Artmeis

NEW LARGE 20,000S EM TARGET AT ZAC PROJECT – Karratha, Western Australia

Highlights:

• Recent high powered SAM geophysicalsurveying hasidentified multiple “high-order” Galvanic Source Electromagnetic (GSEM) targets within a broader VTEM target area.
• Follow up ground FLTEM has refined the primary RW1 target as having a conductance of 15,000 to 20,000 Siemen (S)+ with a time constant of ~380msec, from one conductor of 175 x 400m areal size and estimated at only 75-100m from surface dipping at 20-30 degrees.
• This target has a similar geophysical signature to that of the Radio Hill Nickel Deposit, located 12km to the south.
• The FLTEM anomalies are prospective for nickel, copper and cobalt with the Ruth Well Ni/Cu/Co deposit located within the Zac Project area.
• Drilling will be undertaken as soon as POW’s are approved by DMIRS.

 

Artemis Resources Limited (“Artemis” or “the Company”) (ASX: ARV) advises that it has recently
completed a Gap Geophysics SAM survey which has identified several higher priority GSEM targets
(Figure 1). Vortex geophysics subsequently completed FLTEM over 3  of the primary
GSEM targets. Russell Mortimer of Southern Geoscience Consultants (SGC) managed the overall
programme.

Figure 1: (Pictured) Zac Project – Location of newly identified FLTEM anomalies with historical drill collars, with
back ground GSEM Channel 14. (RW1 (main) – ~15,000 – 20,000S+ (low frequency sounding indicates could be higher – time constant ~380msec). Very high conductance, RW2 (main) – ~3,500 – 4,000S – moderate to high conductance (time constant ~80msec) and RW3 (main) – ~3,000 – 4,000S – moderate to high conductance (time constant ~30msec).

Artemis’s geophysical consultant, Russell Mortimer made the following comments;

“Broader high-resolution SAM surveying has presented several clear, discrete, shallow level GSEM
targets and detailed structural information. Subsequent optimised follow-up FLTEM surveying has
been very successful in delineating highly conductive bedrock targets in the vicinity of widespread,
historic Ni/Cu sulphide mineralisation and presenting compelling, robust drill targets.”

The Zac Project is on granted Exploration tenement (E47/3487). A Programme of Work (POW) has been
submitted to the Department for Mining Industry Regulation and Safety (DMIRS) for drilling. The western RW1 target  is looking the strongest target conductor wise at this stage, however both RW2  and RW3  loops have defined strong discrete conductors as well, so a very successful programme.

There is no historic drilling on the prime RW1 target, and there has only been 2 drill holes of 25 metres depth on the RW2 area, drilled by Westfield in 1971. These shallow holes intersected significant copper  and nickel mineralisation close to surface. No holes have been drilled through any of the conductor plates.

The only two drill holes* drilled in RW2 intersected;
• 3.65m @ 1.53% Ni from 7.32m (71RWP245)
• 5.95m @ 0.69% Cu from Surface and 3.66m @ 0.8% Cu from 12.8m (71RWP227)

*The historical drilling results referred to in this release were obtained by previous explorers. Information pertaining to the drilling, sampling and assaying techniques has been extracted from reports lodged in 1972 with Geological Survey of Western Australia (GSWA) in WAMEX Report A109242. The RW3 target to the west of Ruth Well Ni/Cu/Co Deposit and on E47/3341 was drilled by Titan Resources in 1989 with a single 94-metre-deep drill hole, which intersected disseminated sulphides of pyrrhotite and chalcopyrite of 1%, but no significant assay results were recorded. Without Down Hole Electromagnetics (DHTEM), the Company is unsure of whether the conductor was intersected. Drilling of 4 other shallow drill holes in 1971 by Westfield/Agip did not intersect or record mineralisation.

Next Steps:

Artemis has submitted POW’s for drilling of all conductors and will undertake this drilling as a priority
based on the high conductance responses from FLTEM. DHTEM to be used on all drill holes to validate and search for off hole conductors. Based on drilling success on any of the new targets, additional deeper searching FLTEM will be utilised over the greater project area where GSEM has identified numerous other targets and trends.

More information and images can be found here.

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