Multiple Pegmatites Discovered in West Pilbara

Artemis Resources Limited

05 October 2023

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO 596/2014 WHICH FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED.  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")

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

Multiple Pegmatites Discovered on Artemis 100% Tenure in West Pilbara

OSBORNE JV DELIVERS FURTHER HIGH GRADE ROCK CHIPS WITH ASSAY RESULTS INCLUDING 2.4% & 1.5% Li₂O

Artemis 100% Tenements Highlights:

·    Numerous swarms of pegmatites identified within and along the margins of the Andover mafic intrusive complex within 100% Artemis tenement.

·    Six sets of pegmatites identified with elevated levels of lithium-caesium-tantalum (LCT) and rubidium mineralisation, including four pegmatite clusters considered potentially prospective for economic mineralisation.

·    Over 90 outcrops of pegmatite identified to date, with the largest pegmatite outcrop having a strike of 200 m and an average width of more than 45 m.

·    Exploration team continues to identify new pegmatites with samples regularly being dispatched for laboratory analysis in Perth.

·    Twenty-one km² of prospective outcropping Andover Intrusive still to be assessed for lithium pegmatite potential.

Osborne JV Highlights:

·    Osborne JV rock chip sampling results include 2.4% and 1.5% Li₂O at Osborne, Adrian and Wally zones¹

Artemis Resources Limited ('Artemis' or the 'Company') (ASX/AIM: ARV) is pleased to provide an update on its lithium pegmatite exploration program on its 100% held West Pilbara tenure and Osborne JV project (GRE 51%: ARV 49%), located within the Karratha region of Western Australia.

To date, exploration has focused on the central portion of exploration licence E47/1746 (Figure 1), where historic soils² highlighted elevated lithium and associated pathfinder elements around the margins of the Andover mafic intrusive.

¹Greentech Metals Ltd, ASX Announcement, 5 October 2023

²Artemis Resources Ltd, ASX Announcement, 18 July 2023

Figure 1. Artemis Resources Project Location Map

Artemis is pleased to report that recently completed reconnaissance exploration using high-definition aerial photos, Geological Survey (GSWA) mapping and in-house 400 m by 100 m geochemical soils data has resulted in the identification of over 90 pegmatite outcrops and the collection of 230 rock chip samples (Figures 2 and 3).

Figure 2. Pegmatite evaluation work area (yellow outline) in relation to Artemis tenure.

Figure 3. Pegmatite outcrop with rock chip sample locations

The project area is within a newly identified lithium pegmatite field strategically located within a regional pegmatite zone and between significant discoveries. It is less than 20 km from neighbouring company Azure Minerals (ASX: AZS) which recently recorded lithium intercepts from pegmatites within the Andover mafic intrusive including 209.4 m at 1.42% Li₂O³ and adjacent to recent discoveries by GreenTech Metals Ltd (ASX: GRE) within the Osborne Joint Venture tenement E47/3719 (GRE 51%, ARV 49%) where mineralised pegmatite assays up to 3.6% Li₂O⁴ have been reported.

³Azure Minerals Ltd, ASX Announcement, 4 August 2023

⁴Greentech Metals Ltd, ASX Announcement, 24 July 2023

Osborne JV

Mapping and recent sample results have now confirmed the discovery of new occurrences of lithium bearing pegmatites and the identification of newly named trends (Wally, Osborne and Adrian zones) which also correlate with a number of Li-soil anomalies and regional structures Figures 4 and 5). These newly discovered pegmatite zones are located approximately 5 km south-east from the Kobe Li-pegmatite zone on the Osborne JV ground (GRE:51%, ARV:49%)¹.

Figure 4. Lithium soil (historic) anomalies across Ruth Well Project. Newly discovered lithium pegmatite zones highlighted including Kobe, Wally, Adrian and Osborne¹.

Figure 5. Newly discovered Lithium pegmatite trends across the southern area of the Osborne JV tenement with significant (>0.5%) Li₂O rock chip assays reported¹.

Artemis 100% Owned Project

Rock geochemistry of the sampled pegmatites has delineated six areas for follow up (Figure 6) based on elevated lithium, caesium, tantalum and rubidium assays and four of the anomalous zones having potential to host economic lithium mineralisation (Figure 7).

Figure 6. LCT and Rb anomalous rock chip samples with priority areas for follow up.

Figure 7. Most prospective pegmatites for follow up.

Details of the six priority targets are as follows:

·    Alpha Cluster - a 180 m long north-east trending outcrop of pegmatites with elevated lithium between 162.1 to 387.5 ppm Li₂O. The pegmatites form along a contact with the Andover intrusive gabbro and Roebourne Formation basalts which appears as a magnetic low in the regional magnetics.

