Join our daily newsletter At The Bell to receive exclusive market insights
- Artemis Resources (ARV) has identified seven new high priority targets within the Armada project
- Initial detailed aeromagnetic survey results and high-level interpretation first defined a total of 10 targets, which was later reduced to seven
- The company has now lodged a Programme of Work application to the Department of Mines, Industry Regulation and Safety for approval to drill these targets
- Artemis has ended the day up 4.55 per cent with shares trading for 2.3 cents apiece
Artemis Resources (ARV) has identified seven high priority targets within the Armada project.
The Armada project, located within the Paterson Province, covers 605 square kilometres and is located approximately 40 kilometres east of Newcrest Mining’s multi-million-ounce Telfer Gold-Copper mine.
Artemis considers the project to potentially host analogous gold and copper mineralisation.
Based on recent magnetic and gravity survey results, Artemis has identified that these targets vary in priority as more exploration information becomes available.
“The Artemis Board sees the Paterson Ranges as highly prospective and the Armada project as a high value but Greenfield area,” Artemis Executive Director Ed Mead commented.
“Artemis has defined seven priority targets worthy of follow up that provide a pathway forward, that includes further geophysics, geochemistry and drilling, that could create significant value for Artemis shareholders,” he added.
Gravity and airborne magnetic surveys identified up to 13 targets within a 22-kilometre radius of the Havieron Project.
Artemis has assessed these targets based on a combination of magnetic signature, density contrasts and structural character.
A detailed airborne magnetic survey and semi-regional helicopter supported gravity survey has been undertaken over the western half of the tenement.
The primary aim of this was to identify and further rank priority targets for either further electrical geophysical surveys or potential direct drill testing.
Initial detailed aeromagnetic survey results and high-level interpretation defined a total of 10 targets with six rated as priority one and the remaining as priority four.
Using subsequent interpretations, Artemis identified eight targets which drew upon the 10 previously found but two were excluded for various reasons.
The semi-regional gravity survey and 3D inversion outcomes have defined limited density contrast targets in several locations however, very few were directly coincident with the eight aeromagnetic primary targets.
Based on the 3D gravity inversion-isosurface results and earlier defined targets, Artemis has re-ranked the targets and identified three brand new ones.
These three targets have now been added as priority targets and lie along a northwest-southeast trending gravity ridge.
When reinterpreting the previous eight targets from the magnetic surveys and considering the gravity results Artemis has now identified seven priority targets.
Artemis has now lodged a Programme of Work application to the Department of Mines, Industry Regulation and Safety for approval to drill these seven priority targets, subject to conduction heritage surveys as per the Aboriginal Heritage Act 1972.
Despite some of the targets not coinciding with gravity results, Artemis says they may still be worth investigating based on magnetic potential.
Artemis has ended the day up 4.55 per cent with shares trading for 2.3 cents apiece in a $20.54 million market cap.
