Artemis Resources plans extensive drilling at Karratha gold project

Artemis is aiming to extend Carlow gold resource in the Pilbara and looking for low-cost assets to add to its portfolio.

The company will start diamond and reverse circulation drilling next month. Pic: Getty Images

• Artemis Resources plans extensive exploration at Karratha gold project this quarter

• Aim is to extend the 704Koz gold equivalent Carlow mineral resource

• Company also on the lookout to acquire other low-cost exploration assets

 

Special Report: Artemis Resources has big plans for a substantial drilling program at high priority gold exploration targets at the Carlow tenement within its extensive holdings in the North Pilbara gold province of WA.

The Karratha gold project is the company’s core asset, with Artemis Resources (ASX:ARV) seeking to uncover so far undiscovered gold deposits across its larger land package.

The project already hosts the Carlow deposit, which contains an inferred resource of 8.74Mt at 1.3g/t Au for 374,000oz gold, 0.73% Cu for 64,000t copper and 0.09% Co for 8000t cobalt.

Given the nature of De Grey Mining (ASX:DEG) nearby Hemi gold project – a string of planned open pits containing 11.5Moz of gold between them – Artemis thinks it could mirror that success by finding other substantial gold zones close to Carlow.

Hemi’s discovery turned De Grey from a microcap into the ASX’s biggest pre-development gold stock and a $5bn takeover target for industry giant Northern Star Resources (ASX:NST).

The first step for Artemis is a diamond and reverse circulation drilling program set to commence next month to test several compelling targets within a 4km long northwest trending zone centred around the Carlow resource – which remains open.

Despite the drill targets’ proximity to Carlow they remain untested, and the company is fully funded for the exploration program following a recent $4m placement.

“As a result of the excellent work completed by the Karratha exploration team during 2024 and following the announced capital raising in December, Artemis is now in a strong position to undertake drilling of some exciting targets at the Karratha gold project,” newly appointed managing director Julian Hanna, a key figure in the development of ASX rags to riches success stories Western Areas and MOD Resources, said.

“Exploration in the following months will be focused on the Carlow tenement which hosts a significant gold-copper resource at Carlow and covers a wide range of exploration targets within a wide, prospective corridor with minimal previous drilling.

“I look forward to working closely with the very experienced and committed team at Artemis and updating shareholders with results from the drilling in due course.”

Busy March quarter ahead

The first hole will test the large undrilled Marillion electro-magnetic conductor, which may represent an extension of the Carlow gold/copper deposit 500m away, or even a possible sulphide accumulation at the interpreted base of the nearby Andover intrusion.

Diamond drilling will follow to test the potential for significant extensions to the Carlow resource, and RC drilling is then planned across the promising Titan prospect, 2km northwest of Carlow – where recent assays returned surface gold occurrences including 51.8g/t and 41.4g/t gold.

Once the field work is complete, the company will undertake a conceptual mining study to review the 2022 Carlow inferred resource – including 7.25Mt at 1.3g/t gold for 296,000oz gold in an optimised pit.

Spreading wings

But that’s not all, ARV is also on the lookout for other assets to add to its portfolio, with the priority being targets which can be acquired and tested at relatively low cost.

As part of this strategy, the company recently applied for a 340km2 exploration licence to cover the large, interpreted Cassowary intrusion below the Eucla Basin sediments in WA.

The intrusion occurs in a rare geological setting, on the margin of a wide >400km long northeast trending Madura West Crustal Boundary, which has attracted major companies like BHP Nickel West and copper producer Teck Australia as well as niobium hunter WA1 Resources (ASX:WA1).

Once the tenement is granted, exploration will test the potential for any IOCG type copper/gold mineralisation which may be associated with the intrusion.

This article was developed in collaboration with Artemis Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.