Artemis Resources (ASX: ARV) today provided an update on mineral exploration activities at its 100%-owned Paterson Central project located in the East Pilbara region of Western Australia.
HIGHLIGHTS:
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The Company has received assay results from 71 core grab samples taken rig-side from 1,151m of basement diamond core at the Nimitz Prospect in Q4 2020.
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The Company has also received better than expected Ionic Leach soil sample assays further highlighting the large, top-ranked Apollo (800m x 800m) and Atlas (400m x 400m) targets located north of the Havieron Au-Cu discovery.
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Two of the 71 samples taken to date from Nimitz diamond drill core returned anomalous assay values with a trace element suite similar to Havieron suggesting a pervasive hydrothermal alteration system likely continues into Artemis ground.
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Hole GDRCD003 sample 89042: 0.79g/t Au, 476ppm Cu, 59.5ppm Bi and 2.56ppm Te. A 5cm quartz-carbonate vein hosted in dolerite from 829m.
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Hole GDRCD002 samples 89015 & 89016: 0.26g/t Au, 1,565ppm Cu, 45.5ppm Bi and 4.26ppm Te. An 11cm quartz-carbonate vein calcarenite sandstone from 614m.
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Currently (~80m) sections of diamond drill core from GDRCD002 and GDRCD003 are being cut around these and other anomalous zones. Assay results are expected in 6-8 weeks from core despatch.
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Better than expected Ionic Leach soil sample assays have now been received.
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Apollo and Atlas – Au, Cu, Ag in soil assay results reinforce the top ranked nature of these previously identified targets.
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Viking and Lexington – two new major exploration targets have been identified as a result of strong Au in soil anomalism.
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Nimitz – Interestingly did not return any significant anomalism.
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Mobilisation for drill testing of the top ranked Apollo and Atlas targets, as well as other targets, potentially in early Q2 2021, subject to relevant approvals.
Alastair Clayton, Executive Director commented: “The 71 grab sample values reported today are very much in line with our expectations. In field initial core observations and subsequent petrographic analysis suggested that Nimitz drilling was proximal to a large mineralising system, possibly related to the event causing Havieron 2.5km to the west.
“Favourable host rock types, hydrothermal alteration, brecciation and initial multi-element geochemistry results from these 71 grab samples, including elevated but not pervasive gold anomalism, confirms we drilled close, but probably not quite close enough to more potentially significantly mineralised domains.
“Our exploration team took these 71 grab samples back in November and December whilst drilling to provide some more immediate data. Most Nimitz drill core, and all of hole GDRCD003 only arrived at Radio Hill from the remote drill site in early January.
“With one particularly interesting result in sample number 89042, we are now core cutting and sampling around that interval to see if any further gold is present. This additional data will also assist the planning of drill vectors for the next programme at Nimitz and provide useful geological baseline data for all other Paterson Central targets.
“Pleasingly the expanded, 942 station Ionic Leach soil geochemical programme has returned some excellent coincident gold, silver and copper anomalies which are evident over our two highest ranked structural and geophysical targets at Apollo and Atlas, further de-risking these large, compelling targets.
“Two new soil geochemical targets have been identified at Viking and Lexington, and also look comparable to Enterprise West and East. We have yet to grid test the northerly targets at Juno and Voyager or areas to the South of Enterprise with soil sampling, and this will be undertaken in Q2 2021.
“The Paterson Central Project is now primed for a large 2021 exploration campaign as soon as all approvals and logistics are in place. Whilst the drilling budget has yet to be finalised, it is noteworthy that total raw drilling costs for the three-hole (3,012m) programme at Nimitz in 2020 were markedly below estimates at <A$1m. The exploration team has now acquired valuable local experience which will help optimise and accelerate the 2021 drill programme.
“The Paterson Central Project is 100%-owned by Artemis. Our ambition is to discover and prove up very large-scale gold and copper deposits and cement the south-eastern Paterson Province as a new, prolific metal producing region in Western Australia.
We believe that exploration success in this region has the potential to be transformative for the Company.”
