- Artemis Resources (ARV) has received assay results from core samples taken during drilling at the Nimitz Prospect within the Paterson Central Project
- The company believes trace elements in certain samples suggest a hydrothermal system connects Nimitz to Havieron approximately 2.5 kilometres away
- Further samples are being cut from the drill core around the anomalous zones with assays expected in another six to eight weeks after dispatching the samples
- Additionally, results from ionic leach soil sampling have allowed Artemis to identify two exploration targets at Viking and Lexington
- The company is also preparing to drill test the Apollo and Atlas targets in the next quarter given all approvals are secured
- Shares have been trading 11.4 per cent lower at 9.3 cents
Artemis Resources (ARV) has received assay results from core samples taken during drilling at the Nimitz Prospect within the Paterson Central Project.
The samples were taken in the final quarter of 2020 from basement diamond core at the project in the East Pilbara in WA.
The company believes trace elements in certain samples suggest a hydrothermal system could connect Nimitz to the Havieron gold-copper target as Executive Director Alastair Clayton explained.
“The 71 grab sample values reported today are very much in line with our expectations. In field initial core observations and subsequent petrographic analysis suggested that Nimitz drilling was proximal to a large mineralising system, possibly related to the event causing Havieron 2.5 kilometres to the west.”
“Favourable host rock types, hydrothermal alteration, brecciation and initial multi-element geochemistry results from these 71 grab samples, including elevated but not pervasive gold anomalism, confirms we drilled close, but probably not quite close enough to more potentially significantly mineralised domains.”
Two samples returned anomalous grades, including one from Hole GDRCD003 that peaked at 0.79g/t gold, 476 parts per million (ppm) copper, 59.5ppm bismuth and 2.56ppm telurium.
Further samples are now being cut from the drill core around the anomalous zones with assays expected in another six to eight weeks after the samples are dispatched.
Additionally, results from ionic leach soil sampling have allowed Artemis to identify two exploration targets at Viking and Lexington.
The geochemical sampling also returned elevated grades of copper, gold and silver grades from the Apollo and Atlas targets, which will be drill tested during the next quarter, given all approvals are secured.
“We have yet to grid test the northerly targets at Juno and Voyager or areas to the South of Enterprise with soil sampling, and this will be undertaken in the second quarter of 2021,” added the Exectutive Director.
Shares have been trading 11.4 per cent lower at 9.3 cents at 12:46 pm AEDT.