Australia

Artemis Resources primed and ready for potential discoveries in Patersons Range

Artemis Resources Ltd (ASX:ARV) is sitting pretty in the Patersons Range in Western Australia, surrounded by significant gold discoveries and major mining companies.

The companys Armada project sits around 40 kilometres east of Newcrest Mining Limiteds (ASX:NCM) multi-million-ounce Telfer Gold-copper mine and is adjacent to the Havieron gold and copper discovery, operated by Newcrest under a farm-in agreement with Greatland Gold PLC (LON:GGP).

The project covers 605 square kilometres of the highly prospective Patersons Range in the East Pilbara.

Artemis executive director Edward Mead told Proactive the company was confident it could potentially find strike extensions to the Havieron trend.

He said: “Greatland has said that the ore body is 150 metres wide which is quite exceptional, and the likelihood that there are repetitions of what theyre drilling now is extremely high.

“We dont know yet that Newcrest is in the best spot or if there is more to come.”

The Moodoo seismic line

The companys exploration to date has been informed by reprocessing data from the 1987 Moodoo seismic line, which is publicly available information.

Mead said: “The data indicated significant folding within the basement and several structures of interest and around the Orion and Romulan targets identified by Artemis.”

Informed by Havieron results

The companys understanding of the mineralisation was reinforced by Newcrest also using Moodoo seismic line data in its December quarterly report.

Mead said: “While we initially didnt have a view on the orientation of the fold structures, Newcrest has since released information showing where they think theyve got access to the folds.

“They showed whats going on with folding, hinge failure, hydrothermal fluid concentrations, so we have an idea of how the mineralisation flows.

“You could argue there are a lot of structural similarities to Telfer which bodes well for the fact that we are about two kilometres north along trend of Havieron.”

Next steps for exploration

The company has defined seven priority targets worthy of follow-up with further geophysics, geochemistry and drilling planned.

Mead said: “The next step is to do a mobile metal-ion geochemistry program which is exactly what Greatland did over Havieron.

“Partly because of location and ease of access, well be looking to do that around our tenement boundary which surrounds Havieron.”

Artemis has always had an exploration strategy in place but has kept a close eye on its neighRead More – Source