TIDMARV
RNS Number : 7414Z
Artemis Resources Limited
16 January 2024
Artemis Resources Limited
("Artemis" or the "Company")
Quarterly Activities Report
For the period ending 31 December 2023
Highlights :
Osborne Joint Venture (ARV 49%, GRE 51%)
-- Three diamond drill holes completed on the Osborne JV
tenement including two at the Southern pegmatite trend and one at
the Kobe pegmatite trend
-- Assay results pending for drill samples with selected samples
submitted for mineral identification analysis
-- Pegmatite intersections up to 24.6m thick, c. 550m down dip
of Osborne trend lithium pegmatite surface outcrops.
-- Significant mineralised lithium rock chip samples reported on
the Kobe and Southern trends included:
-- 1.82 % Li(2) O (Sample 23GT20-509)
-- 1.41% Li(2) O (Sample 23GT30-531)
-- 1.27 % Li(2) O (Sample 23GT20-505)
-- 2.3% Li(2) O (Sample No 23GT20-155)
-- 2.4% Li(2) O (Sample No 23GT20-232)
-- 1.5 % Li(2) O (Sample No 23GT20-233)
Artemis Lithium Project (ARV 100%)
-- Ground reconnaissance program under review. Work underway to
target under-explored areas within 100% Artemis tenement
E47/1746
-- Pegmatites previously identified with elevated levels of
lithium-caesium-tantalum (LCT) and rubidium mineralisation to be
the subject of further exploration
-- Ground activities re-commenced late 2023.
Greater Carlow Project - Lulu Creek
-- $82,500 of Western Australian State Government Exploration
Incentive Scheme (EIS) funding received
-- RC (reverse circulation) multi-hole drill program to be
designed and implemented within first half of 2024
Corporate
-- $2.03m raised via equity placement (before costs)
-- Cash balance of $1.56 million and ASX share investments of $3.2 million at 31 December 2023
-- Approximately 167 million options outstanding with exercise
price $0.025, with a number of option holders indicating intention
to exercise
Figure 1 . Artemis Resources Lithium Project and Osborne JV
Location Map
Osborne Joint Venture (Artemis 49% GreenTech 51%)
Three diamond drill holes totalling 1404m were completed with 1
hole located on the Kobe trend and two holes in the Southern
pegmatite zone (Figures 2 and 3). The program was aimed at
gathering stratigraphic and structural information relating to
these pegmatite trends which will be used to refine a follow-up RC
drill program anticipated to get underway in the first quarter
2024. Details of the completed drill program are as follows:
Drill Hole Easting Northing Azmith deg Dip deg EOHm Prospect
Id
23GTDD001 493160 7691875 176 -40 810.2 South Zone
----------- ------------ -------------- ----------- --------- --------------
23GTDD002 493509 7691879 195 -50 279.2 South Zone
----------- ------------ -------------- ----------- --------- --------------
23GTDD003 485941 7693630 10 -40 315.1 Kobe
----------- ------------ -------------- ----------- --------- --------------
Figure 1. Schematic Cross Section 23GTDD001
Figure 2 . Southern Trend Drill hole locations
Figure 3. Kobe Trend Drill Hole Locations
Further rock chip sampling confirmed the consistency of the Kobe
lithium trend which now extends beyond 7.5km in strike length,
including more than 1.5km on the Osborne JV ground. Significant
mineralised lithium samples included:
-- 1.82 % Li(2) O (Sample 23GT20-509)
-- 1.41% Li(2) O (Sample 23GT30-531)
-- 1.27 % Li(2) O (Sample 23GT20-505)
Additionally, further rock chip sampling at the Southern lithium
trend included s ignificant mineralised lithium samples below:
-- 2.3% Li(2) O (Sample No 23GT20-155)
-- 2.4% Li(2) O (Sample No 23GT20-232)
-- 1.5 % Li(2) O (Sample No 23GT20-233)
These results are further evidence of the consistency of the
high grade lithium mineralisation on the Osborne JV tenement and
provides the Company with confidence for the next phase of
exploration activity.
Figure 4 : Lithium pegmatite zones across the southern area of
the Osborne project with significant (>0.5%) Li(2) O rock chip
assays reported
Artemis 100% Lithium Project
Exploration during the quarter was focused on the central
portion of exploration licence E47/1746 where historic soils
highlighted elevated lithium and associated pathfinder elements
around the margins of the Andover mafic intrusive.
Figure 5 . Pegmatite evaluation area previously identified
Review of the previous work has been undertaken with the view to
recommence ground exploration activity in Q1 2024. Some early stage
ground work commenced late in 2023 with a small number of rock chip
samples taken and submitted to the lab for assay. This work will
continue early in 2024 and seek to expand beyond the originally
mapped reconnaissance areas.
Greater Carlow Project (ARV 100%)
Lulu Creek IP - Gold Target
An Exploration Incentive Scheme (EIS) grant of $82,500 was
received [from the West Australian State Government] during the
quarter to assist with drilling RC holes at the Lulu Creek gold
project. Through a previously conducted high-resolution dipole -
dipole IP (induced polarisation) geophysics survey at Lulu Creek,
high level chargeability anomalies that may represent disseminated
sulphides within the exploration area were identified. Subject to
further modelling and interpretation of the IP chargeability and
resistivity bodies and a heritage survey across the prospect,
drilling can be undertaken and is anticipated to be completed
within H1 2024.
