Artemis Resources: Significant Upgrade to Copper and Zinc Resources at Whundo Mine

(firmenpresse) - Artemis Resources: Significant Upgrade to Copper and Zinc Resources at Whundo Mine

Indicated tonnage now 2.6Mt (at) 1.14% Cu and 1.14% Zn for 30,266 t contained Copper and 30,289 t contained Zinc

October 10, 2018 - Artemis Resources Limited (Artemis or the Company) (ASX:ARV, Frankfurt:ATY, US OTC:ARTTF) is pleased to announce a significant improvement in this latest JORC 2012 resource estimate for the companys 100% owned Whundo Copper Mine in the West Pilbara region of Western Australia. The October 2018 resource estimate is classified to JORC 2012 compliant Indicated category.
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Figure 1: Whundo Mine Deposits, 7km from Radio Hill Processing Plant.

Artemis Chief Executive Officer Wayne Bramwell commented:

This resource upgrade has seen a circa 30% uplift in the Whundo sulphide resource to 2.2Mt and contained copper and zinc metal tonnes has grown significantly to 60,000t combined. The shallow oxide resource is entirely new.

Whundo was shut down in 2008 due to low copper and zinc prices. It is a valuable asset, considering it is an approved Mining Lease and is so close to our Radio Hill processing plant. The oxide grade of 1.75% Cu is tantalizing and with this zone extending from near surface to 40m below surface, Artemis is evaluating the integration of SX-EW processing at Radio Hill.

In addition, the larger sulfide zone could provide an additional blending source that could supplement Carlow Castle ore and further enhance copper grade to the Radio Hill Operations.

WHUNDO COPPER PROJECT RESOURCE SUMMARY

The Whundo Copper Project is in the West Pilbara region of Western Australia, ~50 km by road south of Karratha (Figure 1). Access is along the Karratha / Tom Price sealed road, and then mine access tracks. Whundo is on a fully approved mining lease and is located only about 7km from Artemis 100% owned Radio Hill Processing Plant. Whundo was the last ore to be processed through the Radio Hill sulphide plant when the mine and plant were placed in to care and maintenance in 2008 due to low copper prices.

Artemis recently completed RC drilling of the Whundo Copper deposit, aiming to verify older non-JORC compliant drilling and to increase the drill data available in the upper levels of the mineralisation. Previous drilling comprised 870 drill holes of percussion and diamond drilling for a total of approximately 52,586 metres. Artemis Resources have drilled another 64 Reverse Circulation (RC) drill holes and 7 diamond drill holes for an additional 5,490 metres in 2018.
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Figure 2: Whundo Copper Project Location Map.

The Whundo deposit occurs in two zones, Whundo and Whundo West, hosted within a single stratigraphic horizon as a series of NW-NNW plunging shoots, which may be traced on surface over 500m as discontinuous goethite-hematite gossans. The mineralised shoots typically vary from 1m to 5m thick but may thicken to 20m in fold hinge zones. The shoots plunge to the NW at 35-40o with a down plunge extent of up to 150m.

The Artemis drilling results have been merged with the older data. Al Maynard and Associates (AM&A) undertook resource modelling and estimation incorporating both data sets. Fox Resources partially mined both the oxide and fresh zones of the deposit during 2005 - 2008. Previously mined material is excluded from the resource estimate.

AM&A modelled the Whundo/West Whundo deposit, with Minemap software, utilising all available RC and diamond drilling. The grade interpolation method was inverse distance squared (ID2), constrained by mineralisation wireframes derived from drill hole assay intersections.

CLASSIFICATION

AM&A has classified the entire resource as an Indicated Resource, using a resource cut off of Cu% + Zn% x (Zn metal price/Cu metal price) >=0.5%. This is in effect a copper equivalent where a copper metal price of USD$6,058/tonne and a zinc metal price of USD$2,457/tonne was applied. The resource is tabulated by material type (Table 1).

The material type oxide is blocks above the transition surface base digital terrain model (DTM) and fresh material is below the transition surface base DTM.

