Wiluna Gold Mine (Apex Minerals) - Resource of 2.8Moz As at 30 June 2012
Total Page:16
File Type:pdf, Size:1020Kb
ASX Announcement 18 March 2013 About Artemis Resources Artemis to Explore Expanded Yandal Gold Project, WA Artemis Resources is an ASX-listed mineral exploration company with a focus on gold and base metals in Western Australia. Highlights Key Projects Mt Clement – gold & antimony (WA) Field reconnaissance this month will refine 2013 Yandal – gold (WA) drilling targets and wider grassroots exploration West Pilbara – gold/base metals (WA) plans at Yandal Drilling proposed for Lowlands/Lowlands South gap Renewed market focus on the Yandal Gold Belt Artemis’ corporate strategy is to maximise where Artemis is one of the key players shareholder returns through a combination of exploration success and quality project The Yandal belt has been highly productive with >12 acquisitions. million ounces of gold produced since the early 1990s The Company's focus on gold and base Artemis has expanded its Yandal footprint with a metals is viewed as an important growth new granted licence - other applications are pending strategy for the Company. Artemis’ ground holdings lie between the major Bronzewing and Jundee mines Australian Securities Exchange Code: ARV Artemis Resources Limited (ASX: ARV) is pleased to announce that Artemis Contact fieldwork will commence this month to finalise details of proposed Guy Robertson Executive Director 2013 drilling aimed at expanding and infilling known mineralisation Tel: +61 2 9078 7670 at Lowlands and Lowlands South, in addition to drilling of untested geophysical targets, at the Company’s Yandal Gold Project, in Tony Dawe Investor Relations Western Australia’s goldfields. Tel: +61 8 9388 0944 Mob: 0405 989 743 Artemis has also significantly expanded its exploration footprint in the Yandal Greenstone Belt with the successful grant last week of www.artemisresources.com.au exploration licence E53/1689, increasing the area covered by the Artemis group granted tenements by 20% to approximately 28,000Ha (Figure 1). Artemis and its subsidiaries have also submitted applications for For personal use only another 22 exploration and prospecting licences which, when granted, would further increase the Company’s holdings at Yandal by around 60%, or an additional 17,450Ha (Figure 1). Artemis Resources Limited ABN: 80 107 051 749 Telephone: +61 2 9078 7670 | Facsimile: +61 2 9078 7661 | Email: [email protected] Level 9, 50 Margaret Street, SYDNEY NSW 2000 | PO Box R933 Royal Exchange, NSW 1225 Australia www.artemisresources.com.au The Yandal Greenstone Belt has been an extremely productive gold belt over the past 25 years, with the discovery and successful exploitation of multi-million ounce gold mines such as Jundee (7 million ounces gold produced), Bronzewing (3.4 Moz) and Mt McClure (1.8 Moz). The belt has produced over 12 Moz of gold, the majority of which has been won since the 1990s indicating that this belt is relatively underexplored in comparison with other mature Yilgarn Block greenstone belts. The market’s focus for gold has returned to the Yandal–Wiluna region over recent times, evidenced by entrepreneur Joe Gutnick’s recent return via a stake in Blackham Resources. The area includes the following operating mines, resources and significant deposits – all located less than 100km from Artemis’ Yandal Gold Project (Figure 1): . Jundee Gold Mine (Newmont) - produced 333,000oz gold in 2012 . Wiluna Gold Mine (Apex Minerals) - resource of 2.8Moz as at 30 June 2012 . Matilda Gold Project (Blackham Resources) - resource of 1.5Moz as at 14 January 2013 . Julius Discovery (Echo Resources) - “bonanza” gold grades reported 5 February 2013 . Bronzewing Gold Mine (Navigator Res.) - over 3Moz of gold produced since 1992 For personal use only Figure 1 Artemis Resources’ tenement holdings – location within the Wiluna-Yandal gold district Page 2 Artemis holds a strong, and expanding, ground position along the Yandal Greenstone Belt, stretching from near Navigator Resources’ (ASX: NAV) Bronzewing mine in the south, beyond Echo Resources’ (ASX: EAR) Julius gold discovery to the northwest (Figure 1). Exploration activities by Artemis over the past two years on its granted tenements have: Extended mineralisation at the Lowlands gold deposit down dip and along strike Discovered new blind (soil covered) gold mineralisation at Lowlands South Confirmed high grade gold mineralisation at Forked Stick Defined numerous geophysical targets (IP and magnetics) that currently remain untested Lowlands - The gold mineralisation identified to date at the Lowlands deposit is located in a geological setting where a north-south trending mineralised altered magnetic basalt intersects with a northwest trending shear zone (Figure 2), creating a southwest plunging mineralised deposit. Lowlands South - The new Lowlands South mineralisation was identified in Artemis’ 2012 drill campaign, with a single hole targeting a north-south trending geophysical target, located 350m south of Lowlands on section 7,007,250N (Figure 2), that returned 12m at 1.78g/t Au from 80m depth. This mineralisation is open in all directions. Figure 2 Figure 3 Lowlands Lowlands Lowlands Sth Lowlands Sth Figure 2 Lowlands interpretation and drillhole traces Figure 3 Lowlands – magnetics, drillhole collars, maximum Au grade per hole and proposed drill lines 2013 WORK PROGRAM For personal use only Artemis’ exploration program for 2013 is focused on priority projects that have excellent potential for short term exploration success, such as the Yandal Gold Project. An initial exploration proposal at Yandal involves the utilisation of air core drilling to test the undrilled zone between Lowlands and Lowlands South (Figure 3), below deeply weathered regolith. Page 3 The Company’s geologists will undertake field reconnaissance over the coming weeks and will be refining details for additional drilling to: . Expand and upgrade the Lowlands gold mineralisation to a JORC compliant resource, . Follow up encouraging initial results at Lowlands South, . Test other priority untested geophysical targets. Artemis holds a strong ground position at Yandal immediately south of the recent “bonanza” gold discovery at the Julius prospect (see Echo Resources’ ASX Announcement dated 5 February 2013), as well as a number of tenement applications awaiting grant to the northwest and east (Figure 1). The Company will initiate field investigations to assess the prospectivity of these and its other underexplored, but highly prospective, Yandal greenstone belt targets. ABOUT ARTEMIS RESOURCES Artemis Resources Limited is a resources exploration company with a focus on its prospective Mt Clement, Yandal and West Pilbara projects in Western Australia. These projects have significant exploration potential and close proximity to existing important deposits or producing mines. While Artemis’ main objective is gold, other important metals such as antimony-lead (Eastern Hills), copper-silver (Mt Clement), nickel-copper-PGEs-iron ore (West Pilbara) provide additional prospectivity to these projects. Artemis aims to develop a significant gold/metals inventory through exploration and acquisitions which have the potential to become mines and create shareholder value. For further information, please contact: Guy Robertson Tony Dawe Executive Director Professional Public Relations Phone: +61 2 9078 7670 +61 9 9388 0944 Email: [email protected] Email: [email protected] Web Site: www.artemisresources.com.au Forward Looking Statements This document contains forecasts, projections and forward looking information. Such forecasts, projections and information 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 document. 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, (1) the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this document and (2) 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 document. Competent Person Statements The information in this document that relates to Exploration Results is based on information compiled or reviewed by Mr For personal use only Trevor Woolfe, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Woolfe is a consultant to the Company, and is employed by Alexander Cable Pty Ltd. Mr Woolfe 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 Woolfe consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Page 4 .