Figure 6. Lulu Creek anomalies identified through IP Survey.
Paterson Central Project
No Activities completed during the quarter.
Forward Exploration Activity - Q1 CY 2024
Osborne Lithium Joint Venture: Once drill assay results have
been received from the lab and assessed for QA/QC, they will be
released to the market. Follow up drill programs can then be
considered and implemented, with heritage clearances and programs
or work already in place.
Additionally, Artemis will look to continue ground
reconnaissance lithium exploration on its 100% owned tenements with
a view to expand known mineralisation in the region.
Corporate
Management Restructure
On 31 October 2023, Mr George Ventouras was appointed as an
Executive Director of the Company. George has over 15 years'
experience in the resources sector and has substantial experience
in business development, corporate restructuring, listing and
promoting ASX companies and marketing.
Mr Daniel Smith resigned as a director on 31 October 2023 and Dr
Simon Dominy resigned as a Director post quarter end on 9 January
2024.
The Company appointed Mr Christopher Kelsall as a director of
the Company on 9 January 2024.
Chris has over 30 years' international commercial and corporate
finance experience, with leadership roles spanning business
development, finance, strategy, transformation, operations, risk
management and external stakeholder relations.
Chris holds degrees in Economics and Law from the University of
Western Australia and a Masters in Finance from London Business
School.
Financial Resources
During the quarter, the Company successfully completed a
placement to raise $2.03m before costs, through the issue of
112,777,777 shares at $0.018 each. In addition, the Company issued
67,388,884 options with an exercise price of $0.025 and an expiry
date 9 March 2026. The Company is applying to the ASX to have these
options listed.
Funds raised will be used for exploration at the Osborne JV, the
Artemis 100% owned ground, the Lulu Creek gold project and for
general working capital purposes.
The Company had cash on hand at the quarter end of $1.56
million. In addition, the Company has $3.2 million in ASX listed
investments.
The Company paid $158k to directors during the quarter for
salaries and consulting fees.
This report was approved for release by the Board.
For further information contact:
Artemis Resources Ltd
George Ventouras, Executive george.ventouras@artemisresources.com.au
Director
WH Ireland Limited (Nomad &
Broker)
Antonio Bossi / James Bavister Tel: +44 20 7220 1666
/ Isaac Hooper
About Artemis Resources
Artemis Resources Limited (ASX/AIM: ARV; FRA: ATY; US: ARTTF) is
a gold, copper and lithium focused resources company, with projects
in Western Australia. The Karratha Lithium Project, the Osborne
Lithium JV (Artemis 49%; GreenTech Metals (ASX:GRE) 51%) and the
Greater Carlow Castle gold-copper-cobalt project in the West
Pilbara; and, the Paterson Central project in the Paterson Province
(located adjacent to Greatland Gold / Newcrest's recent gold-copper
discovery at Havieron).
Artemis also owns the Radio Hill processing plant, the only
processing plant in the West Pilbara region, 35km from
Karratha.
For more information, please visit
www.artemisresources.com.au
Information Relating to Previous Disclosures
23/08/2023 IP Survey Identifies New Gold Targets at Lulu Creek
5/10/2023 Multiple Pegmatites Discovered on Artemis 100% Tenure,
Osborne Delivers Further High Grade Rock Chips Including 2.4%
30/10/2023 Further High Grade Rock Chip Samples - Osborne Lithium JV
6/11/2023 Drilling Commences at Osborne Joint Venture Lithium Project
8/11/2023 Artemis Receives Firm Commitments to Raise $2m
13/11/2023 Lulu Creek Awarded Exploration Incentive Scheme Funding
29/11/2023 Maiden Diamond Drill Hole Completed Osborne Joint Venture
21/12/2023 Diamond Drilling Complete West Pilbara Lithium JV
Appendix 1
Schedule of tenements holdings at end of Q2. All tenements are
in Western Australia
Tenement Project Holder Holding Status
E47/1797 Greater Carlow KML No 2 Pty 100% Live
Ltd
-------------------- --------------------- ----------- ----------
E47/1746 Cherratta KML No 2 Pty 100% Live
Ltd
-------------------- --------------------- ----------- ----------
E47/3719 Osborne KML No 2 Pty 49% Live
Ltd
-------------------- --------------------- ----------- ----------
P47/1972 Cherratta KML No 2 Pty 100% Live
Ltd
-------------------- --------------------- ----------- ----------
M47/337 Radio Hill Fox Radio Hill 100% Live
Pty Ltd
-------------------- --------------------- ----------- ----------
M47/161 Radio Hill Fox Radio Hill 100% Live
Pty Ltd
-------------------- --------------------- ----------- ----------
E47/3361 Radio Hill Elysian Resources 100% Live
Pty Ltd
-------------------- --------------------- ----------- ----------
L47/93 Radio Hill Fox Radio Hill 100% Live
Pty Ltd
-------------------- --------------------- ----------- ----------
E45/5276 Central Paterson Armada Mining 100% Live
Pty Ltd
-------------------- --------------------- ----------- ----------
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