·    Bravo Cluster - comprises two small outcrops with a north-east strike over 60 m with a combination of elevated Li₂O ≥ 100 ppm, Ta₂O₅ ≥ 50 ppm, Cs₂O ≥ 30 ppm and Rb >1,000 ppm.

·    Charlie Cluster - an 80 m long north-east trending pegmatite outcrop that forms part of a longer 260 m elevated tantalum trend containing Ta₂O₅ ranges between 50.1 ppm and 349.2 ppm.

·    Delta Cluster - a series of pegmatites trending north-north-west over 220 m. The cluster is elevated in caesium and rubidium. Geochemistry indicates that the prospectivity of the pegmatites may increase towards the north.

·    The Echo Pegmatite - the largest pegmatite identified to date with a north-east trend over 200 m and an average width more than 45 m. Currently the northern portion of the pegmatite is elevated in caesium and rubidium, with rock chip samples ranging between 39 - 121.3 ppm Cs₂O and 1,360 - 4,220 ppm Rb.

·    Foxtrot Cluster - pegmatite grouping containing elevated caesium and rubidium with rock samples ranging between 34.4 - 35.3 ppm Cs₂O and 1,010 - 1,685 ppm Rb. Additionally, the Foxtrot cluster contains one elevated lithium sample of 102 ppm Li₂O, which sits along the same magnetic low as the Alpha cluster. These rock chip samples are separated by 450 m and will be re-assessed for pegmatite development soon.

It is important to note that results displaying high readings of caesium and rubidium are indicators or signals of fertile pegmatite zones and that lithium could potentially be contained within these pegmatite zones. The variable abundance of the pathfinder elements as well as lithium is due to the usually zoned nature of the LCT elements within the pegmatite zones. The identification of numerous pegmatites containing these pathfinder elements for lithium pegmatites is very encouraging and highlights the potential for discovery of lithium within these pegmatites as well as in other areas of the tenement.

Technical Director and acting CEO Dr Simon Dominy said: "We are delighted to confirm the identification of numerous swarms of pegmatites along the margins of the Andover mafic intrusive complex within our 100% owned ground. This further solidifies our position in the rapidly emerging lithium province in the West Pilbara and we have a clear focus on moving quickly to unlock the potential of our tenure.

From a technical perspective, our understanding of the pegmatites and their chemical zonation is increasing. As data from rock chip sample analysis builds, the Artemis technical team are interpreting metal zonation and fractionation patterns within the pegmatite clusters which the Company will be using for infill sampling and focussed reconnaissance. We look forward to reporting further positive updates on our progress in the near-term."

Figure 8: Artemis geologist inspecting a sample from a pegmatite outcrop

Next Steps

The exploration field team will be modifying its exploration approach in the coming weeks as it begins to revisit priority pegmatites that require further assessment as well as maintaining the current reconnaissance work to identify new pegmatites. It is anticipated that processing and interpreting of the company's Worldview Satellite hyperspectral data will be completed in October, which will further enhance the company's targeting abilities.

This announcement is approved for release by the Board.

For Further information contact:

Artemis Resources Limited Guy Robertson	via Camarco
Dr Simon Dominy / Technical Director	[e-mail]
WH Ireland Limited (Nominated Adviser and Broker)
Antonio Bossi / James Bavister / Isaac Hooper	Tel: [phone]
Camarco (Financial PR)
Gordon Poole / Emily Hall / Rebecca Waterworth	Email: [e-mail]

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.

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

Competent Person's Statement

The information in this report that relates to Artemis Resources Ltd 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.

The information in this report that relates to Artemis Resources Ltd exploration results was prepared by Dr Simon Dominy, a Competent Person who is a Fellow of the Australasian Institute of Geoscientists (FAIG RPGeo) and Australasian Institute of Mining and Metallurgy (FAusIMM CPGeo). Dr Dominy is employed by Artemis Resources as Technical Director and holds Options in the Company. Dr Dominy 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". Dr Dominy consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to GreenTech Metals Ltd exploration results was prepared by Mr Thomas Reddicliffe, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Reddicliffe is employed by GreenTech Metals Ltd as Executive Director. Mr Reddicliffe 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 Reddicliffe 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

·     18/07/2023            Addendum to Announcement Lithium Bearing Pegmatites identified at West

                                   Pilbara Joint Venture Project.

References

Breaks, F., Selway, J. and Tindle, A. 2005, A Review of Rare-Element (Li-Cs-Ta) Pegmatite Exploration Techniques for the Superior Province, Canada, and Large Worldwide Tantalum Deposits. Canadian Institute of Mining, Metallurgy and Petroleum Journal, 14, 1-4, pp. 1-30.

This announcement can be viewed in full, along with rock sample location details andJORC code sampling techniques and data can be found on the company's website: https://artemisresources.com.au/aim-26/ .

 

END