Analyst: MARK GORDON, email@example.com, +612 9377 1500, www.taylorcollison.com.au
Artemis Resources Limited (ARV)
On the Hunt
Artemis Resources Limited (ASX: ARV, ATY: FRA, ARTTF: US, “Artemis” or “the Company”) is a Pilbara region, Western Australian focussed gold-copper-cobalt developer and explorer.
The most advanced project is the Greater Carlow Castle Gold Project, which includes the 418 koz Au Carlow Castle Au-Cu-Co deposit, located just 35 km from Karratha in the West Pilbara. The Company is actively exploring and evaluating Carlow Castle and several other targets over the extensive prospective tenement holdings, with the goal to build up a Resource base of at least one million ounces of gold, and then look at development scenarios.
Results from the first hole assayed from recent drilling has returned up to 4 m @ 11.1 g/t Au, 2.0% Cu and 0.18% Co 250 m below the previous deepest intercept, thus highlighting the potential to expand the Resource base.
Depending upon the magnitude of any further discoveries and expansions of the current Resource, the Company may look at using the 100% owned 500 ktpa Radio Hill processing plant in any future operation. The plant, located 35 km from Carlow Castle is permitted and should require only relatively modest capital to complete a refurbishment.
The Company is undertaking the divestment of non-core assets in the West Pilbara – to date this has added over $8 million to the treasury, with more to come.
The Company’s second property is Paterson Central, adjacent to the Havieron discovery in the Paterson Orogeny of the East Pilbara. Havieron is shaping up to be a Tier 1 gold-copper discovery, and activities by Artemis have worked up seven priority geophysical and geochemical targets over the same geology as Havieron that are now being drilled. Although this is considered high risk exploration given the cover, there is the potential for substantial rewards as evidenced by Havieron.
With active multi-faceted work programmes under way, we expect steady newsflow over coming months. This includes results from current drilling at Carlow Castle, to be immediately followed by a further 10,000 m RC programme, as well as drilling at Paterson Central.
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[I have held ARV shares in the past, but I do not hold any currently.]