TIDMARV
RNS Number : 1634T
Artemis Resources Limited
13 November 2023
13 November 2023
Artemis Resources Limited
("Artemis" or the "Company")
(ASX/AIM: ARV, FRA: ATY, US: ARTTF)
LULU CREEK AWARDED EXPLORATION INCENTIVE SCHEME FUNDING
Highlights:
-- Artemis Resources has been awarded funding under the Western
Australian State Government Exploration Incentive Scheme (EIS).
-- Funding has been allocated to the highly prospective Lulu
Creek Intrusion Related Gold Project for a multi-hole RC drill
program.
-- Funding of $82,500 will be used to drill test recently
reported Induced Polarisation (IP) conductivity and resistivity
anomalies within the Lulu Creek Intrusion.
Artemis Resources Limited (ASX/AIM: ARV) is pleased to announce
the successful application for Round 28 of EIS funding by the
Western Australian State Government. EIS funding is managed by the
Department of Mines, Industry Regulation and Safety (DMIRS) and is
used to contribute to direct drilling costs up to a maximum of 50%.
Projects are awarded funding based on applicants' ability to
demonstrate innovative, soundly based mineral deposit models that
have potential to add value to the state by opening new areas for
exploration.
Artemis Executive Director George Ventouras commented: "This
grant is confirmation of the prospectivity of the Lulu Creek
project and the potential it holds. We are excited about the
opportunity to drill test the targets identified by our in-house
geological team and to build upon the narrative of the West
Pilbara. This region is developing into a globally recognised
mineral exploration precinct and we are excited to be part of
it."
About Lulu Creek
Lulu Creek lies 20km to the west of the Company's Carlow Castle
deposit and forms part of the prospective Greater Carlow area
(Figure 1). It was initially identified in 2018 via a regional
soils and rock chip program defining an area of interest over 4 km
in an east-northeast orientation. Subsequent mapping and rock chip
sampling identified gold associated with quartz veins and gossans,
and in an unclassified weathered unit with a light covering of
transported sands and gravels.
Figure 1: Lulu Creek location map with respect to Carlow
Castle
In 2020, Artemis completed 126 RC drill holes with an average
hole depth of 20m and a maximum hole depth of 50m. The drill
program was technically successful in identifying numerous
low-grade zones of gold mineralisation associated with disseminated
sulphide and quartz veins within a 2km east-northeast trending
quartz diorite intrusion.
Following the conclusion of the 2022 drill season, a
comprehensive exploration review re-identified the potential of the
Lulu Creek prospect. Subsequently, drill chips from the 2020 RC
program were re-logged and assays re-processed to generate a new
interpretation. Coincidently, work completed by the GSWA identified
the presence of 'Sanukitoid like' intrusive bodies around the
Karratha (granitoid) Dome 2.5 km north-west of the Lulu Creek
intrusion indicating mantle fluid pathways in the area(1) .
(1) Sanukitoid intrusive bodies form via melts associated with
the interaction and mixing of a crustal slab and a mantle plume in
the early stages of plate tectonics between3.2 to 2.4 billion years
ago. The importance of Sanukitoid intrusive bodies is due to their
link between the crust and the mantle at the time of magmatic
emplacement. This conduit is beneficial for the redistribution of
metals and sulphur from the mantle making the region of their
emplacement prospective for gold mineralisation.
A 15-line dipole-diploe Induced Polarisation (IP) survey
commenced at the end of June 2023. This identified two
chargeability anomalies within the Lulu Creek intrusion, adjacent
to a moderate-high resistive body interpreted as representing
significant alteration and veining (Figures 2 and 3). A third IP
Chargeability anomaly was identified just off the intrusion along
the Regal Thrust (Figure 2), which corresponds with outcropping
gossanous banded iron formation (BIF) and ultramafic rocks at
surface.
Figure 2: IP chargeability plan view -75 m below surface against
Lulu Creek Intrusion outcrop outline in pink.
Figure 3: IP resistivity plan view -75 m below surface against
Lulu Creek Intrusion outcrop outline in pink.
Exploration Incentive Scheme (EIS) Background
The EIS is a Government of Western Australia initiative that
aims to encourage exploration in Western Australia for the
long-term sustainability of the state's resources sector. The
amount of EIS funding is $10 million per year using funds raised
through mining tenement rents. The aim of the scheme is to
stimulate increased private sector resource exploration, leading to
new mineral and energy discoveries. New discoveries in these areas
will increase knowledge of the state's geology and resources and
help increase employment opportunities, especially in greenfield
regions.
This announcement was approved for release by the Board.
For further information on the Company, please visit
www.artemisresources.com.au or contact:
Artemis Resources Limited
George Ventouras info@artemisresources.com.au
+61 (0) 407 983 270
WH Ireland Limited
(Nominated Adviser and Broker)
Antonio Bossi/James Bavister/Isaac Hooper Tel : +44 20 7220 1666
(Corporate Finance)
Harry Ansell/Daniel Bristowe (Corporate Tel : + 44 20 7220
Broking) 1648
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
Competent Person's Statement
The information in this report that relates to 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.
Forward Looking Statements
This announcement contains or may contain certain
'forward-looking statements' and comments about future events,
including in relation to Artemis Resources business, plans and
strategies and expected trends in the industry in which Artemis
Resources currently operates. Forward-looking statements involve
inherent risks, assumptions and uncertainties, both general and
specific, and there is a risk that such predictions, forecasts,
projections and other forward-looking statements will not be
achieved. Forward looking statements are based on Artemis Resources
good faith assumptions as to the financial, market, regulatory and
other relevant environments that will exist and affect the
Company's business and operations in the future. A number of
important factors could cause Artemis Resources actual results to
differ materially from the plans, objectives, expectations,
estimates, targets and intentions expressed in such forward-looking
statements, and many of these factors are beyond Artemis Resources
control. Forward-looking statements may prove to be incorrect, and
circumstances may change, and the contents of this announcement may
become outdated as a result. Artemis Resources does not give any
assurance that the assumptions will prove to be correct. Readers
should note that any past performance is given for illustrative
purposes only and should not be relied on as (and is not) an
indication of the Company's views on its future financial
performance or condition. Past performance of the Company cannot be
relied on as an indicator of (and provides no guidance as to)
future performance including future share price performance. Except
as required by law or regulation, Artemis Resources undertakes no
obligation to provide any additional or updated information whether
as a result of new information, future events or results or
otherwise. Nothing in this announcement should be construed as
either an offer to sell or a solicitation to buy or sell Artemis
Resources securities.
Related ASX Announcements
-- 24/08/2023 New Gold Targets at Lulu Creek JORC Tables Updated
-- 03/07/2023 Lulu Creek IP Survey Commences and Greater Carlow EM Update
-- 18/05/2023 Geological Review Confirms Gold Mineralised Intrusion at Lulu Creek
-- 18/09/2020: Diamond Drilling Underway at Carlow Castle
-- 05/11/2018: Three New Gold Discoveries in the West Pilbara
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END
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