The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation ("MAR") (EU) No. 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

19 March 2025

 

PILBARA GOLD - CARLOW TENEMENT

Phase one DRILLING COMPLETED  

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Artemis Resources Limited ("Artemis" or "the Company") (ASX/AIM:ARV) is pleased to announce completion of the first phase of drilling (reported on 28 January 2025) to test three previously undrilled, high priority gold targets on the Carlow Tenement. 

Highlights

 

·    Five diamond holes were completed during Phase 1 for a total 1,790m drilled

 

·    Drilling tested three high priority gold targets within a >4km long corridor centred around the Company's Carlow gold/copper deposit

 

·    Target areas drilled:

o Titan gold prospect, 2km northwest of the Carlow deposit

o Marillion EM target, 800m east of the Carlow deposit

o Potential extensions down plunge from the Carlow deposit

 

·    All three holes at Titan intersected a wide zone of hydrothermal alteration and veining in an ultramafic sequence down dip from a surface gold occurence¹

 

·    The base of the Titan ultramafic sequence is intruded by a porphyry sill and overlies strongly altered, brecciated and veined metasediments and chert

 

·    pXRF² readings of drill core from Titan recorded at 1m intervals across the alteration zone identified highly elevated levels of arsenic in all three holes

 

·    Arsenic can be associated with gold mineralisation, notably in the emerging north Pilbara gold province and including at Artemis's Carlow deposit

 

·    Re-modelling of geophysical data confirms the Titan holes were drilled across a regional northwest trending structure with no previous drilling

 

·    Both drill holes completed at the Marillion and Carlow extension targets intersected zones of vein hosted, stringer and semi massive sulphides

 

·    Numerous samples of drill core from the five drill holes have been sent for assay with results expected in coming weeks

·      Note¹ - Refer to previous Artemis announcements regarding surface gold occurrences at Titan Prospect, listed in Table 1 in this announcement

 

·      Note² - The following Disclaimer relates to pXRF readings referred to in this announcement, listed in Table 2 and further defined in JORC Table 1:

"The exploration results reported herein include portable X-ray fluorescence (pXRF) measurements, which are considered preliminary and semi-quantitative in nature. The pXRF data have not been verified by independent laboratory assays. The pXRF results should not be considered as a substitute for traditional laboratory analysis, and caution should be exercised when interpreting these results. The Competent Person has reviewed the data and believes the data provide a reasonable indication of geochemical signature of certain geological units subject to confirmation by further analytical methods.

 

"The exploration results reported herein include portable X-ray fluorescence (pXRF) measurements, which are considered preliminary and semi-quantitative in nature. The pXRF data have not been verified by independent laboratory assays. The pXRF results should not be considered as a substitute for traditional laboratory analysis, and caution should be exercised when interpreting these results. The Competent Person has reviewed the data and believes the data provide a reasonable indication of geochemical signature of certain geological units subject to confirmation by further analytical methods.

 

Commenting on the drilling program, Managing Director Julian Hanna said:

"I am pleased to report completion of the Phase 1 drilling program targeting gold at the Carlow Tenement in line with our announcement on 28 January 2025. Five holes for a total of 1,790m were drilled at the Titan prospect, the Marillion conductor and as an initial test of possible extensions down plunge from the Carlow deposit. 

 

The drilling program was successful for several reasons. Firstly, it provided very encouraging early indications from the Titan prospect where high-grade surface gold occurrences¹ were announced in 2024 from samples of quartz/ironstone veins and chert outcrops in four different areas at Titan.  While we await assay results to confirm if gold has been intersected at Titan, wide zones of alteration, quartz veining and brecciation were reported in drill core from the three holes drilled to date.

 

Visual observations of hydrothermal-type alteration and intensive veining at Titan are supported by systematic pXRF² readings of drill core from the three Titan holes.  pXRF readings² include highly elevated arsenic values (up to 3,460ppm arsenic)directly  above the contact between an ultramafic sequence and an interpreted porphyry intrusion. (Refer to Figure 4 and Table 2).  If gold is associated with arsenic at Titan, this may open-up potential well beyond the area drilled to date.  

 

Drilling at Marillion and Carlow was also successful, intersecting several zones of vein hosted, stringer and semi-massive pyrrhotite with locally visible chalcopyrite sulphide within the target basalt and underlying chert sequence.   

 

Overall, this initial drilling program is already changing our understanding of the geological and structural setting as well as the wider gold potential of this highly mineralised area. Numerous samples from the five diamond holes have been sent for assay and we look forward to announcing results in the near future."

 

Drilling Summary

The Phase I drilling program commenced in early February using locally based drilling contractor West Core Drilling. Diamond drilling started from surface and was effective in providing drill core through the surface oxidation profile, hydrothermal alteration zones and into silicified metasediments which include quartz veins and chert units. Five drill holes were completed over a five-week period for a total 1,790m drilled.

Three holes were drilled as an initial test of the Titan gold prospect located 2km northwest of the Carlow deposit.  The holes were drilled down dip from one of four known surface gold occurrences¹ discovered in 2024. (Refer to Figures 3 and 4). 

