Artemis Resources’ wholly-owned Armada prospect in the highly prospective Paterson Province, Western Australia is paying dividends with three new gravity targets identified at the prospect.
The three new gravity targets – Bandi, Orion and Romulan – are located approximately 4 kilometres northeast of the Haverion gold and copper discovery by Greatland Gold in the East Pilbara region.
Artemis has also identified eight targets based on airborne magnetic surveying. All targets have now been ranked on magnetic signature, density contrasts and structural character/complexity.
“The Artemis Board sees the Paterson Ranges as highly prospective and the Armada Prospect as a high value but green fields target,” Artemis’ Executive Director Ed Mead said.
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.”
Initial detailed aeromagnetic survey results and high-level interpretation defined eight primary targets with four of these were rated a priority one ranking.
Priority one targets include Kazon, Ferengi, Bolian and KzintiI. These targets have a more coherent/stronger magnetic anomalism and or structural complexity/controls as well as proximity to the known Haverion mineralised system.
Priority two targets include Arcadian, Edosian, Ocampo and Vidiian which have a subtler magnetic signature and lower confidence or lack of full survey coverage.
Artemis said that with the primary ranked geophysical targets generated and given a suitable partner, there is potential for an exploration pathway at Armada.
This may include orientation high powered EM/MT ground surveying/soundings and drilling of an initial deep drill hole on a primary target and completing downhole geophysical logging.
The project is located approximately 40km east of the multi-million-ounce Telfer Gold-Copper mine, and contiguous to the Haverion gold and copper discovery by Greatland Gold Plc, in the East Pilbara region of Western Australia.
Shares in Artemis were trading at 5.7c on Wednesday.
