Artemis Resources Limited (ASX:ARV, OTCQB:ARTTF) has identified seven high priority targets at its 100% owned Armada prospect in its prolific Patersons Range area in Western Australia.
Artemis Resources Executive Director Ed Mead said the targets were identified by recent magnetic and gravity survey results.
He added that Artemis’ understanding of the area was also boosted by the reprocessing of a historic 1987 seismic line which coincidently covers the company’s wholly owned Armada Prospect (E45/5276) which lies within the highly prospective Proterozoic Paterson orogen in the East Pilbara region.
The project covers 605 sq. km and is located approximately 40km east of Newcrest Mining’s multi-million-ounce Telfer Gold-Copper mine and is contiguous to the Havieron gold and copper discoveryby Greatland Gold Plc.
“The Artemis Board sees the Paterson Ranges as highly prospective and the Armada project as a high value but greenfield area,” Mr Mead said.
“Artemis has defined seven priority targets worthy of follow up that provide a pathway forward, that includes further geophysics, geochemistry and drilling, that could create significant value for Artemis shareholders.
“The reprocessing of the 1987 Moodoo Seismic line focusing on the nearer surface portion of the Seismic data indicates structures of interest, in relation to the HaverIon Project being drilled by Newcrest and around the location of the Orion and Romulan targets identified by Artemis,” Mr Mead said.
He added that the reprocessing of the seismic line focusing on the nearer surface portion of the Seismic data indicates structures of interest, in relation to the HaverIon Project being drilled by Newcrest and around the location of the Orion and Romulan targets identified by Artemis.
“Results from reprocessing are encouraging as they indicate folding within the basement that could be a site for trapping mineralised hydrothermal fluids. A Programme of Work (PoW) application has been lodged for approval to drill these seven priority targets, subject to heritage surveys being conducted.
“Further work will assess the best path forward and further drill results from Havieron will provide more information to generate better target selection.”
