Artemis: High Grade Cobalt Drilled Over 1.2km at Carlow Castle West Pilbara, Western Australia

(firmenpresse) - High Grade Cobalt Drilled Over 1.2km at Carlow Castle West Pilbara, Western Australia

HIGHLIGHTS:

- Assay results from 24,655m of drilling now returned from Carlow Castle Co/Au/Cu Project.
- Only 1.2km of >12km potential strike drilled to date.
- Updated JORC Resource estimation process now underway.
- Carlow Castle deposit now classified as a brecciated basalt within a major shear zone.

Best intercepts reported to date include:

Cobalt:
- 16m at 0.94% Co, 7.62g/t Au and 3.51% Cu from 36m (ARC033a)
- 17m (at) 0.61% Co, 1.86g/t Au, and 0.05% Cu from 88m (ARC 168)
- 6.5m (at)2.32% Co, 23.44g/t Au and 10.35% Cu from 47m (18CCAD009)
Gold:
- 11m (at) 14.07g/t Au, 0.79% Co, and 3.41% Cu from 32 m (ARC008)
- 16m (at) 7.62g/t Au, 0.94% Co and 3.51% Cu from 36m (ARC0033a)
- 22m (at) 6.10g/t Au, 0.55% Co and 2.35% Cu from 133m (18CCAD010)
Copper:
- 11m (at) 3.41% Cu, 14.07g/t Au and 0.79% Co from 32m (ARC008)
- 33m (at) 2.11% Cu, 2.68g/t Au, and 0.28% Co from 117m (ARC 149)
- 11m (at) 2.07% Cu, 5.12g/t Au, and 0.43% Co from 109m (ARC 157)

Artemis Resources Limited (Artemis or the Company) (ASX:ARV, Frankfurt:ATY, US OTC:ARTTF) announces that high grade cobalt, copper and gold mineralisation has now been extensively drilled over a continuous strike of 1.2km from a target of over 12km in strike length at its 100% owned Carlow Castle Project located 30km from Artemiss Radio Hill processing plant.

All drill results have now been received from the extensive 24,655m drilling programme and a new JORC 2012 compliant resource is now being estimated and is scheduled to be delivered this quarter. The Company is expecting a significant increase in the previous maiden JORC resource as reported in January 2018.

Artemis Executive Director Ed Mead commented:

Carlow Castle was one of the first ever cobalt discoveries in Australia in the 1920s and since intersecting cobalt grades up to 6.5% in the early stages of this drilling programme, this project continues to deliver outstanding results.

The Company has drilled 10% of the 12km target zone and sees multiple opportunities to grow this project. Metallurgical testwork is well advanced and a significant new JORC resource is expected this quarter.

Artemis is now making plans for an aggressive new drilling programme with multiple rigs to expand this resource well beyond what has been defined to date. Carlow Castle is a very exciting project and one that can add significant long-term value to Artemis.

LATEST PROGRAMME RESULTS

The drilling at Carlow Castle has been focussed on an initial 1.2km of a 4km mineralised trend identified using Sub Audio Magnetics (SAM) geophysics and geochemistry. The strike extension that is being targeted is over a >12km trend, from Carlow Castle to Sing Well gold workings (Figure 1), which is yet to have SAM completed.

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Figure 1: Conceptual Prospective Zones at Carlow Castle based on current interpretation of data.

Mineralisation has also been intersected in a north-south orientation from Quod Est to Carlow Castle South (over 500 metres), with the main strike of mineralisation at Carlow Castle being east-west (Figure 2).

The objective of drilling to date was to infill and extend the 1.2km east-west strike and seek to join Quod Est, Carlow Castle South and Carlow Castle South East into one larger resource. This east-west trend remains open along strike and at depth. The north-south orientation mineralisation remains open with potential parallel lodes as seen in Figure 3.
The last results received from Carlow Castle has identified:

- a new mineralised zone to the east of Quod Est (ARC170) of 7m (at) 1.86g/t Au, 0.07% Co and 1.29% Cu from 92m including 2m (at) 5.91 g/t Au, 0.19% Co and 2.9% Cu from 92m (Figure 4), and
- A down dip extension in Carlow Castle South (ARC189) of 14m (at)1.24g/t Au, 0.08% Co and 0.32% Cu from 283m including 3m (at) 2.03 g/t Au, 0.15% Co and 0.29% Cu (Figure 5).

