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Artemis Resources expands rare metal project in Queensland

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Artemis Resources (ASX: ARV) has announced that it has significantly expanded its interests at the Grants Gully/Buchanan’s Creek project by applying for 93km2 of exploration ground considered highly prospective for tantalum (Ta), lithium (Li), niobium (Nb) and gold (Au).

The ground being applied for Mosquito Creek (EPM18490) immediately surrounds Artemis’ Grant’s Gully/Buchanan’s Creek Prospects in North Queensland and significantly strengthens the company’s rare metal-lithium portfolio.

This ground application provides Artemis with the largest cohesive tenement holding prospective for rare metals-lithium in the Georgetown area of North Queensland.

The Mosquito Creek tenements are dominated by Proterozoic-age rocks which are known to host swarms of pegmatite dykes containing Ta, Li and Nb at both Grant’s Gully/Buchanan’s Creek.

Previous exploration at Buchanan’s Creek has proved highly successful with drill hole BCDH8 intersecting 10m @ 1.37% Li and BCDH12 intersecting 8m @ 1.39% Li. Hole BCDH13 encountered 7m @ 0.13% Ta.

Grants Gully/Buchanan’s Creek is recognised as one of Australia’s most significant rare metal - lithium projects. In March 1996, a 2-tonne sample of tantalite concentrate was shipped to the Sons of Gwalia-owned Greenbushes Processing Facility in Western Australia.

This concentrate was confirmed to grade 34.04% Ta2O5, 21.68% Nb2O5 and 0.825% SnO2. Furthermore, it was noted by the company that the concentrate had no deleterious elements (including radioactive ones) and that very clean tantalite and cassiterite can be extracted.

Substantial alluvial and hard rock gold has also been identified at Mosquito Creek and this tenement application covers significant old workings. Visible gold grains are common in stream sediment samples and the company’s geologists will ensure that precious metals are also evaluated during all exploration activities.

The company said that the strategic decision to apply for this prospective ground further reinforces Artemis’ commitment to the Rare Metal Industry and provides the company with good ground-holding in a region with demonstrated significant Ta/Li/Nb mineralisation.

Lithium is used in mobile phones and long-life batteries whilst Tantalum is used in high-strength steel, optics and medical applications. Niobium is commonly used in stainless steel and in superconductive magnets for power generation.

All of these applications are considered essential for future generations and Artemis Resources is aligning itself for continued strong growth in demand for such essential elements.

The company said exploration activities will not commence prior to granting of the tenements however once granted, exploration will commence with geological mapping and rock chip sampling designed to identify and map out the Ta/Li/Nb pegmatite dykes.

Quick facts: Artemis Resources Ltd

Price: 0.15 AUD

ASX:ARV
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Market Cap: $167.98 m
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