ARTEMIS RESOURCES LIMITED – CORPORATE AND OPERATIONAL UPDATE
ASX Announcement 25 March 2019
Artemis Resources Limited (“Artemis” or “the Company”) (ASX:ARV, Frankfurt: ATY, US OTCQB: ARTTF) is pleased to provide this Corporate and Operational Update to investors. After the significant investment made in 2018, the recent Board restructure has facilitated a timely review and reset of the Company’s priorities.
With his appointment, the new Non-Executive Chairman, Sheikh Maktoum Hasher al Maktoum immediately instigated a full strategic review of the Company’s assets and development plans with the key outcomes of this review summarised below.
Outcomes of Strategic Review
In resetting the Company’s focus, it was agreed that Artemis is fundamentally a gold exploration company focussed in the West Pilbara region of Western Australia with the Company’s asset suite providing the key ingredients needed to transform Artemis into a gold producer. As the first company in the West Pilbara to consolidate a large package of prospective gold tenements with a processing plant, the Company is well positioned to make this transition to production and positive cash flow.
The Board has now agreed that the immediate focus for the company will be to systematically advance Artemis controlled gold assets and third-party toll-treating opportunities to provide sufficient ore to underpin the orderly transition to production at our 100% owned Radio Hill processing plant.
▪ Carlow Castle Au-Cu-Co Project is the prime development asset
The Carlow Castle Au-Cu-Co Project is currently the largest resource within Artemis. It is a gold dominant orebody with significant copper and cobalt credits. The recently announced resource upgrade increased the resource tonnage to 7.9Mt (refer ASX 6 March 2019) with the metallurgical work completed to date evidencing the orebody’s amenability to low cost processing options to recover gold, copper and cobalt (refer ASX 11 February 2019).
The 2018 investment in exploration at Carlow Castle has built a platform that now warrants advancing this project to the next stage of resource development and metallurgical assessment.
▪ Next Milestones for Carlow Castle
The development target at Carlow Castle is to define a minimum 3-year mineable reserve that supports sustainable operations. The next milestones are to upgrade the resource to Indicated classification by Q3, 2019 then deliver a pre-feasibility study (PFS) by Q1, 2020. The PFS will quantify the optimal mining and processing scale and define the flowsheet that maximises project economics and returns to our shareholders.
▪ Leveraging our Regional Pilbara Advantage
Artemis’ key strategic advantage is that the Radio Hill infrastructure and permitting provides a more rapid path to cashflow than trying to develop a greenfield project with its attendant approval timeline and infrastructure needs. There are many explorers in the region who have stranded gold resources and no processing plant and as such, working together with these groups could be mutually beneficial to all parties.
Artemis continues to support its JV partner Novo Resources Corp as it advances exploration across the conglomerate and paleoplacer gold opportunity at Purdy’s Reward but in parallel, the Company plans to expand its collaboration with other regional groups advancing vein and shear hosted gold opportunities that could also be toll-treated at Radio Hill.
▪ Building a larger mineral inventory in the West Pilbara
The Monarch, Conqueror and Pipeline prospects are very early stage regional gold targets discovered during 2018. Rock chip and soil geochemistry completed to date needs to be followed up as these targets are within trucking distance to Radio Hill and could ultimately provide additional tonnage to supplement base load ore supply from Carlow Castle.
▪ The Armada Prospect in the Paterson Ranges
Armada is a high value, but early stage green-fields exploration prospect in the highly prospective Paterson Ranges. The Board has agreed that the optimal solution to create value for the Artemis shareholders strategy is to seek a potential Joint Venture partner for this exciting prospect so Artemis can concentrate on our more advanced West Pilbara gold assets.
▪ Radio Hill Status
Radio Hill is centrally located to the Company’s mineral resources, the refurbishment and gold circuit is ≈ 80% complete and the site is already connected by road, water and power infrastructure to the city of Karratha. The Board has agreed that once minimum tonnages of potential ore sources are secured and the metallurgical requirements are defined, the plant refurbishment will then be completed.
▪ Funding the 2019 Operational Plan
Artemis has a significant UK, European and US shareholder base. The appetite from the UK and European investors for gold opportunities is currently strong and as such the Board has agreed to pursue admission to the AIM market of the London Stock Exchange, with a planned listing in Q2, 2019 to provide the Company with access to new UK investment capital. To support this funding initiative, the Company has reduced all non-core expenditure and is evaluating divestment of several non-core assets.
