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Artemis Resources to hit the ground running in 2021 at Carlow Castle and Paterson Central

The company has mobilised crews for a 10,000-metre reverse circulation (RC) drill program at Carlow Castle and has initiated detailed planning for a multi-rig drill program covering all seven priority Paterson Central targets.

Artemis Resources Ltd - Artemis Resources to hit the ground running in 2021 at Carlow Castle and Paterson Central
The company’s market cap is approximately A$130.7 million and shares are up 8.7% to A$0.125.

Artemis Resources Ltd (ASX:ARV) (OTCMKTS:ARTTF) (FRA:ATY) has made a strong start to 2021 with on-ground exploration activities at Carlow Castle Gold-Copper-Cobalt Project and detailed planning for a multi-rig program at the Paterson Central Gold-Copper Project.

The company has mobilised crews for a 10,000-metre reverse circulation (RC) drill program starting on Wednesday, January 6, at Carlow Castle in the West Pilbara of Western Australia.

The aims are to grow the existing 1.2 kilometres of strike length of the current mineralised footprint plus mineralised extensions to the main zone down-dip and to the east as well as extend recently discovered mineralised lodes.

1,000 metres of diamond drilling is planned in the Eastern resource portion to support the further definition of a structural model of mineralisation to be completed by CSA Global.

“Seminal year for company”

Artemis executive director Alastair Clayton said: “We have hit the ground running in 2021 in what we expect to be a seminal year for the company.

“The Carlow Castle project is now in a full growth mode with new discovery zones identified in 2020 being followed up and the existing resource footprint growing in multiple directions.

“We are expecting additional assay results from the recently completed summer 2020 RC and diamond programs soon in addition to the 11,000 metres of additional drilling that commences Wednesday.”

An extensive IP survey is planned to define existing and new mineralised systems in the resource area and surrounding prospective geological corridor as Artemis seeks new discoveries at Carlow Castle.

Further 2020 RC and diamond drill assay results are expected to be available soon covering step-out resource growth drilling as well as the Northern Discovery Zone and the high-grade Feeder Zone discoveries.

Paterson Central Project

At Paterson Central in the prolific new Paterson copper-gold province, detailed planning has started for a multi-rig drill program covering all seven priority targets identified in 2020.

This will include follow-up drilling at Nimitz South and prioritising the Apollo and Atlas targets for drilling as soon as practicable.

Artemis is expecting the first batches of assays from selected in-field drill core to determine the metalliferous content of strongly hydrothermally altered, brecciated and bleached rock-types encountered at the Nimitz Target area.

Detailed planning

The company is carrying out detailed planning of all vehicular access requirements to undertake the proposed drilling, subject to relevant environmental and heritage consents.

This includes planning the siting of a more substantive permanent exploration camp and supporting infrastructure to service the Paterson Central Project longer-term.

Clayton said: “At our Paterson Central Project, where we await our first assays from selected core samples from our 2020 Nimitz drilling, we are already in the detailed planning phase of a far-reaching multi-rig 2021 drill program.

“This involves establishing approved vehicular access to all of our seven priority target areas and planning for a substantial permanent exploration camp and logistics base to support our long-term ambitions in the area.”

The final geochemical ionic leach raw assay data has been received and is being modelled for interpretation and public release later this month.

Adjacent to Havieron

Clayton added: “With Newcrest Mining’s outstanding Havieron discovery in a construction phase and the project’s minority partner now boasting a multi-billion-dollar market capitalisation, it is clear to us that the leverage to exploration success at our adjacent 100%-owned tenure is potentially quite extraordinary.

“We are confident 2021 will be the year we further demonstrate that the mineralising conditions that created Havieron are also present on our ground and of course on the back of this hopefully make a significant gold/copper discovery.”

Incentive and retention scheme

The company has also implemented an incentive scheme featuring tangible price and or resource hurdles to lock-in the key geoscientists responsible for both Paterson Central and Carlow Castle projects.

Clayton said: “The board has also taken this opportunity to approve a strongly shareholder-aligned, incentive and retention plan for our key geoscientists who are between them responsible for driving our projects forward.”

Quick facts: Artemis Resources Ltd

Price: 0.081 AUD

ASX:ARV
Market: ASX
Market Cap: $92.08 m
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