Table 1: 2012 JORC Estimate for the Whundo Cu-Zn Project
(October 2018 - Indicated Resources)

Material Tonnage Copper Zinc GradeCopper Zinc
Type (tonnes x Grade (Zn %) Metal Metal
1,000) (tonnes (tonnes
(Cu %) Cu) Zn)

Oxide 390 1.75 0.47 6,810 1,839
Fresh 2,260 1.04 1.26 23,456 28,450
Total 2,649 1.14 1.14 30,266 30,289

The JORC Code, 2012, Table 1 Sections 1, 2 and 3 are appended at the end of this announcement.

The October 2018 resource shows an increase in both oxide and fresh material types as compared to the Fox Resources 2012 resources (refer 4 April 2012, - Fox Resources Exploration Update, Public announcement ASX - www.asx.com.au/asxpdf/20120404/pdf/425fyyslg7ldy1.pdf )

DRILLING INFORMING THE WHUNDO PROJECT RESOURCE ESTIMATE

Drilling data used to inform the resource estimate is summarised in Table 2 , this only includes RC and diamond drill holes. The database includes drilling carried out by a number of previous operators stretching back to the 1960s. Historical data has been sourced from an industry standard digital database (Fox Resources) and original hardcopy data. Recent drill data is derived from the Artemis database.

Table 2: Summary list of drill holes used in the resource estimate

Series* Count Hole TypeDepth (m)Year
Drilling by previous operators
PWD1 PWD6 7 DDH 1,418.13
RS5 RS10 5 DDH 404.86
WG1 WG15 13 DDH 2,287.87
69WD1 69WD6 6 DDH 776.35 1969
70WD1 70WD11 11 DDH 1,182.33 1970
74WRC1 74WRC35 35 RC 1,468.47 1974
75WRC1 75WRC55 55 RC 1,922.66 1975
89NWRC1 89NWRC6 6 RC 468.00 1989
W94D1 W94D2 2 DDH 90.60 1994
98WDRC001 98WDRC01313 RC 880.00 1998
WHRC001 WHRC356 349 RC 25,660.002004
WHRCD178 WHRCD236 17 RC and RC1,699.70 2004
WHMET1 1 DDH 44.00 2004
WHDD001 WHDD029 27 DDH 2,079.80 2005
AURCD001 1 RCDDH 264.00 2006
AURC006 AURC011 3 RC 762.00 2006
WHGC001 WHGC045 45 RC 2,238.00 2006
WHGD001 1 51.40 2006
BEDD001 1 DDH 340.10 2006
SUBTOTAL 598 44,038.27
Artemis drilling
AWRC001 AWRC056 56 RC 3,528.00 2018
AWRC089 AWRC096 8 RC 1,230.00 2018
18WHAD001 18WHAD0077 DDH 732.00 2018
SUBTOTAL 598 5,490
TOTAL 669 49,528.27

The Artemis drilling had two purposes, one to infill less well drilled areas and the other to verify some of the older drilling to increase confidence in the original data that had been merged with the Artemis data. Figure 3 below depicts the relationship between some of the Artemis drilling and some of the original drilling. It can be readily seen that the correlation between the two phases of drilling is satisfactory.
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Figure 3: Artemis drilling (AWRC prefix) and prior original drilling colour coded for Cu% + 0.5 x Zn%

RESOURCE MODEL

The resource was modelled by wireframing the mineralisation to reflect the geometry of the individual shoots. The boundary was based on a combination of Cu and Zn assays where the boundary value metal %, was Cu%+Zn%*(2457/6058) >0.5.

This method of boundary definition was selected due to the correlation between Cu and Zn and the potential for them to be recovered through a proposed flotation circuit at Radio Hill. Some internal dilution was included to facilitate improved continuity with other adjacent drill intersections. Internal dilution was not included if the result was to reduce the total intersection below 0.5%.

