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Artemis Resources testing targets at Paterson Central near Havieron gold-copper discovery

The company believes the project, which adjoins the Havieron discovery and is only 40 kilometres from the Telfer gold-copper mine, is highly prospective.

Artemis Resources Ltd - Artemis Resources begins geochemistry program at Paterson Central Gold Project
Results will inform a maiden drill program which is expected to begin in July

Artemis Resources Ltd (ASX:ARV) has started a geochemistry program to test targets at its 100%-owned Paterson Central Project, which is next to the world-class Havieron gold-copper discovery in WA's East Pilbara.

Paterson Central covers 605 square kilometres and is around 40 kilometres east of Newcrest Mining Limited's (ASX:NCM) multi-million-ounce Telfer Gold-Copper Mine and also adjoins that company's Havieron JV project, which was discovered by Greatland Gold PLC (LON:GGP).

Based on magnetic and gravity survey results, Artemis has identified 13 targets with the priority for the geochemistry on seven which surround Havieron.

“A rare opportunity”

Artemis executive director Alastair Clayton said: “Our 100%-owned Paterson Central Project in Western Australia’s East Pilbara is a rare opportunity to explore virgin ground surrounding and proximal to Havieron, which some analysts are already labelling a Tier-1 gold-copper discovery.

“Artemis is pursuing this highly prospective greenfields opportunity on a 100% basis to provide shareholders maximum leverage to exploration success."

The proposed geochemistry program target areas are highlighted on the right-hand side

Prime position

Reprocessing of the Moodoo NC87-13, a 1987 Seismic line that coincidently covered the Paterson Central tenement, has shown folding and complexity in the basement which is supported by drilling information released in Newcrest’s December 2019 quarterly report.

Clayton said: “Our geological model contends that mineralisation in and around Paterson Central is not just associated with the discrete Havieron intrusion ‘bullseye’.

“It is our belief that multiple mineralising events have been channelled into locally folded metasedimentary rocks via regional fault and splay structures that are indicated via geophysics and seismic data to continue through Artemis’ Paterson Central ground.

“We are watching with interest the ongoing results from the nine-rig drilling campaign being carried out by Newcrest and Greatland at Havieron for indications of potential multiple deposits and will adjust our Paterson Central drill program design accordingly.”

Next steps

The geochemistry program involves soil sampling which, as low-impact exploration, does not require heritage or government approval.

The samples will be dispatched for analysis using both the MMI and Ionic Leach techniques.

Greatland Gold has used a 200-metre x 200-metre square sampling grid in its work and Artemis’ sample density will be of a similar density for the sample area.

The results are expected in 4-5 weeks and will help identify maiden drill targets with the aim to commence a maiden drilling campaign for Paterson Central in July.

Shares are up more than 10% to 3.1 cents.

Quick facts: Artemis Resources Ltd

Price: 0.065 AUD

ASX:ARV
Market: ASX
Market Cap: $67.2 m
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