Gold Review in West Pilbara

Artemis Resources Limited

16 April 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.

16 April 2024

Artemis Resources Limited

("Artemis" or the "Company")

GOLD REVIEW IDENTIFIES MULTIPLE TARGETS IN WEST PILBARA

DRILL ASSAYS INCLUDE 5m @ 6.23% Cu, 3.01 g/t Au & 45.32 g/t Ag

ROCK CHIP ASSAYS INCLUDE 23 g/t Au

·   Internal review of historical data uncovers gold and copper targets

·   Multiple prospects identified across Carlow, Silica Hills and Osborne tenements

·   Peak rock chip assay results hit 23 g/t Au at Orpheus prospect

·   Peak drill intercepts includes 5m @ 6.23% Cu, 3.01 g/t Au & 45.32 g/t Ag at the Chapman prospect

·   Priority targeting currently underway to expand gold exploration program, in addition to drilling at the Lulu Creek prospect

Artemis Resources Limited ('Artemis' or the 'Company') (ASX/AIM: ARV) provides this update to shareholders on its Karratha Gold Precinct exploration program.

The Karratha Gold Precinct covers an area of more than 200km² in the West Pilbara region of Western Australia. It is located ~20km from the main regional town of Karratha, which is only a 2-hour flight from Perth.

Executive Director George Ventouras commented "Through a recent internal review of Artemis historical tenement data, we have uncovered numerous prospects that display high prospectivity and compelling first pass results. Given the current gold price and market sentiment, we are very excited by the opportunity to explore these further. Given the Company's tenement locations and the dual streams of lithium and gold, we are confident that the pathway forward will be a positive development for the Company."

Figure 1. Artemis tenements in the West Pilbara

Through a recent project review, the Carlow, Silica Hills and Osborne tenements have all displayed multiple prospects which warrant further exploration activity. Many of these were discovered by Artemis during previous exploration programs and others were discovered by previous owners of the tenements.

These targets highlight the prospectivity of the region and the complexity of the geology to deliver the variety of commodities within the West Pilbara region.

Figure 2 Artemis tenements in the West Pilbara in relation to other projects

Figure 3. Artemis tenements in the West Pilbara with prospects

Figure 4. Silica Hills tenement prospects

Silica Hills

Orpheus - Previous work undertaken by Dragon Mining and Legend Mining uncovered various positive rock chip assay results peaking with anomalous rock chips returning 23 g/t Au, 8,600 g/t Ag, 7% Cu and 6.9% Zn¹. Follow up work by Legend Mining Ltd identified a significant prospect comprised of a series of parallel east-northeasterly trending near vertical shear zones, between 1m and 20m wide associated with anomalous gold and silver results.

¹ Annual report, Dragon Mining N.L December 1995

Lulu Creek - is potentially an "Intrusion-Related Gold System" (IRGS) which is a geological term used to describe a specific type of gold deposit formation. These systems are characterized by the presence of gold mineralization associated with intrusive igneous rocks, often within or adjacent to large-scale magmatic intrusions.

Intrusive Igneous Rocks are rocks that have formed from the cooling and solidification of magma beneath the Earth's surface with gold potentially present within these intrusive igneous rocks, either in the form of disseminations (small particles scattered throughout the rock) or concentrated in specific mineral veins or zones.

The formation of IRGS often involves hydrothermal fluids, which are hot, mineral-rich fluids that migrate through the Earth's crust. These fluids can transport gold and other minerals from deeper parts of the Earth's crust to shallower levels where they can precipitate and form deposits.

The presence of structural features such as faults, fractures, and shears can influence the localization of gold mineralization within the intrusive rocks and we believe that the Sholl Shear Zone and the Regal Thrust represent best localised features which can potentially host large scale gold deposits.

Previous drilling at Lulu Creek returned drill assays up to 4.89 g/t Au² from 24m and the follow up drill program as noted in the Announcement on the 4^th April 2024, will seek to extend these results.

Sing Well - gold grains found in rock chip samples. Rock chip sampling conducted by Legend Mining Ltd whilst wide spaced does indicate the prospectivity for mineralization within the shear structures between Sing Well and Sing Six.

Sing Six - Artemis drilled 14 Aircore holes in 2020 for 376m. Best drill result was 2m @ 0.97 g/t Au from 9m (SSRC007)² the original program was cut short due to contractual obligations of the drill company and was not subsequently revisited to finish off the initial drill program, and so still remains an attractive target.

