Artemis Resources Ltd (ASX:ARV) is highly encouraged by results from the first drilling at Paterson Central project that reveal the potential to host gold and copper mineralisation similar to that at the neighbouring Havieron project of Newcrest Mining Ltd (ASX:NCM) and Greatland Gold PLC (LON:GGP).
The company drilled three deep diamond holes for a total of 3,012 metres with 1,151 metres drilled into the same rock that hosts the Havieron and Telfer gold deposits in the Paterson Province of Western Australia.
All three holes encountered intervals of intense hydrothermal alteration of upper Lamil Group rocks in the Nimitz prospect area only 2.5 kilometres from Havieron.
This suggests that causative effects of alteration surrounding such a large gold system as seen at Havieron extend into, and occur on, the adjacent Artemis lease directly to the east.
Results supports Artemis’ view that the Paterson Central licence is very fertile and prospective for large intrusive related gold and copper deposits.
"Watershed in our understanding"
Executive director Alastair Clayton said: “These three drill holes, our first at the Paterson Central Project, are a watershed in our understanding of the potential for significant mineralised systems across our 605 sq km tenement footprint.
“The Nimitz group of targets were selected to be drilled in 2020 given relatively easy access from an existing Havieron main track, however, our highest priority ranked targets, Apollo and Atlas, will be drilled as soon as possible in 2021.
“It is exceptionally significant that drilling has intersected large intervals of intensely hydrothermally altered breccias that are in places hematite overprinted and with trace to minor pyrite and chalcopyrite enrichment from our very first holes, with those testing the Nimitz South area seen as having the most potential.
“These are precisely the geological textures and features we are targeting, and we are looking forward to receiving the first sets of assay and petrography results early in the New Year.
“We are confident that we are generating the correct targets using a combination of geophysics, geochemistry and structural models and the drill core to date clearly demonstrates the geology at Nimitz is indeed fertile for intrusive related gold-copper deposits.”
Focus now on obtaining access to other targets
Selected intervals of core were recovered during drilling for immediate assaying and petrological analysis based on visual estimates of alteration and brecciation.
Results are from initial field samples are expected to be available early in the New Year, with larger sections of core analysis to follow.
Given these highly encouraging preliminary drilling observations, Artemis is now planning an expanded 2021 multi-rig drill program to cover the top priority Apollo and Atlas targets, follow-up drilling at the Nimitz group of targets, and to test the Enterprise targets to the south.
Artemis will shift its focus on obtaining access to other targets and prospects within the Paterson Central Project area, with the aim to resume deep drilling on targets around Havieron and further to the north in the first quarter of 2021.