TIDMARV
RNS Number : 8379R
Artemis Resources Limited
31 October 2023
Artemis Resources Limited
("Artemis" or the "Company")
(ASX/AIM: ARV, FRA: ATY, US: ARTTF)
Quarterly Activities Report
For the period ending 30 September 2023
Highlights :
Osborne Joint Venture (ARV 49%, GRE 51%)
-- Two new pegmatite zones identified within the Osborne JV next
to the Osborne trend, 5km south-east of the Kobe lithium pegmatite
discovery.
-- Newly discovered trends, Wally and Maddox both extend over 1km with outcrops up to 100m Wide.
-- Significant mineralised lithium samples include(1) :
-- 2.4 % Li(2) O from sample 23GT20-155 (Osborne Trend)
-- 2.4 % Li(2) O from sample 23GT30-232 (Wally Trend)
-- 1.5 % Li(2) O from sample 23GT20-233 (Wally Trend)
-- 0.7 % Li(2) O from sample 23GT20-034 (Maddox Trend)
-- Final regulatory permits being obtained for a maiden drill program.
Artemis Lithium Project (ARV 100%)
-- Numerous swarms of pegmatites identified within and along the
margins of the Andover mafic intrusive complex within 100% Artemis
tenement E47/1746.
-- Six sets of pegmatites identified with elevated levels of
lithium-caesium-tantalum (LCT) and rubidium mineralisation,
including four pegmatite clusters considered highly prospective for
economic mineralisation.
-- Over 90 outcrops of pegmatite identified to date with the
largest outcropping pegmatite having a strike of 200m and average
width more than 45m.
-- 21km(2) of prospective outcropping Andover Intrusive still to
be assessed for lithium pegmatite potential.
Greater Carlow Project - Lulu Creek
-- Dipole-dipole Induced Polarisation (IP) survey identified two
chargeability anomalies adjacent to a moderate-high resistive unit
within the Lulu Creek Intrusion Related Gold System (IRGS).
-- A third IP Chargeability anomaly has also been identified on
the southern margin of the Lulu Creek Intrusion and correspond with
outcropping gossanous BIF and ultramafic units along the Regal
Thrust.
Corporate
-- Cash balance of $0.6 million and ASX share investments of $2.7 million.
-- Approximately 100 million options with exercise price $0.025,
with a number of option holders exercising.
(1) Greentech Meals Ltd, ASX Announcement, 5 October 2023
Osborne Joint Venture (GreenTech 51% Artemis 49% interest)
The Osborne JV and Artemis 100% held lithium projects are
situated within a newly identified lithium pegmatite field
strategically located between significant discoveries by
neighbouring companies Azure Minerals and GreenTech Metals (Figure
1).
Figure 1. Artemis Resources Lithium Project and Osborne JV
Location Map
Recent mapping and sampling by GreenTech Metals(1) has confirmed
the discovery of new lithium bearing pegmatites and the
identification of newly named zones (Wally, Osborne and Maddox)
(Figures 2 and 3). These newly discovered pegmatite zones are
located approximately 5km south-east from the eastern portion of
the Kobe Li-pegmatite trend within the Osborne JV tenement E47/3719
(ARV:49%, GRE:51%) which previously reported multiple high-grade
lithium assays up to 3.6% Li(2) O(2) .
(2) Greentech Metals Ltd, ASX Announcement, 24 July 2023
Figure 2. Lithium soil (historic) anomalies in relation to
recently discovered mineralised pegmatites zones Kobe, Wally,
Maddox and Osborne(1) .
Figure 3. Newly discovered Lithium pegmatite zones across the
southern area of the Osborne JV tenement with significant
(>0.5%) Li(2) O rock chip assays reported(1) .
A preliminary summary of the new Li-pegmatite zones are as
follows:
Wally Li-Pegmatite Zone (> 1km)
-- 1km north-east to south-west trending zone of Lithium pegmatites.
-- Zone has outcrop widths up to 100m.
