It has been a busy quarter for Perth-based exploration and development company Artemis Resources (ASX: ARV) as it continues to make great progress on its two priority Pilbara gold projects –the Greater Carlow gold project in the West Pilbara and the Paterson Central exploration project in the East Pilbara.
Artemis first attracted the market’s interest with its Paterson Central project, given its close proximity to the Havieron Gold JV between Greatland Gold and Newcrest Mining.
Artemis completed a maiden deep drilling program at the Nimitz Prospect late last year and is now focusing on six higher priority drill targets at its 100% owned Paterson Central project.
Artemis successfully applied for an Exploration Incentive Scheme grant of up to $150,000 to offset the cost of deep diamond drilling on its Enterprise East and West targets. The funds from the EIS become available from June this year and Artemis intends to use them within the required 12 months as it continues to drill at Paterson. The company said it is in advanced planning to test all of the high priority exploration targets at Paterson Central – Apollo, Atlas, Juno, Voyager and Enterprise.
The Paterson Central project is located in the Yaneena Basin of the Paterson Province, which hosts large scale mineral deposits, such as the world class Telfer Gold-Copper Mine, recently discovered Winu copper-gold deposit, Nifty Copper Mine, and of course, the nearby Havieron gold and copper deposit.
Artemis has negotiated a heritage agreement with the Western Desert Lands Aboriginal Corporation (Jamukurnu-Yapalikunu) and the land access agreement was signed on 19 April 2021.
Despite so much going on at Paterson, Artemis also made solid progress on its Greater Carlow Gold project, with the company’s March Quarterly summarising the final assays from 42-hole multi-drill program it completed in the fourth quarter last year and all of the assay results from the March Quarter 2021 55-hole RC program.
Executive Director Alastair Clayton said the drilling had increased the Company’s knowledge of the structural, alteration and mineralogical controls at Carlow Castle.
“Most importantly, these results are returning high-grade gold, copper and cobalt assays on the main shoots and defining the extent of the very large lower grade gold-copper-cobalt ‘halo zone’ around the high-grade zones,” he said.
On the back of the results, Artemis has engaged CSA Global to calculate a new Mineral Resource Estimate (MRE). The new MRE for Greater Carlow is expected to be completed this month.
Carlow Castle sits approximately 30km east of Karratha in the West Pilbara, tenements held by Artemis across 1,059 square kilometres.
Mr Clayton describes Greater Carlow as an advanced stage exploration project, and it includes the 100%-owned Radio Hill processing plant which is currently on care and maintenance.
He said the project is transitioning to a resource drill-out program to deliver “Project One Million”, chasing one million ounces and adding to the current MRE.
The current management team of Artemis – executive chairman Mark Potter, Mr Clayton and executive director Boyd Timler – has been active in progressing its two main projects and disposing of non-core assets.
During the March quarter, Artemis concluded the sale of non-core tenement E47/3373 in the Nickol River project for $500,000, and signed a binding Option Agreement with GreenTech Metals, for GreenTech to acquire Whundo and other non-core tenements. The consideration for the non-core tenements sold to GreenTech was $250,000 cash and $1.35m of GreenTech shares. GreenTech will also spend $450,000 to farm into certain tenements.
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