Artemis Resources Ltd (ASX:ARV) has advanced preparations for a new resource estimate at its Carlow Castle Gold-Copper Project in WA, with high-impact exploration now completed and a new geological model being finalised from the data.
This model will form the basis of the new resource estimate and accompanying optimisation study due at the end of October.
A mining licence application for Carlow Castle is also nearing completion and this will allow the approvals process for mining to run concurrently with a resource upgrade, scoping study and feasibility work.
“Provide valuable targeting information"
Artemis executive director Ed Mead said he encouraged all shareholders to continually monitor the Havieron drilling results coming out from Newcrest and Greatland Gold.
Mead added: “Artemis’ Armada project surrounds Havieron on three sides and exploration success at Havieron will provide valuable targeting information for drill planning on our 100%-owned ground.”
Increases total tenement footprint
The company progressed work at its wholly-owned Armada project in WA’s Paterson Range, which surrounds the Havieron discovery.
Through the acquisition of Rincon Resources, Artemis will increase its total tenement footprint in the Paterson Range to 1,140 square kilometres, all within 50 kilometres of Newcrest Mining Limited's (ASX:NCM) Telfer Gold-Copper Mine.
Progressing gold and copper at Hasties
Mead continued: “We are also progressing work for gold and copper at the Hasties project, which is 12 kilometres south of the giant Telfer Gold-Copper Mine.
“Structural mapping at the Carlow Castle Gold-Copper Project in the West Pilbara has been completed and a new geological model is being finalised,
“[This] will form the basis of a new mineral resource estimate that is due in late October.
“The sustained gold price and fundamentals on copper put Artemis in a strong position with the asset base we have strategically acquired.”
Reprocessed seismic data
Reprocessing of seismic data lines conducted at Armada is nearing completion and will define the next steps to best move these targets forward.
Gold and copper mineralisation at Hasties is outcropping and at Westin the mineralisation has been intersected at 84 metres, with depth of cover about 70 metres.
Program of work
A program of work for trenching and drilling over the new sub-audio magnetics anomalies to the west of Carlow Castle’s resource is to be submitted soon.
A request for a heritage survey will then be lodged, with the aim of the trenching and drilling to test interpreted mineralisation extensions that are indicated by the SAM and geochemical surveys.
The information from the work program will be used to generate an exploration target for future planning purposes.