-- Pegmatites are moderate to steeply dipping towards the north.
-- Recent surface chip results returned multiple high-grade
lithium assays up to 2.4% Li(2) O(1) .
A
B
Figure 4: Example of the Wally lithium zone highlighted by red
polygon with approximate location of significant lithium Assays.
'A' Eastern portion of pegmatite trend with Image viewed towards
the west. 'B' Central portion of pegmatite trend with image viewed
to the south.
Osborne Li-Pegmatite Zone (>500m)
-- 500m north-west to south-east trending zone of Lithium pegmatites.
-- Zone has moderately north dipping pegmatite outcrops with widths up to 15m.
-- Sampling has returned multiple high-grade assays including
2.4% Li(2) O(1) and historic samples up to 3.6% Li(2) O(2) .
Figure 5: Example of the Osborne lithium trend highlighted by
red polygon with approximate location of significant lithium
Assays. Image viewed towards the west.
Maddox Li-Pegmatite Zone (>1.2km)
-- >1.2km east-west trending zone of lithium pegmatites.
-- Pegmatites occur as sporadic outcrops (up to 25m wide),
outcrop extent masked by thin veneer of surface sediments. These
pegmatites are highly weathered and located across low-lying
areas.
-- Significant recent chip assay results reported up to 0.7% Li(2) O(1) .
Figure 6: Example of the Maddox lithium zone highlighted by red
polygon with approximate location of significant lithium Assays.
Image viewed towards the west.
Joint Venture partner GreenTech Metals has advised Artemis that
final regulatory permitting is being finalised in preparation for a
maiden drilling program.
Artemis Lithium Project
To date, exploration has focused on the central portion of
exploration licence E47/1746 (Figure 7), where historic soils
highlighted elevated lithium and associated pathfinder elements
around the margins of the Andover mafic intrusive.
Rock geochemistry of the sampled pegmatites has delineated six
areas for follow up (Figure 8) based on elevated lithium, caesium,
tantalum (LCT) and rubidium assays and four of the anomalous zones
having potential to host economic lithium mineralisation (Figure
9).
Figure 7. Pegmatite evaluation work area (yellow outline) in
relation to Artemis tenure.
Figure 8. LCT and Rb anomalous rock chip samples with priority
areas for follow up.
Figure 9. Most prospective pegmatites for follow up.
Details of the six priority targets are as follows:
-- Alpha Cluster - a 180 m long north-east trending outcrop of
pegmatites with elevated lithium between 162.1 to 387.5 ppm Li(2)
O. The pegmatites form along a contact with the Andover intrusive
gabbro and Roebourne Formation basalts which appears as a magnetic
low in the regional magnetics.
-- Bravo Cluster - comprises two small outcrops with a
north-east strike over 60 m with a combination of elevated Li(2) O
>= 100 ppm, Ta(2) O(5) >= 50 ppm, Cs(2) O >= 30 ppm and Rb
>1,000 ppm.
-- Charlie Cluster - an 80 m long north-east trending pegmatite
outcrop that forms part of a longer 260 m elevated tantalum trend
containing Ta(2) O(5) ranges between 50.1 ppm and 349.2 ppm.
-- Delta Cluster - a series of pegmatites trending
north-north-west over 220 m. The cluster is elevated in caesium and
rubidium. Geochemistry indicates that the prospectivity of the
pegmatites may increase towards the north.
-- The Echo Pegmatite - the largest pegmatite identified to date
with a north-east trend over 200 m and an average width more than
45 m. Currently the northern portion of the pegmatite is elevated
in caesium and rubidium, with rock chip samples ranging between 39
- 121.3 ppm Cs(2) O and 1,360 - 4,220 ppm Rb.
-- Foxtrot Cluster - pegmatite grouping containing elevated
caesium and rubidium with rock samples ranging between 34.4 - 35.3
ppm Cs(2) O and 1,010 - 1,685 ppm Rb. Additionally, the Foxtrot
cluster contains one elevated lithium sample of 102 ppm Li(2) O,
which sits along the same magnetic low as the Alpha cluster. These
rock chip samples are separated by 450 m and will be re-assessed
for pegmatite development soon.