COMPLETION OF GRAVITY SURVEY AT ARMADA PROJECT- PATERSON RANGES
ASX Announcement 14 March 2019
Highlights:
- A ground-based gravity survey over Artemis’ Armada Project has now been completed and the data is being processed and integrated with the magnetic survey, by Southern Geoscience Consultants.
- Completed processing results are due for review in the coming week and will be reported as they come to hand.
- Artemis’ Armada Project covers an area of ~600km2 in the highly prospective Paterson Province of Western Australia, surrounding Greatland Gold Plc’s Havieron Project to the north, south and east (Figure 1).
- Artemis airborne magnetic surveying identified eight (8) compelling areas of interest within 22 km radius of Havieron (as announced on the 17th January 2019)1
- The Armada Project was granted on the 14th February 2019.
- Greatland Gold Plc on the 12th March 2019 announced a US$65m Farm-In Agreement (earning up to 75%) with Newcrest Operations Limited to advance Havieron. 2
- Artemis’s KZINTI target is directly along strike from Havieron and based on the magnetic survey the magnetic unit is ~1km long (as announced on the 17th January 2019). 3
Artemis Resources Limited (“Artemis” or “the Company”) (ASX: ARV, Frankfurt: ATY, US OTC: ARTTF) is pleased to provide this update on progress at the 100% owned 605 km2 Armada Project (EL 45/5276) within the highly prospective Proterozoic Paterson orogen, located approximately 40km east of the multi-million-ounce Telfer Gold-Copper mine, and contiguous to the Haverion gold and copper discovery (“Havieron”) by Greatland Gold Plc, in the East Pilbara region of Western Australia.
Ed Mead, Artemis’ Executive Director, commented;
“The deal signed by Greatland Gold on their Havieron gold copper discovery near Telfer, with Newcrest, is evidence of the potential and belief in this area. Rio Tinto have also announced the discovery of a large copper discovery at Winu. Both Haverion and Winu are quite extraordinary and provide a compelling argument for Artemis to progress this now granted Armada Project.
The latest ground-based gravity survey has been completed and will be integrated with airborne magnetic data captured by Artemis earlier this year. Artemis surrounds Havieron on three sides and right now we see this project as one of the most exciting in the Company’s extensive Pilbara tenement portfolio.
Artemis will consider the best way to advance the Armada Project once we receive all processed data.”
OVERVIEW
The recent ground-based gravity survey undertaken by rtemis has been completed and will now be integrated with the recently flown airborne magnetic survey. Data is being interpreted and is under final review by Artemis geophysical consultants Southern Geoscience. Southern Geoscience is processing and integrating the gravity data with the aim to define a number of targets for ranking and drill testing.
The airborne magnetic survey (as announced on the 17th January 2019) has identified eight (8) targets within a 22 km radius of Havieron with these targets arbitrarily ranked on magnetic signature/structural character (Figure 1). 4
Figure 1: Artemis Aeromagnetic data, reduced to pole - 1 st vertical derivative merged with Greatland Gold Plc magnetic data.
ARTEMIS – PARTICIPATION IN EXECUTIVE INSIGHTS VIRTUAL CONFERENCE
Artemis Resources Limited (“Artemis” or “the Company”) (ASX:ARV, Frankfurt: ATY, US OTCQB :ARTTF) is pleased to advise of its participation in the Executive Insights Virtual Conference, where Chief Executive Officer Wayne Bramwell will provide a company update.
The event will be held on Thursday 7 March @ 9am until 10.30am (Australian Western Standard Time) (12noon - 1:30pm Australian Eastern Summer Time) and is able to be viewed live over the internet.
Shareholders and other interested parties are invited to register for free for this event.
To access further details of event and to register (for FREE), please copy and paste the following link into your internet browser: https://webcasting.boardroom.media/broadcast/5c7470f4e92b631608a45d78
Event format:
- Registered individuals will be e-mailed a link, which will enable them watch the conference live via the internet
- Viewers will be able to see the presentation and the presenter on their computer screen
- Each of four presenters will give a 15 – 20 minute presentation
- Viewers will be invited to ask questions during the presentation, to be facilitated by an MC, with presenters answering questions at the completion of their presentation
- A recorded copy of the event will be available on the Artemis web site 24 hours after the event.
