Artemis Resources Ltd (ASX:ARV) is planning seven deep drill holes to test the first seven highest-priority targets at its 100%-owned Paterson Central Project in the East Pilbara region of Western Australia.
Advanced interpretation of geophysical signatures from high resolution magnetic and gravity survey data, re-processing and interpretation of 2D seismic reflection data, and ionic leach geochemical and structural targeting, have been used to plan deep diamond drill holes.
Five Southern drill targets - Enterprise East, Enterprise West, Nimitz, Atlas and Apollo - sit within the same geological and structural domain as the Havieron gold discovery, are within 4 kilometres of Havieron, and are in the same favourable structural corridor.
The two Northern targets - Juno and Voyager - are geophysical and structural targets adjacent to a favourable N-S trending structural corridor extending north from Havieron.
“Gold discovery is possible”
The interpretation of an extensive deep-seated granite intrusion, combined with a very large inferred N-S structural corridor traversing the western Paterson Central tenure (as well as Havieron), underpin a new and potentially very significant regional geological model for ore deposit formation locally.
This new model combined with geochemistry and geophysics has led to Artemis upsizing its planned maiden drill program to address the substantial overall prospectivity now believed to exist at Paterson Central.
Artemis chairman Mark Potter said: “The extensive review and data reprocessing undertaken by our external consultants, Resource Potentials, has significantly changed our understanding of the modelled geology and structural characteristics of the Paterson Central area.
“This work has profoundly increased our belief that a gold discovery is possible within our project area and as we own 100% of our acreage, we believe a discovery could be transformational for Artemis and the wider Paterson Central Area.
“The completion of this work is a major milestone for Artemis, and now we move toward the first drilling phase as and when all preparatory work has been completed.
“We will provide the market with further updates upon drilling commencement and progress thereafter.”
Paterson Central Tenement E45/5276 (yellow outline), with 7 target areas for proposed drilling (yellow dots), interpreted bedrock geology units and structures, on top of a merged magnetic anomaly image, and location of 2D seismic reflection survey line
Program to commence this month
Heritage surveying and applications for clearing drill pads is underway, the drilling contract has been signed, and drill program over the seven key targets is anticipated to commence as soon as late August subject to final heritage and access completion.
The company may choose to further extend the scope of the drill program pending initial results.
Artemis hopes to complete this drilling as soon as practicable and ideally well before the start of the wet season, which typically arrives in late November – Early December.