It is important to note that results displaying high readings of
caesium and rubidium are indicators or signals of fertile pegmatite
zones and that lithium could potentially be contained within these
pegmatite zones. The variable abundance of the pathfinder elements
as well as lithium is due to the usually zoned nature of the LCT
elements within the pegmatite zones. The identification of numerous
pegmatites containing these pathfinder elements for lithium
pegmatites is very encouraging and highlights the potential for
discovery of lithium within these pegmatites as well as in other
areas of the tenement.
In the coming quarter Artemis will be modifying its exploration
approach as it begins to revisit priority pegmatites that require
further assessment as well as maintaining the current
reconnaissance work to identify new pegmatites.
The processing of the Worldview 3 Satellite Hyperspectral data
has been completed and is being reviewed by the company's technical
team. Preliminary undertakings indicate the data will further
enhance the company's targeting abilities.
Greater Carlow Project (ARV 100%)
Lulu Creek IP - Gold Target
A high-resolution dipole - dipole IP geophysics survey was
completed during the quarter over the Lulu Creek intrusion related
gold prospect. The survey consisted of 15 lines for approximately
14 line kilometres over an area of 251 hectares (Figure 10).
The aim of the survey was to provide vertical resolution in
defining chargeability anomalies that may represent disseminated
sulphides within and around the Lulu Creek diorite that could then
be used for exploration drill targeting of sulphide mineralisation,
which is believed to host gold mineralisation in conjunction with
localised shearing and quartz veining.
Figure 10: Completed dipole-dipole IP Survey area in relation to
known Lulu Creek Intrusion
The survey identified three chargeability anomalies, two of
which are located within the interpreted Lulu Creek Intrusion and
adjacent to a moderate-high resistive body interpreted as
representing significant alteration and veining (Figures 11 and
12), while a third IP chargeability anomaly was identified just off
the intrusion along the Regal Thrust (Figure 11), which corresponds
with outcropping gossanous BIF and ultramafic rocks at surface.
Figure 11: IP chargeability plan view -75 m below surface
against Lulu Creek Intrusion outcrop outline in pink.
Figure 12: IP resistivity plan view -75 m below surface against
Lulu Creek Intrusion outcrop outline in pink.
In the central portion of the intrusion, a shallow discrete
chargeability body was identified 25 m below surface with a down
plunge component of approximately 100 m. This anomaly has been
historically intercepted by two 50 m reverse circulation (RC) drill
holes, each of which intercepted broad low-grade mineralisation
being:
-- 12 m at 0.42 g/t Au from 24 m, including 2 m at 1.62 g/t Au
from 34 m within drill hole CWRC006 and
-- 8 m at 0.4 g/t Au from 42 m within drill hole CWRC005 (terminated in mineralisation).
Logging of the mineralised zones within these drill holes,
indicates that the mineralisation and the chargeability anomaly are
both associated with disseminated pyrite in the order of 2-3%. This
association is expected to be similar for the larger and deeper
northern chargeability anomaly, which has an east-west strike of
300 m and a down plunge extent greater than 200 m.
Further modelling and interpretation of the IP chargeability and
resistivity bodies is required in the coming reporting period along
with an additional heritage survey across the prospect prior to any
new targeted drilling.
Paterson Central Project
No Activities completed during the quarter.
Corporate
Management Restructure
Artemis has recently announced a Board restructure aimed at
having a full time Executive Director based in Perth, Western
Australia, to focus on Artemis' lithium projects and progressing
the identification of suitable partners to further the Company's
gold projects in Paterson, Greater Carlow and Lulu Creek.
Mr George Ventouras appointed as an Executive Director, has over
15 years' experience in the resources sector and has substantial
experience in business development, corporate restructuring,
listing and promoting ASX companies and marketing.
Dr Simon Dominy has relinquished the interim CEO role and will
remain the Company's UK based Non-Executive Director.
