West Australian gold explorer Artemis Resources (ASX: ARV) today provided its quarterly activities report for the period ended 30 September 2020.
HIGHLIGHTS:
Carlow Castle Au-Cu-Co Project
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~2,500m Carlow Castle Diamond Drilling programme underway and aims to:
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Expand the mineralised envelope which remains open in multiple directions.
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Test the depth potential below the main mineral trend of Carlow Castle.
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Provide diamond core data to best understand the structure controls of Carlow Castle so future drilling programmes can expand and improve confidence to the MRE.
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~4,500m Reverse Circulation drilling to underway at Carlow Castle and aims to:
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Complete further extensional drilling.
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Test potential anomalies identified by historical and new IP surveying.
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Geophysics program to start at Carlow Castle in early November, which will include dipole-dipole IP, Gradient array IP and high-resolution airborne magnetics and radiometrics.
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First assays from Diamond Drilling expected early November and then from both Diamond and RC programmes at regular intervals throughout November and December.
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~10,000m follow-up RC drill programme planned to commence in early December.
Patersons Central, Au-Cu Project
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Advanced interpretation of geophysical signatures from high resolution magnetic and gravity survey data, re-processing and interpretation of 2D seismic reflection data, and ionic leach geochemical and structural targeting, have been used to plan deep diamond drill holes at Paterson Central.
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Five Southern drill targets sit within the same geological and structural domain as the Havieron gold-copper discovery, are within 4km of Havieron, and are sited within the same favourable structural corridor.
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Two Northern Targets are geophysical and structural targets adjacent to a favourable N-S trending structural corridor extending North from Havieron.
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Interpretation of an extensive deep-seated granite intrusion, combined with a very large inferred N-S structural corridor traversing the western Paterson Central tenure (as well as Havieron), underpin a new and potentially very significant regional intrusive related gold geological model for ore deposit formation locally.
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Programme of Works (POW) approved by the WA Department of Mines for 20 holes at Paterson Central, with a Phase One Programme planned to test some of the targets with at least one deep hole on each target underway.
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Paterson Central exploration activities expected to continue till mid-December when, typically, local climatic conditions make work difficult. Company intends to report back as and when material data is at hand.
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Ongoing Ionic-leach geochemistry sampling programme surrounding Havieron and extending to the south, with 318 samples collected along 8 survey lines and submitted to ALS for assay.
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Completion of a trial 3-line, 147 station passive seismic bedrock mapping programme, which is showing encouragement for remotely detecting depth to Proterozoic host rocks for mineralisation sitting below Permian cover sediments ahead of drilling.
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VTEM airborne electromagnetic geophysical survey expected to start early November to detect deep massive pyrrhotite zones potentially associated with gold mineralisation.
Carlow West, Au Project
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Very shallow pattern drilling at Carlow West reveals >1km long gold anomalism (multiple >0.4gpt Au intercepts) over in the central traverse zone with best results include including:
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CWRC006 – 2m @ 1.62gpt Au from 34m;
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CWRC011 – 1m @ 1.4gpt Au from 2m;
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CWRC011 – 1m @ 4.89gpt Au, 13.7gpt Ag from 24m; and
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CWRC017 – 1m @ 1.15gpt Au from 9m.
Munni Munni PGE Project
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12 hole, 1,928m RC drilling program completed some reported drill results include:
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6.5m @ 1.68g/t 2PGE + 0.14g/t Au (1.13g/t Pd, 0.55g/t Pt) from 41m, 18MMAD001;
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4m @ 2.44g/t 2PGE + 0.27g/t Au (1.48g/t Pd, 0.96g/t Pt) from 34.5m, 18MMAD003;
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5m @ 0.17g/t Au, 0.86g/t Pt, 0.1.49g/t Pd, from 34.5m, 18MMAD005;
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5m @ 0.09 g/t Au, 0.44 g/t Pt, 0.96g/t Pd, from 28m, 18MMAD006;
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5m @ 0.11 g/t Au, 0.48 g/t Pt, 0.94g/t Pd, from 65.5m, 18MMAD007;
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6m @ 0.17g/t Au, 0.68g/t Pt, 0.97g/t Pd, from 82m, 18MMAC008;
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5m @ 0.14g/t Au, 0.6g/t Pt, 1.08g/t Pd, from 19m, 20MMRC005.
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The program was designed to:
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Extend primary reef mineralisation and test historical assay grades from diamond drilling using RC drilling.
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Test for the presence of a second reef below the primary PGE reef.
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Generate data that may contribute to a JORC 2012 Mineral Resource Estimate in the future.
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High resolution air-photography was completed to provide detailed images for future project planning purposes. Detailed survey of drill holes completed plus resurvey of approximately 10% (20 holes) of historical holes to validate hole data, to assist with JORC 2012 Mineral Resource Estimate.
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Proposed transaction announced 28 April 2020 (“Empire Transaction”) is still in progress and current and future project parties are working constructively towards concluding some of the key Conditions Precedent.
Corporate
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Appointment of highly experienced mining and development executive Mr Boyd Timler as a Non-Executive Director.
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End of quarter cash balance of $9.2m, and boosted by a further $1m on exercise of options subsequent to quarter end, with further funds to come from asset sales.
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Capital raise of $5.6m completed on 24 July with the Company issuing 79,992,856 shares at 7 cents each.
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A structured share sale programme of all 1,640,000 shares in Novo Resources (NVO.TSV) was completed, with net proceeds of A$5.78m.
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Post-period additional data and non-core asset sales yield in excess of A$1m in cash receipts further strengthening exploration funds available with significant additional receipts expected in the coming period.
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Change of Registered address and Place of Business address and telephone.
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Annual General Meeting (AGM) of shareholders of ARV will be held at 4pm (AWST) on Monday 30 November 2020, as a fully virtual online event.