The Cu and Zn grades were estimated separately using ID2 with the search ellipse reflecting the interpreted geology. Figure 4 below is a 3D perspective view of the total block model, including material types denoted as oxide and fresh. The interface between these material types, the transition surface base, is generally about 35m to 45m below natural surface.
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Figure 4: Whundo Project block model, colour coded for Cu% grade, with drill hole traces and the as mined pits/topography DTM

The cross section on 492500E (Figure 5) through the Whundo mineralisation shows the relationship between high grade remnant mineralisation in the Whundo pit wall and as yet unmined mineralisation to the west of slightly lower grade than once existed inside the pit. Blocks and drill holes are colour coded for Cu%.
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Figure 5: Whundo Cross section (492500E - looking west)

For further information on this announcement or the Company generally, please visit our website at www.artemisresources.com.au or contact:

Edward Mead
Executive Director
Telephone: +61 407 445 351

Wayne Bramwell
Chief Executive Officer
Telephone: +61 417 953 073

David Tasker
Advisor - Chapter One
Telephone : +61 433 112 936

COMPETENT PERSONS STATEMENT

The information in this announcement that relates to the Whundo Project Resource is based on the Whundo Project Resource Report written by Mr Philip A Jones, who is a Member of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Jones is a consultant working for Al Maynard & Associates (AM&A) who were engaged by Artemis Resources to prepare the report and undertake the resource estimation for the Whundo Project for the period ending 30 September 2018. Mr Jones has sufficient experience that 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 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

Mr Jones consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.


BACKGROUND INFORMATION ON ARTEMIS RESOURCES

Artemis Resources Limited is an exploration and development company focussed on its large (~2,400 km2) and prospective base, battery and precious metals assets in the Pilbara region of Western Australia. Artemis owns 100% of the 500,000 tpa Radio Hill processing plant and infrastructure, located approximately 35 km south of the city of Karratha.

The Company is evaluating 2004 and 2012 JORC Code compliant resources of gold, nickel, copper-cobalt, PGEs and zinc, all situated within a 40 km radius of the Radio Hill plant.

Artemis have signed Definitive Agreements with Novo Resources Corp. (Novo), which is listed on Canadas TSX Venture Exchange (TSXV:NVO), and pursuant to the Definitive Agreements, Novo has satisfied its expenditure commitment, and earned 50% of gold (and other minerals necessarily mined with gold) in conglomerate and/or paleoplacer style mineralization in Artemis tenements within 100 km of the City of Karratha, including at Purdys Reward (the Gold Rights). The Gold Rights do not include:

(i) gold disclosed in Artemis existing (at 18 May 2017) JORC Code Compliant Resources and Reserves; or
(ii) gold which is not within conglomerate and/or paleoplacer style mineralization; or
(iii) minerals other than gold.

Artemis Mt Oscar tenement is excluded from the Definitive Agreements. The Definitive Agreements cover 36 tenements / tenement applications that are 100% owned by Artemis.

Pursuant to Novos successful earn-in, two 50:50 joint ventures have been formed between Novos subsidiary, Karratha Gold Pty Ltd (Karratha Gold) and two subsidiaries of Artemis (KML No 2 Pty Ltd and Fox Radio Hill Pty Ltd). The joint ventures are managed as one by Karratha Gold with Artemis and Novo contributing to further exploration and any mining of the Gold Rights on a 50:50 basis.

FORWARD LOOKING STATEMENTS AND IMPORTANT NOTICE

This report contains forecasts, projections and forward-looking information. Although the Company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions it can give no assurance that these will be achieved. Expectations, estimates and projections and information provided by the Company are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are out of Artemis control.

Actual results and developments will almost certainly differ materially from those expressed or implied. Artemis has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this announcement. To the maximum extent permitted by applicable laws, Artemis makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this report and without prejudice, to the generality of the foregoing, the achievement or accuracy of any forecasts, projections or other forward looking information contained or referred to in this report.

Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Companys securities.

To view entire original news including JORC-Code, please follow the link:
https://www.asx.com.au/asxpdf/20181010/pdf/43z3kv6fmq19t6.pdf

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Datum: 10.10.2018 - 18:11 Uhr
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