 

pXRF readings² of the Titan drill core taken at 1m intervals has defined a continuous zone with elevated levels of arsenic near the base of an ultramafic sequence which displays local spinifex textures, green chrome micas and elevated chromium in pXRF readings². (Refer to Figure 4 and Table 2).  Assays are awaited to determine if gold is associated with the elevated arsenic in pXRF readings² in the three Titan drill holes.

 

In addition to Titan, one hole was drilled to test the large Marillion EM conductor 800m east of the Carlow deposit, and one hole was drilled to scope out the potential for extensions down plunge from previous high-grade gold intersections in the Carlow deposit.  (Refer to Figure 5). The Marillion and Carlow extension holes both intersected zones of visible pyrrhotite sulphide containing local intervals of chalcopyrite within the target basalt and chert sequence. 

 

Figure 1: Artemis tenements in Pilbara region of Western Australia with Carlow Tenement hatched

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Figure 2: Carlow Tenement - gravity image showing: Titan gravity low feature (blue), location of high-grade surface gold occurrences¹ sampled from quartz/Fe veins and chert outcrops, area of recent drilling at Titan (yellow circle), outline of Carlow deposit and Marillion EM target.  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Figure 3: Carlow Tenement - interpreted key elements of the Regal thrust zone showing: chert outcrops (brown), major thrusts (black), Titan gravity-low feature (purple) extending >7km across Carlow Tenement, area of recent drilling at Titan (yellow circle), interpreted gravity-high anomalies (G1-G3) and EM conductive plates (C1-C5). 

 

 

Figure 4: Titan drill section - interpreted cross section looking north-west showing three sequences interpreted from drill core and the high arsenic zone based on pXRF readings².  (Refer to Table 2)

 

Figure 5. Long section through Carlow gold/copper deposit and Marillion Electro Magnetic (EM) conductor showing the two diamond drill holes completed in the Phase 1 program.

 

Contacts: Artemis Resources Ltd
Guy Robertson, Chairman Julian Hanna, Managing Director	info@artemisresources.com.au
Zeus (Nomad & Broker)
Antonio Bossi / James Bavister / Gabriella Zwarts	Tel:  +44 20 3829 5000

 

 

Competent Person Statement

The information in this report that relates to Exploration Results was compiled by Mr Julian Hanna, a Competent Person who is a member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Hanna is Managing Director of Artemis Resources Ltd and 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 Hanna consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

No New Information

To the extent that this announcement contains references to prior exploration results which have been cross referenced to previous market announcements made by the Company, unless explicitly stated, no new information is contained. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.

 

About Artemis Resources

Artemis Resources (ASX/AIM:ARV) is a gold, copper and lithium focused resources company with a highly attractive suite of projects in Western Australia's underexplored North Pilbara Gold Province.

·     Attractive projects:

o  Gold/Copper - The Karratha Gold Project (100%) with multiple prospects including the Carlow gold/copper project and The Paterson Gold/Copper Project.

o  Lithium - Mt Marie Lithium and Osborne East prospects (100%), & Osborne Lithium JV (49%);

·     Highly strategic location: Tier 1 jurisdiction, close proximity to major hub at Karratha including regional rail and road infrastructure, administrative centre and the Dampier Port

·     Significant exploration upside: highly prospective tenure package in the Pilbara Region of Western Australia which is the next frontier for battery minerals growth

·     Mineral Resource with growth potential: existing high-grade gold-copper-cobalt Inferred Mineral Resource at Carlow (100%-owned tenure)

·     Established processing site at Radio Hill: strategically located, fully permitted

·     IOCG Exploration Target: Artemis has applied for a 340km² exploration licence over a large interpreted magnetic intrusion considered prospective for IOCG type copper/gold, located 440km east of Kalgoorlie.  The application is expected to be granted in mid 2025

 

 

Note 1:  Artemis ASX announcements relating to surface rock chip results from the Karratha Gold Project referred to in this announcement:

 

High grade rock chip gold assays, 12 June 2024

High grade gold vein discovery at Titan prospect, 16 August 2024

High grade gold vein discovery at Titan prospect amended, 16 August 2024

Titan prospect results - clarification statement, 17 September 2024

Titan delivers further high-grade rock chip results, 10 October 2024

New Regional Discovery High-Grade Cu, Au, Ag Chapman Prospect, 6 December 2021

 

                                                                        Appendix

Table 1: Drill hole details.

Project	HoleID	Easting	Northing	Grid	Azi	Dip	EOH
Carlow Extensions	25ARDD002	507832	7698267	GDA94 MGA zone 50	340	-50	527.4
Marillion	25ARDD001	508346	7698466	GDA94 MGA zone 50	0	-70	714.6
Titan East	25ARDD003	505827	7699444	GDA94 MGA zone 50	45	-50	148.4
Titan East	25ARDD004	505812	7699429	GDA94 MGA zone 50	45	-65	162.5
Titan East	25ARDD005	505783	7699400	GDA94 MGA zone 50	45	-70	237.3