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Artemis Resources Limited — Interim / Quarterly Report 2012
Apr 25, 2012
10429_rns_2012-04-25_bc1e57da-0831-4c27-993b-8f0dc699f62e.pdf
Interim / Quarterly Report
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ASX QUARTERLY 26 April 2012
About Artemis Resources
Artemis Resources is an ASX-listed mineral exploration company with a focus on gold.
Key Gold Projects
Mt Clement (WA) Yandal (WA)
Artemis’ corporate strategy is to maximise shareholder returns through a combination of exploration success and quality project acquisition.
The Company's focus on gold is viewed as an important growth strategy for the company.
QUARTERLY ACTIVITIES REPORT MARCH 2012
Highlights
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Induced Polarisation (IP) work completed with anomalies indicating potential to host large gold resource
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47 drill targets identified with 27 high priority targets to be covered in first pass drilling programme of 4,000 metres to commence in Q2 2012
Yandal Project
During the quarter Artemis completed the undertaking and analysis of 33 km of Induced Polarisation (IP) surveys at its Yandal Gold Project located on the Yandal Greenstone Belt in the Western Australian Goldfields region (see figure 2).
Australian Securities Exchange
Code: ARV
Contact
Guy Robertson Executive Director Tel: +61 2 9078 7670
Tony Dawe Investor Relations Tel: +61 8 9388 0944 Mob: +61 (0) 415 096 804
The IP surveys have successfully defined anomalies within favourable greenstone host rocks and/or structures. The anomalies identified by the Artemis exploration team are interpreted to be quite large bodies of disseminated sulphide, with potential to host deposits of +1Moz gold, similar to the Bronzewing and Jundee gold projects, which lie on the Yandal Greenstone Belt.
Lowlands
The results of the induced polarisation (IP) survey strongly support the existence of deep‐seated steep structures as these features coincide with a very pronounced chargeability anomaly outlined along all four IP traverses (see figure 1). These anomalies are interpreted to represent disseminated sulphides with an excellent potential to host a large gold resource such as at Bronzewing (2.3moz), Jundee (5.4moz) and Darlot (2.9moz).
Initially Artemis plans to drill a total of 17 RC holes in the Lowlands area to drill test the most promising targets.
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Artemis Resources Limited ABN: 80 107 051 749 Telephone: +61 2 9078 7660 | Facsimile: +61 2 9078 7661 | Email: [email protected] Level 9, 50 Margaret Street, SYDNEY NSW 2000 | PO Box R933 Royal Exchange, NSW 1225 Australia
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Palaeochannel Areas:
At three locations between the Forked Stick and Sandalwood gold prospects, a total of five orientation IP lines (see figure 1) were completed to test beneath palaeochannels which are thought to have developed over large intersecting linear features. A total of 8 induced polarisation (IP) anomalies were detected below these channels and these may reflect structurally controlled sulphide concentrations associated with gold. These areas have never been tested by drilling.
Artemis has selected the four most pronounced areas of high chargeability for drill testing.
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Figure 1: Yandal Project – Drill Targets for Q2 2012
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Sandalwood Nickel Gossan
Artemis plans to drill a total of six holes at Sandalwood where geological mapping and sampling have identified nickel sulphide gossans associated with a pronounced aerial magnetic high. A subsequent ground geophysical survey outlined four conductive bodies which will be tested by drilling. Nickel sulphide deposits in the area include Mount Keith (2.7Mt nickel) (BHP), Perseverance (1.3Mt Nickel) (BHP) and Honeymoon Well (1.1Mt nickel) (Norilsk).
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Figure 2. Location map ‐ Artemis Yandal Project, Yandal Greenstone Belt
Mount Clement Project
Artemis undertook limited work on the Mount Clement project during the quarter.
Corporate
Artemis is continuing to review acquisition opportunities. As at 31 March 2012 the Company had $3.8 million in cash and realisable securities.
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Artemis Resources Limited ABN: 80 107 051 749 Telephone: +61 2 9078 7660 | Facsimile: +61 2 9078 7661 | Email: [email protected] Level 9, 50 Margaret Street, SYDNEY NSW 2000 | PO Box R933 Royal Exchange, NSW 1225 Australia
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About Artemis Resources
Artemis Resources Limited is a resources exploration company with a focus on its prospective Yandal and Mount Clement gold projects in Western Australia. These projects have significant exploration potential and close proximity to existing important deposits or producing mines. Artemis aims to develop a significant gold inventory through exploration and acquisitions which have the potential to become mines and create shareholder value.
| Board of Directors and Management | Registered Office |
|---|---|
| Guy Robertson | Artemis Resources Limited |
| 50 Margaret Street | |
| Frans Voermans | Sydney, NSW, 2000 |
| AUSTRALIA | |
| Shannon Coates | |
| Phone: (+61) (2) 9078 7670 | |
| Facsimile: (+61) (2) 9078 7661 | |
| www.artemisresources.com.au | |
| Share Registry | |
| Security Transfer Registrars Pty Ltd | |
| 770 Canning Highway | |
| Applecross, WA, 6153 | |
| AUSTRALIA | |
| Phone: (+61) (8) 9315 2333 | |
| Facsimile: (+61) (8) 9315 2233 | |
| www.securitytransfer.com.au | |
| Please direct all shareholding enquiries to the share registry |
The information in this document that relates to Exploration Results is based on information compiled by Mr Frans Voermans, who is a Fellow of The Australasian Institute of Mining and Metallurgy.Mr Voermans has sufficient Experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Voermans, who is a non-executive Director of the Company, consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
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Artemis Resources Limited ABN: 80 107 051 749 Telephone: +61 2 9078 7660 | Facsimile: +61 2 9078 7661 | Email: [email protected] Level 9, 50 Margaret Street, SYDNEY NSW 2000 | PO Box R933 Royal Exchange, NSW 1225 Australia