Artemis Resources Limited (ASX:ARV; Frankfurt: ATY; US OTCQB: ARTTF) provides an update on drilling progress and field observations of diamond drill core at its 100%-owned Paterson Central project in the Paterson region of Western Australia.
Four holes have been completed to length of between 623m and 810m. A fifth hole on pad AP4 (GDRCD008) was lost at 240m depth still in Permian cover. It will be restarted in Q1 2022.
Hole GDRCD007 drilled from the Apollo AP3 pad intersected several zones of particularly encouraging geology on the edge and within a ~84m interval of an altered diorite intrusion. This hole has been plugged at 804m and will be re-entered and pushed deeper.
Observations of GDRCD007 core reveal a high-temperature alteration suite of massive dolomitic marble at ~530m followed by intermittent/sporadic and in places very intense silica-calcite-chlorite-actinolite ±biotite with abundant pyrite and minor chalcopyrite in veins, halos and minor breccia infill over individual widths up to 0.5m between ~535m and ~560m downhole.
Furthermore, in GDRCD007 zones of disseminated sulphides were observed within the matrix of the diorite intrusion itself. The extent of this intra-matrix sulphide mineralisation has yet to be measured as drill core needs to be cut and logged in detail first.
Importantly, assays are required to determine that gold is present in these drill cores. Encouragingly the presence of altered diorite, a high-temperature alteration assemblage and high sulphide content of selected core zones encountered in GDRCD007 bear strong similarities to published examples of some host rock and vein-hosted mineralisation sub-types at the nearby multi-million ounce Havieron mine development.
Hole GDRCDD004 was drilled from the AT1 pad east north-east across the north-south Havieron fault/dyke. Samples from unusual “green granite” alteration zones encountered will be expedited for assay. The AT1 pad will be utilised again in Q1 2022.
Phase 1 of the Atlas and Apollo program will now pause for the peak summer break. Rigs will recommence as soon as the peak summer season ends, typically at the end of February/early March.
“I am so pleased to be able to present to shareholders what has been achieved in such a short time by our team at the beginning of our exploration journey at Atlas and Apollo,” executive director Alastair Clayton said.
“With drill pads between 300m and 2km apart, Havieron-sized orebodies could easily slip between our first-pass Phase 1 drill net which makes the update presented today even more satisfying.
“Field observations of core, particularly from GDRCD007, are very encouraging. Altered diorite is reportedly one of the key host rocks present in the centre of the Havieron Mineral Resource. The high-temperature alteration suite, veins combined with significant sulphide mineralisation within this diorite also bears a striking resemblance to reported sub-types at the massive Havieron Au-Cu deposit nearby.
“Clearly a priority task for Q1 2022 now involves following up on what we are seeing at Apollo. Drilling to the centre of the Apollo gravity ridge, near pad AP2, to find larger intervals of and even more dense vein sets, halos and breccias in mineralised altered diorite and metasediments that may form the gravity anomaly itself will be undertaken.
“The Apollo gravity ridge is modelled to extend to the Newcrest/Greatland JV “ZIPA” target reported recently to be drilled to 900m.
“The loss of the hole at AP4 when the rods snapped was unfortunate but these things happen when hunting for elephants.
“Amongst the geological team this proposed hole GDRCD008 was top-rated given its proximity to the major fault and because it represents the modelled continuation of the Newcrest/Greatland JV “Havieron North” gravity ridge target recently reported to be drilled to 1,200m.
“We look forward to re-drilling this hole as soon as Phase 1 recommences in early 2022 and in the meantime will look out for any assay results from Havieron North and ZIPA which are listed as pending by the Newcrest/Greatland JV. These may aid our own exploration.
“As our core has only been drilled recently, obviously we do not yet have assays to determine the presence of gold. As such caution is always warranted however given the observations described and proximity to a multi-million ounce mine, we are even more convinced of the potential for major discoveries at our 100%-owned project.
“With all required permits at Atlas and Apollo already in place and our rigs secured, we look forward to the earliest possible re-start in the new year once local climatic conditions are tolerable. We can then look forward to a full nine months of drilling at Paterson Central without seasonal pressures.”