- Artemis Resources’ (ARV) first assays from drilling at its Paterson Central project in Western Australia have failed to return significant grades of gold or copper
- The company completed three drill holes across the Apollo and Atlas prospects
- While initial downhole geology and visual segments of the diamond core were promising, gold and copper grades seen at the nearby Havieron deposit were not present
- Despite the flat results, the company maintains it has only just started exploration and with untested priority targets, drilling is scheduled to recommence in the coming week
- Shares in Artemis Resources were down 3.77 per cent to 5.1 cents as of 10:17 am AEST
Artemis Resources’ (ARV) first assays from drilling at its Paterson Central project in Western Australia have failed to return significant grades of gold or copper.
The project is located in the west-Pilbara region of WA and the company completed three drill holes across the Apollo and Atlas prospects.
While initial downhole geology and visual segments of the diamond core were promising, the assays have returned underwhelming results.
However, the company it is yet to test priority targets in the area.
While mineralisation that has been linked to the gold and copper at the nearby Havieron deposit was not present in the holes drilled, the geology is thought to be related to an occurrence that transects the Paterson central licence and bisects the Havieron deposit, over which ARV has around 15 kilometres strike of prospective fault zone to test.
“Whilst we always strive for discovery with the very first hole of every programme, it’s important to remember we have only just started our exploration and most of our priority targets have never been tested at all,” Executive Director Alastair Clayton said.
“The scale of the project must also be considered, with drill pads around 400 metres to several kilometres apart…”
“We have over 15 kilometres of prospective strike containing six large target areas to test in 2022.”
Drilling is scheduled to recommence in the coming week.
The company maintains that it is well funded to continue drilling, and with the rainy season not expected until December, it said it has enough time to test its priority targets.
Shares in Artemis Resources were down 3.77 per cent to 5.1 cents as of 10:17 am AEST.