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Figure 2: Carlow Castle Drill Plan (1.2km x 0.5km wide with sections depicted within this release.)

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Figure 3: Schematic of Carlow Castle Mineralisation distribution based on the 1000ppm(0.1%) Copper halo.

The mineralisation at Carlow Castle is hosted in chloritic shear and breccia zones, within the predominantly Archean mafic sequence. The ore zones appear partially oxidised above 20m, with sulphides extending to depth.

The primary sulphides are chalcopyrite, cobaltite and pyrite with the presence of chalcocite and native copper in some samples indicating supergene enrichment in the upper portions of the sulphide zone.
Several more structures with the same orientation cut the mineralisation; these are generally thought to create jogs in the system rather than significant fault offsets. The majority of the faults were initially identified from the SAM geophysics. The structures offsetting the western limits of Carlow South also appear to offset the northern extent of the Quod Est mineralisation.
At this stage the mineralisation appears offset to the southwest at the western limits and to the northeast at the eastern limits.

Section 7698940mN (Quod Est)

A drill traverse was completed to evaluate the potential for parallel lode systems to the east of the high grade Quod Est mineralisation (refer Figure 4) with 2 zones of blind mineralisation intersected. The intersections assume significantly more importance as they indicate the potential presence of a subparallel system of lodes within the central Carlow Castle project area, which has not been investigated.

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Figure 4 - Quod Est Section 7698940mN

Section 507480mE (Carlow Castle South)
As Artemis is acquiring more analytical data it is apparent that the shear and mineralised envelope at Carlow South mineralisation is clearly enclosed by a 1,000ppm Cu (0.1% Cu) halo. This does not seem to apply as clearly within the higher grade Quod Est zone, as potentially this reflects the host lithologies.

Mineralisation intersected by drilling ARC189 in Carlow Castle South (Figure 5) shows a steep south dip and has intersected mineralisation at approximately 270m below surface, confirming the potential of deeper extensions in the Carlow Castle system.

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Figure 5 - Carlow Castle South Section 507480mE with 1,000ppm (0.1%) Cu halo

Section 507520mE (Carlow Castle South )

The southerly dip has increased on this section and will require additional holes from the south to fully define the high grade mineralisation intersected to date. The mineralisation at Carlow South (Figure 6) has been offset by numerous northeast/southwest orientated faults and significantly offset at the current east and west limits.

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Figure 6 - Carlow Castle South Section 507520mE with 1,000ppm (0.1%) Cu halo

Section 507560mE (Carlow Castle South)

The numerous high-grade zones forming discrete systems are fully enclosed within this 1000ppm Cu halo and are dipping steeply to the south with the southern extents of the mineralisation being fault bounded on this drill section.

Section 507560mE is indicative of an area where additional scissor and diamond drilling is required to better define the orientation of the structures, as the mineralisation is within a shear zone and this shear is inferred to be producing sigmoidal or lenses shaped ore zones with variable dips (Figure 7). The mineralisation is open at depth below 200m from surface and proposed future drill holes will assist in determining the true width of the mineralised system.

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Figure 7 - Carlow Castle South Section 507560mE with 1,000ppm (0.1%) Cu halo

Section 507600mE (Carlow Castle South)
Until some diamond drill data is obtained to understand the structures of the high-grade mineralisation on this section (Figure 8) the reverse circulation data is being viewed as defining bulk mineralisation.
Supergene influences appear present with the higher copper grades towards surface, the lack of cobalt in the higher intersections may relate to this or simple zonation within the shear breccia system.

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Figure 8 - Carlow Castle South East Section 507600mE with 1,000ppm (0.1%) Cu halo

Section 506700mE (Carlow Castle South)

The extent of the mineralized zone on Section 506700mE (Figure 9) appears defined by the 1000ppm (0.1%) Cu halo, some of the width of the halo near surface can be ascribed to supergene effects.

