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Priority targets at Artemis’ Armada prospect in WA

Artemis lines up more targets in the Paterson Range

Artemis Resources has defined three new gravity targets at its greenfields Armada prospect in the emerging Paterson Range province in the eastern Pilbara, WA.

The company has now identified 11 targets using gravity and magnetic geophysical data acquired over the prospect, which abuts and surrounds UK-listed Greatland Gold’s spectacular deep Havieron copper-gold discovery on three sides.

Management said the new Ocampa, Orion and Romulan targets are coincident or near coincident gravity and magnetic bedrock targets that also exhibit alignment along structural breaks and trends.

Along with the higher-ranked Ferengi, Kazon, Bandi and Bolian aeromagnetic targets, the new gravity targets are believed to be worthy of potential deep drill testing programs.

Artemis Executive Director Ed Mead said: “The Artemis Board sees the Paterson Ranges as highly prospective and the Armada prospect as a high-value but green fields target.”

“Artemis has defined 11 targets worthy of follow up and given a suitable partner, there is an exploration pathway forward, that includes further geophysics, geochemistry and drilling, that could create significant value for Artemis shareholders.”

Last month, the company flagged that it would seek a potential joint venture partner to advance the Armada prospect, allowing it to focus on its more advanced West Pilbara gold assets.

Armada’s prospectivity comes from its proximity to Havieron, where Greatland’s maiden diamond drilling program in 2018 turned up a 121 metre intersection grading 2.93g/t gold and 0.23% copper from 497m down-hole.

Subsequent holes were even better with 275m @ 4.77g/t gold and 0.61% copper being intersected from 459m down-hole, which incorporated 118m @ 3.08g/t gold and 0.84% copper from 459m and 157m @ 6.04g/t gold and 0.44% copper from 660m.

This success convinced Newcrest Mining to commit to a USD$65m farm-in to earn up 75% of Greatland’s project.

While Armada has dropped a couple of places down on Artemis’ to-do list, its nearology to these outstanding drilling results could well attract a cashed-up suitor to accelerate exploration on the promising targets.

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Total Shareholder Return as at 30/04/20

1 year TSR5 year TSR
120thVRX Silica59%21%
396thAntipa Minerals-10%35%
454thHammer Metals-19%-25%
515thArtemis Resources-29%-3%
810thKorab Resources-80%-35%
674 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
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199th↓Artemis Resources$230k
244th↓Antipa Minerals$97k
245th↓Hammer Metals$798k
247th↑VRX Silica$91k
248th↓Korab Resources$91k
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