Artemis Resources Ltd (ASX:ARV) (FRA:ATY) (OTCMKTS:ARTTF) has reported a 152-kilotonne indicated sulphide resource for its 70%-owned Ruth Well Nickel-Copper Project in the West Pilbara area of Western Australia.
The indicated resource, which grades 0.63% nickel and 0.47% copper, contains 965 tonnes nickel and 713 tonnes copper.
Ruth Well is a cobalt-copper-zinc deposit found about 185 kilometres south of regional city Karratha, at Whundo and the Munni Munni project.
Munni Munni exploration project is 18 kilometres from Radio Hill — where Artemis has a processing plant — on the Karratha-Tom Price sealed road and hosts conglomerate gold targets.
It also features Australia’s largest platinum group elements (PGE) resource.
Munni Munni had a historical measured, indicated and inferred mineral resource of 23.6 million tonnes grading 1.1 g/t gold and 1.5 g/t platinum using a cut-off of 1.9 g/t platinum group elements and gold, in 2002 and 2003.
West Perth-based Artemis drilled 2,839 metres with 37 reverse circulation (RC) drill holes at Ruth Well and 84.3 metres in one diamond drill hole to report its indicated resource today.
Artemis executive director Ed Mead told the market: “This early-stage drilling has defined a small nickel-copper target at Ruth Well.
“Complementary targets such as the Zac prospect — to the west of Ruth Well — exist with both showing strong electromagnetic anomalism that may provide additional tonnage.”
Artemis reported today it had also found a “small tonnage of oxide material” but had not included the small resource in its estimate because of its size and the lack of a suitable processing facility nearby to treat oxide material.
Novo Resources Corp (CVE:NVO) joint venture partner Artemis plans to use its Radio Hill plant near Karratha for processing material from its projects, including Carlow Castle and the 605-square kilometre Armada prospect on Paterson Range.
Artemis' tenure in the Pilbara covers 2,400 square kilometres of prospective gold, base and battery metals ground.
Mead said today: “Artemis sees a greater regional opportunity in (the Ruth Well) area for gold.
"As such, the Monarch and Conqueror gold targets will take precedent over further base metal investigation across these tenements and a heritage survey will commence over these prospects this quarter.”
Artemis’ flagship Carlow Castle Gold-Copper-Cobalt Project in the West Pilbara features 7.7 million tonnes grading 1.06 g/t gold, 0.51% copper and 0.08% cobalt.
Greatland previously intersected 275 metres grading 4.77 g/t gold and 0.61% copper only 30 kilometres from Newcrest’s 27-million ounce Telfer Gold Mine, later forming a $US65 million JV with the miner.
BIG PICTURE: Artemis Resources advances Carlow Castle and Armada assets amid big finds by neighbours
Rio's best intersections at “Winu” included 104 metres grading 0.8% copper, 0.28 g/t gold and 4.35 g/t silver.
Artemis plans to spend $560,000 on exploration and evaluation in the June quarter of 2019.