Mr Daniel Smith has resigned as a director and the Board takes
this opportunity to thank Dan for his contribution to Artemis.
Financial Resources
The Company has taken material steps to cut its cost base and
focus a lean team on furthering its exploration programs and
delivering value for shareholders. Over the same quarter in the
previous year the Company has reduced the board from seven to four
and reduced annualised overhead operating costs by $1.6
million.
Exploration costs for the quarter were $0.75 million, comprising
lithium exploration $0.25 million, Lulu Creek gold exploration
$0.25 million and Radio Hill costs and tenement maintenance $0.25
million.
The Company had cash on hand at the quarter end of $0.6 million.
In addition, the Company has $2.7 million in ASX listed
investments.
The Company paid $93k to directors during the quarter for
salaries and consulting fees.
About Artemis Resources
Artemis Resources (ASX/AIM: ARV; FRA: ATY; US: ARTTF) is a
Perth-based exploration and development company, led by an
experienced team that has a singular focus on delivering
shareholder value from its Pilbara projects - the Greater Carlow
and Osborne JV projects in the West Pilbara and the Paterson
Central exploration project in the East Pilbara.
For more information, please visit
www.artemisresources.com.au
This report was approved for release by the Board.
For further information contact:
Artemis Resources
Ltd
Guy Robertson,
Chairman
WH Ireland Limited (Nomad
& Broker)
Antonio Bossi / Tel:
James +44
Bavister / Isaac 20
Hooper 7220
1666
Competent Person's Statement
The information in this report that relates to Artemis Resources
Ltd exploration results was prepared by Mr Luke Meter, a Competent
Person who is a Member of the Australasian Institute of
Geoscientists (MAIG) and Australasian Institute of Mining and
Metallurgy (MAusIMM). Mr Meter is employed by Artemis Resources as
Exploration Manager. Mr Meter has sufficient experience that is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken to qualify as a
Competent Person as defined in the 2012 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves". Mr Meter consents to the inclusion in
this report of the matters based on his information in the form and
context in which it appears.
Information Relating to Previous Disclosures
5/10/2023 ARV: Multiple Pegmatites Discovered on Artemis 100% Tenure in West Pilbara.
5/10/2023 GRE: More High-Grade Lithium Assays at Osborne JV Including 2.4 % Li(2) O.
5/09/2023 GRE: New Lithium Targets at Ruth Well & Osborne JV in WA
01/09/2023 GRE: Analysis Confirms Spodumene at Osborne JV
24/07/2023 GRE: Further High-Grade Lithium Reported at Osborne JV
18/07/2023 Addendum to Announcement Lithium Bearing Pegmatites
identified at West Pilbara Joint Venture Project.
Appendix 1
Schedule of tenements holdings at end of Q1
Tenement Project Holder Holding Status
E47/1797 Greater Carlow KML No 2 Pty 100% Live
Ltd
-------------------- --------------------- ----------- ----------
E47/1746 Cherratta KML No 2 Pty 100% Live
Ltd
-------------------- --------------------- ----------- ----------
E47/3719 Osborne KML No 2 Pty 49% Live
Ltd
-------------------- --------------------- ----------- ----------
P47/1972 Cherratta KML No 2 Pty 100% Live
Ltd
-------------------- --------------------- ----------- ----------
M47/337 Radio Hill Fox Radio Hill 100% Live
Pty Ltd
-------------------- --------------------- ----------- ----------
M47/161 Radio Hill Fox Radio Hill 100% Live
Pty Ltd
-------------------- --------------------- ----------- ----------
E47/3361 Radio Hill Elysian Resources 100% Live
Pty Ltd
-------------------- --------------------- ----------- ----------
L47/93 Radio Hill Fox Radio Hill 100% Live
Pty Ltd
-------------------- --------------------- ----------- ----------
E45/5276 Central Paterson Armada Mining 100% Live
Pty Ltd
-------------------- --------------------- ----------- ----------
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