West Australian gold explorer Artemis Resources (ASX: ARV) has provided an update on planned mineral exploration activities at its 100%-owned Paterson Central Project in the East Pilbara region of Western Australia.
HIGHLIGHTS:
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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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POW lodged with Department of Mines for 20 holes at Paterson Central with a Phase One Drill Programme planned to test 7 of the highest priority targets with one deep hole on each target.
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Five Southern drill targets sit within the same geological and structural domain as the Havieron gold 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 geological model for ore deposit formation locally.
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This new model combined with geochemistry and geophysics has led to Artemis upsizing its planned maiden drill programme to address the substantial overall prospectivity now believed to exist at Paterson Central.
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Heritage surveying and applications for clearing drill pads is underway, drilling contract signed, and drill programme over the 7 key targets is anticipated to commence as soon as late August subject to final heritage and access completion.
Artemis chair, Mark Potter, commented: “The extensive review and data reprocessing undertaken by our external consultants, Resource Potentials, has significantly changed our understanding of the modelled geology and structural characteristics of the Paterson Central area. This work has profoundly increased our belief that a gold discovery is possible within our project area and as we own 100% of our acreage we believe a discovery could be transformational for Artemis and the wider Paterson Central Area. The completion of this work is a major milestone for Artemis, and now we move toward the first drilling phase as and when all preparatory work has been completed. We will provide the market with further updates upon drilling commencement and progress thereafter.”
