Artemis Resources Limited (ASX: ARV) is pleased to release this June Quarterly, highlighting the achievements gained during the reporting period.
Final diamond drill hole locations for the Apollo, Atlas, Juno and Voyager targets were determined, and sufficient funds allocated to budget in the quarter to drill these targets and more upon receipt of final heritage clearances from the Traditional Owners.
As detailed and extensive planning in advance of the Q3/Q4 2021 Paterson drill campaign is now largely complete with the Paterson Central exploration team currently in the pre-mobilisation phase with respect to rig booking and logistical planning in advance of receiving final heritage clearances. Once complete, the Company will then move to immediately commence drilling and intends to drill continuously for the remainder of the calendar year.
The Company intends to provide a more detailed update on the proposed final drill program hole locations and site mobilisation start dates in the near future.
Carlow Castle Au-Cu-Co Project
The commencement of the newly planned campaign of drilling for circa 11,000 metres, signals a new phase of exploration and evaluation at the Carlow Castle Project. This drilling is also designed to test the long-awaited Good Luck and Little Fortune Projects, located approximately one kilometre to the south of Carlow Castle.
As at 30 of June, a total of 16 holes have been drilled for a total of 3,506 metres of which 2,020 metres was RC and 1,486 metres was diamond.
Results for RC holes ARC310 to 313 and ARC315 have been received which focussed on the Carlow Castle Western Zone. These holes returned significant results.
Diamond drilling results are pending review and RC drilling at Carlow Castle is currently in progress, testing the new interpretation designed to add significant ounces to the project.
Carlow Castle Mineral Resource Estimate
The Mineral Resource report was completed by CSA and submitted in May. The updated Mineral Resource is 14.3 million tonnes at 0.7 g/t Au, 0.4% Cu, and 0.05% Co for 320,000 ounces gold, 53,000 tonnes contained copper, and 7,000 tonnes contained cobalt. The difference in resource numbers occurred due to additional drilling, redefinition and increase in the confidence of the model.
The Company is currently reviewing the recent Mineral Resource estimate with a view to approaching the Carlow Castle Project via a new strategy, aiming to increase tonnages and grade by targeting the higher-grade mineralised features, thus allowing for more effective geological control to drive project development. The current Q3 2021 RC drill program has been designed to achieve this objective and combined with the Mineral Resource review should, with success, allow the Company to clearly demonstrate the potential of the project to host a robust and significant gold, copper and cobalt resource.
Munni Munni Project
Drilling at Munni Munni comprised of 15 RC drill holes for 2,740 metres, completed between April and May, with drill holes spread through the entire upper portion of the mineralisation, to a maximum depth of 250 metres.
Artemis is pleased to have now executed a full Joint Venture Agreement and associated documents that will proceed to a Joint Venture Agreement for 100% of the Munni Munni Project with Platina Resources Limited in the ratio of beneficial interests, 70% ARV and 30% PGM.
Artemis and Platina continue to explore ways to monetise Munni Munni for the benefit of shareholders.
Radio Hill FLEM Survey
A Fixed-Loop Electromagnetic (FLEM) survey was completed in May which detected deep and untested conductor anomaly zones of interest identified from historic deep drilling and follow-up DHEM survey data. From this survey, the Radio Hill Project is still considered prospective for additional Ni-Cu-Co-PGE discoveries. Recommendations for further work at Radio Hill are pending.
Whundo GAIP Survey
A Gradient-Array Induced Polarisation (GAIP) survey was conducted at the Whundo VMS project to identify VMS-style mineralisation along target trends located to the northeast of the main Whundo deposit. Additional work has been recommended postsurvey that has identified anomalous trends that will require another GAIP survey and drilling.