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Figure 9 - Carlow Castle South East Section 506700mE with 1,000ppm (0.1%) Cu halo


Section 506860mE (Carlow South)

The mineralized zone on section 506860mE (Figure 10) appears closely defined by the 1000ppm (0.1%) Cu halo, this suggests potential exists to the north of ARC159.

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Figure 10 - Carlow Castle South East Section 506860mE with 1,000ppm (0.1%) Cu halo

Section 507440mE (Carlow Castle South)
Drilling has been designed to define the mineralised shear zones along strike, with the 1,000ppm Cu (0.1% Cu) halo showing definition of the general mineralised zone with high-grade zones within this envelope. On section 507440mE (Figure 11) faulting has most likely separated the mineralisation into upper and lower zones and both zones sit within the general 1,000ppm Cu (0.1% Cu) halo.
Mineralisation also remains open down dip and down plunge.

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Figure 11 - Carlow Castle South Section 507440mE with 1,000ppm (0.1%) Cu halo

LOOKING FORWARD - A Regional Perspective
Artemis has identified that the Carlow Castle Co-Au-Cu system lies within a prospective geological zone (Figure 12) based essentially on the distribution of the Archean basalt in the Pilbara Supergroup which forms the basement sequence. The geochemically prospective zones are based on Gold and Cobalt distributions derived from Ionic geochemistryTM. This targeting is further refined by the SAM geophysical surveys which highlight subtle electro-magnetic responses and appear to very accurately define structural features.

Ongoing exploration will focus on the areas immediately east and west of the existing Carlow drilling forming a high priority area approximately 5km long (including the existing Carlow project zone), exploration will also continue on the western extensions of the prospective geology where significant cobalt geochemical responses have been obtained. Coupling the geology and geochemistry indicates a total prospective strike >12km.
Diamond drilling comprises approximately 6.5% of total drilling to date at Carlow Castle and this will be increased to assist with future structural and geotechnical studies.
Heritage clearances surveys have been completed to the east and west of the drilling area, with only several small areas requiring avoidance identified within the area of interest. An Approved Program of Work (POW) exists for additional exploration drilling to the east and west of the mineralised zone, it is planned to lodge pre-emptive POW for more extensive drilling based on the current interpretation of mineralisation and the conceptual prospective zones shown in Figure 1.

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Figure 12: Carlow Castle Regional Location Plan


Please refer to Appendix A for all significant intercepts.

15 October 2018

ASX : ARV
FRANKFURT : ATY
US OTC : ARTTF

BASE, BATTERY AND
PRECIOUS METALS

ARTEMIS RESOURCES LIMITED IS AN AUSTRALIAN MINERAL DEVELOPER ADVANCING ITS WEST PILBARA BASE, BATTERY AND PRECIOUS METALS ASSETS TOWARDS PRODUCTION.

ARTEMIS HAS CONSOLIDATED A MAJOR LAND HOLDING IN THE WEST PILBARA AND IS THE 100% OWNER OF THE RADIO HILL OPERATIONS AND PROCESSING INFRASTRUCTURE, STRATEGICALLY LOCATED 30 KM FROM THE CITY OF KARRATHA, THE POWERHOUSE OF THE PILBARA.

WANT TO KNOW MORE ABOUT ARTEMIS?

Please Contact:

Wayne Bramwell - Chief Executive Officer
E: wayne.bramwell(at)artemisresources.com.au

Edward Mead - Executive Director
E: Ed.Mead(at)artemisresources.com.au

David Tasker - Media Advisor
E: dtasker(at)chapteroneadvisors.com.au

Or visit the Artemis Website or
follow us on Twitter.

Artemis Resources Limited

Suite 1, 11 Ventnor Ave,
West Perth WA,
Australia, 6005

P : +61 8 6319 0000

E : info(at)artemisresources.com.au
www.artemisresources.com.au
Twitter - (at)Artemis_ARV


For further information on this update 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


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COMPETENT PERSONS STATEMENT

The information in this announcement that relates to Exploration Results and Exploration Targets is based on information compiled or reviewed by Allan Younger, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Younger is a consultant to the Company. Mr Younger 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 Younger 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, PGE's 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, please follow the link: https://www.asx.com.au/asxpdf/20181015/pdf/43z7lvpq8r2kvt.pdf

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Datum: 15.10.2018 - 07:47 Uhr
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