Investors have jumped onboard Artemis Resources this morning on news the company is defining drill targets at its Armada project in the highly prospective Paterson Ranges in the East Pilbara after wrapping up a ground-based gravity survey.
Data from the survey is now being processed and integrated with a recently flown airborne magnetic survey by Artemis geophysical consultants Southern Geoscience. The news sent Artemis’ share price over 14% higher or up 0.8c to 6.2c.
Southern Geoscience is now processing and integrating the gravity data with the aim to define a number of targets for ranking and drill testing. The airborne magnetic survey identified eight targets within a 22km radius of Havieron with these targets arbitrarily ranked on magnetic signature/structural character.
The Armada project – granted in February – covers some 600 square kilometres 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 by Greatland Gold Plc, in the East Pilbara region of Western Australia.
On Monday, Greatland Gold Plc announced a US$65m Farm-In Agreement (earning up to 75%) with Newcrest Operations Limited to advance its Havieron discovery.
Artemis’s KZINTI target is directly along strike from Havieron and based on the magnetic survey the magnetic unit is ~1km long.
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,” Artemis’ Executive Director Ed Mead said.
“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.”
Processing/inversion and interpretation of the magnetic data is near complete and under final review, with the gravity survey data to be integrated with this modelling. This will further assist drill targeting and ranking of the targets.
Shares in Artemis were last trading at 6c on Thursday.