² Announcement, Artemis Resources Ltd, 18 September 2020

Figure 5. Carlow tenement prospects

Carlow

Chapman - Wildcat hole hit 10m @ 3.4% Cu, 1.75 g/t Au & 24.65 g/t Ag, from 116m, including 5m @ 6.23% Cu, 3.01 g/t Au, 45.32 g/t Ag from 117m³ targeting a series of VTEM plate anomalies, with significant sulphides (up to 15%) intercepted predominantly in pyrite and pyrrhotite.

Marillion - significant >11,000s conductance identified via a fixed loop EM survey with an area size of 500m to 600m strike and 250m to 350m down dip extent, depth to anomaly is 350m to 450m⁴.

Europa - Coincident gravity and magnetic target with similarities to the nearby Carlow resource.

³ Announcement, Artemis Resources Ltd, 6 December 2021

⁴ Announcement, Artemis Resources Ltd, 14 November 2022

Titan - Elevated gold in soils with assay results up to 101.3 ppb Au, elevated soil assays align with 1.25 g/t gold rock sample collected from banded chert at the time of the soil sampling program⁵.

Thorpe - Historic workings proximal, which is currently thought to be a structural repeat of the Carlow host-sequence. Ultrafine soil sampling defines regional structures responsible for hosting mineralization and appears coincident with a regional magnetic trend³.

Carlow North - Anomaly identified north of Carlow, elevated copper in soils up to 258 ppm⁵ and is likely associated with the Au-Cu mineralisation identified by Novo Resource Corp at their Morto Largo prospect.

Carlow - The Carlow tenement contains the Company's current resource of 704,000 oz AuEq⁶ with potential to increase this resource through further methodical exploration. Given some of these targets are in close proximity to the main Carlow resource, they have the potential to represent an extension of the Carlow resource or a completely separate mineralised event.

⁵ Announcement, Artemis Resources Ltd, 4 April 2023

⁶ Announcement, Artemis Resources Ltd, 13 October 2022

Figure 6. Osborne tenement prospects

Osborne

Patterson's Hut - Anomalous gold result from quartz veins and gossanous rock chip up to 11.4 g/t Au⁷, with anomalous soils up to 68ppb. Samples were collected within a wide zone of sheared talcose and cherty schists with multiple parallel striking quartz veins.

Bardies Well South - Anomalous gold in soil sampling results, an RC drill program over this area returned best results of 2m @ 1.62 g/t Au² from thin, south dipping quartz veins.

⁷ Announcement, Artemis Resources Ltd, 5 November 2018

The Company is looking forward to conducting further work on these prospects and will continue to update the market accordingly.

Work on the Artemis lithium projects also continues with further samples in the lab for assay and additional ground reconnaissance planned in the coming months.

This announcement was approved for release by the Board.

For Further information contact:

Artemis Resources Ltd
Guy Robertson, Chairman George Ventouras, Executive Director	[e-mail]
WH Ireland Limited (Nomad & Broker)
Antonio Bossi / James Bavister / Isaac Hooper	Tel:  [phone]

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 Mt Marie Lithium Project, the Osborne Lithium JV (Artemis 49%; GreenTech Metals (ASX:GRE) 51%) and the Carlow Castle gold-copper-cobalt project in the West Pilbara; and the Paterson Central project in the Paterson Province (located adjacent to Greatland Gold / Newcrest's recent gold-copper discovery at Havieron).

Artemis also owns the Radio Hill processing plant, located only 35km from Karratha.

For more information, please visit www.artemisresources.com.au

Competent Person's Statement

The information in this report that relates to 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.

Related ASX Announcements

13/11/2023     Lulu Creek Awarded Exploration Incentive Scheme Funding

24/08/2023     New Gold Targets at Lulu Creek JORC Tables Updated

03/07/2023     Lulu Creek IP Survey Commences and Greater Carlow EM Update

04/04/2023     Soil Program Confirms Titan Gold Prospect

18/05/2023     Geological Review Confirms Gold Mineralised Intrusion at Lulu Creek

14/11/2022     Greater Carlow Regional Growth Plan

13/10/2022     New High-Grade Au-Cu-Co Resource at Greater Carlow

13/09/2022     Chapman Prospect Large Copper Nickel System Identified

18/09/2020     Carlow West and Singsix Drill Results

18/09/2020     Diamond Drilling Underway at Carlow Castle

06/12/2021     New Regional Discovery - High Grade Cu, Au, Ag Chapman Prospect

16/09/2019     21 New SAM Targets at Carlow Castle West

05/11/2018     Three New Gold Discoveries in the West Pilbara

29/10/2018     Multiple New Cobalt Targets Defined in West Pilbara

References

Dragon Mining NL, Annual Report 1995.

Legend Mining LTD, Annual Report 15^th Jan 2002- 31 January 31^st, 2004.

 

END