Carlow Castle gold-copper-cobalt deposit.

Next Steps

Artemis has engaged Southern Geoscience (SGC) to undertake an Induced Polarisation (IP) geophysics survey over the Lulu Creek intrusion. Initially 13 north-south trending lines spaced on 50 m or 100 m intervals will be collected over the prospective intrusion for a total of 13-line kilometres of surveying. The survey is expected to commence late May and will be used to help identify disseminated sulphides.

In addition to the IP survey, a mapping and reconnaissance program will be conducted to identify extensions and new unidentified intrusions within the vicinity of Lulu Creek. Evidence within the Pilbara to date indicates that clusters of intrusions localise together as small apophyses making the area prospective for more discoveries.

For further information on the Company, please visit www.artemisresources.com.au or contact: 

Artemis Resources Limited Guy Robertson	[e-mail]
WH Ireland Limited (Nominated Adviser and Broker)
Antonio Bossi / James Bavister (Corporate Finance)	Tel: [phone]

Competent Person's Statement

The information in this report that relates to 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.

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.

JORC Code, 2012 Edition

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 specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. ·   Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. ·   Aspects of the determination of mineralisation that are Material to the Public Report. ·   In cases where 'industry standard' work has been done this would be 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 assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	·    Reverse circulation drilling was used to obtain 1 m samples. ·    Samples were collected on a 1 m basis and stockpiled. ·    Sample bulks were spear sampled and 3m composites were formed. ·    The single metre samples of any composite sample reporting greater than 0.1 g/t Au were retrieved and assayed. ·    All samples were pulverized produce a 50 g charge for fire assay.
Drilling techniques	·   Drill type (eg core, reverse circulation, open-hole hammer, rotary 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, whether core is oriented and if so, by what method, etc).	·   Reverse Circulation drilling by KTE Drilling.
Drill sample recovery	·   Method of recording and assessing core and chip sample recoveries and results assessed. ·   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.	·   Drilling recoveries for Reverse circulation drilling were excellent, with no ground water intersected.
Logging	·   Whether core and chip samples have been geologically and 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.	·   Artemis Reverse Circulation drilling has been logged,
Sub-sampling techniques and sample preparation	·   If core, whether cut or sawn and whether quarter, half or all core taken. ·   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 in situ 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.	·   The RC drilling rig was equipped with a rig-mounted cyclone and static cone splitter, which provided one bulk sample of approximately 20-30 kg, and a representative sub-sample of approximately 2-4 kg for every metre drilled. ·   The sample size of 2-4 kg is appropriate and representative of the grain size and mineralisation style of the deposit.
Quality of assay data and laboratory tests	·   The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. ·   For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. ·   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.	·   ALS (Perth) were used for all analysis of drill samples submitted by Artemis. The laboratory techniques below are for all samples submitted to ALS and are considered appropriate for the style of mineralisation defined within the Carlow Castle Project area: ·   Samples above 3 kg riffle split. ·   Pulverise to 95% passing 75 microns. ·   50 g Fire Assay (Au-AA26) with ICP finish - Au. ·   4 Acid Digest ICP-AES Finish (ME-ICP61) - Ag, Al, As, Ba, Be, Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Sr, Th, Ti, Tl, U, V, W, Zn. ·   Ore Grade 4 Acid Digest ICP-AES Finish (ME-OG62) ·   Standards were used for external laboratory checks by Artemis. ·   Duplicates were used for external laboratory checks by Artemis
Verification of sampling and assaying	·   The verification of significant intersections by either independent or alternative company personnel. ·   The use of twinned holes. ·   Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. ·   Discuss any adjustment to assay data.	·   Electronic data capture, storage, and transfer as .csv.  Routine QC checks performed by contractor and independent geophysical consultant. Data were found to be of high quality and in accordance with contract specifications. ·   Laboratory standards and blank samples were inserted at regular intervals and some duplicate samples were taken for QC checks.
Location of data points	·   Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. ·   Specification of the grid system used. ·   Quality and adequacy of topographic control.	·   A Garmin GPSMap62 hand-held GPS was used to define the location of the drill hole collars. Standard practice is for the GPS to be left at the site of the collar for a period of 5 minutes to obtain a steady reading. Collar locations are considered to be accurate to within 5 m. ·   Zone 51 (GDA 94).
Data spacing and distribution	·   Data spacing for reporting of Exploration Results. ·   Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. ·   Whether sample compositing has been applied.	·   Current drill hole spacing is variable and dependent on specific geological, and geochemical targets. ·   All holes were initially composited over 3m intervals via spearing method. Samples from drill holes CWRC001 to CWRC011 were additionally sampled at 1 metre intervals. Additional samples were selectively assayed over 1 metre intervals if initial composite assay was over 0.3 g/t Au up to drill hole CWRC017..
Orientation of data in relation to geological structure	·   Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. ·   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.	·   Drill holes were designed to be perpendicular to the strike of sheared ultramafic. Due to the structural and geological complexity of the area, it is currently unknown what orientation mineralisation strikes.
Sample security	·   The measures taken to ensure sample security.	·   The chain of custody is managed by the supervising geologist who places calico sample bags in polyweave sacks. Up to 10 calico sample bags are placed in each sack. Each sack is clearly labelled with: o Artemis Resources Ltd o Address of laboratory o Sample range ·   Samples were delivered by Artemis personnel to the transport company in Karratha and shrink wrapped onto pallets. ·   The transport company then delivers the samples directly to the laboratory.
Audits or reviews	·   The results of any audits or reviews of sampling techniques and data.	·   Data is validated upon up-loading into the master database. Any validation issues identified are investigated prior to reporting of results. ·   No external audits were 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 agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. ·   The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	·   Lulu Creek is located in exploration license E47/1746 held by KML No 2 Pty Ltd a subsidiary company of Artemis Resources Limited. The tenement is in good standing
Exploration done by other parties	·   Acknowledgment and appraisal of exploration by other parties.	·   No previous exploration
Geology	·   Deposit type, geological setting and style of mineralisation.	·   Style of mineralisation is still to be confirmed but is currently being interpreted as a combination of intrusion related and orogenic.
Drill hole Information	·   A summary of all information material to the understanding of the 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.	·   Drill hole information was reported to the ASX on 18/09/2020: 'Diamond Drilling Underway at Carlow Castle.' In this release Lulu Creek Prospect is recorded as Carlow West Prospect.
Data aggregation methods	·   In reporting Exploration Results, weighting averaging techniques, 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.	·    All intervals reported are either 3 m composites greater than 0.3 g/t Au or 1 m down hole intervals from Reverse Circulation drilling. ·    No upper or lower cut-off grades have been used in reporting results. ·    No metal equivalent calculations are used in this report.
Relationship between mineralisation widths and intercept lengths	·   These relationships are particularly important in the reporting of 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').	·   True widths of mineralisation have not been calculated for this report, and as such all intersections reported are down-hole thicknesses.
Diagrams	·   Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	·   Appropriate plans are shown in the text
Balanced reporting	·   Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	·   Reporting of results in this report is considered balanced.
Other substantive exploration data	·   Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical 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.	·   Geochemical sampling and geological mapping were completed by Artemis and reported to the ASX on 05/11/2018: 'Three New Gold Discoveries in the West Pilbara. In this announcement Lulu Creek prospect is refer to as the Patterson Hut prospect.
Further work	·   The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). ·   Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	·    Review of work to date. ·    Geophysical IP surveys. ·    Mapping and reconnaissance. ·   Potential deep drilling.

 

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