Artemis Resources Limited
ARBN: 80 107 051 749
Level 3, IBM Building, 1060 Hay Street, West Perth, WA Australia, 6006
PO Box R933
Royal Exchange NSW
Australia, 1225
Phone: +61 2 9078 7670
Facsimile: +61 2 9078 7661 Email: [email protected] Website: artemisresources.com.au
Directors:
Executive Chairman
David Lenigas
Executive Directors
Edward Mead
Alex Duncan-Kemp
Non-Executive Directors George Frangeskides Campbell Baird
Company Secretary:
Guy Robertson
Corporate Information
ASX Code: ARV
ASX / Media Announcement 4 January 2017
Artemis Plans Trial Gold Production from Nickol River in Q2 2017 - Karratha, Western Australia.
HIGHLIGHTS:
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Plans to install a 150 tonne per hour gravity gold plant at Nickol River, located only 12km from Karratha.
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Artemis has identified significant areas at Nickol River at depths of between 2 to 6 metres that would potentially be amenable to bulk scale mining and processing.
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Plant fully funded from current cash reserves.
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Targeting Q2 2017 for commissioning.
David Lenigas, Artemis's Chairman, commented; "With the gold price at $1,500 an ounce compared to $500 an ounce when the last bulk scale mining was undertaken in the 1980's, it's time to start gold recovery again at Nickol River but on a much larger scale. Nickol River has a long history of gold production from small scale hard rock operations and alluvial gold mining in the mid 1980's when successful trial mining proved that good recoverable gold grades exist in the shallow alluvial and weathered surface oxide rocks that are amenable to bulk mining and gravity separation."
Artemis Resources Limited ("Artemis" or "the Company") (ASX: ARV) is pleased to announce its plans to commence trial gold production in Q2 2017 from its Nickol River Gold/Platinum Project ("Nickol River"), located only 15 minutes by road from Karratha in Western Australia (Figure 1), with the installation and commissioning of a modern 150 tonne per hour gravity gold plant.
ABOUT NICKOL RIVER GOLD PROJECT:
Artemis's Nickol River Gold Project is located only 12 km from the regional mining centre of Karratha (15 minutes by road) in the Pilbara area of Western Australia and close to excellent infrastructure straddling the Karratha - Roebourne Highway.
The Company has identified significant areas at Nickol River that are highly weathered and free-dig from surface to depths of between 2 to 6 metres that would potentially be amenable to bulk scale mining and processing using a modern gravity plant for gold and platinum recoveries.
Previous trial mining operations at Nickol River, as reported by Sir Samuel Mines NL listing Prospectus, noted that in 1984 a 10 tonne per hour plant tested 600 tonnes of surface material yielding a recovered grade of 0.33 grams per tonne of gold ("g/t Au") and in 1985 a bigger 40 tonne per hour pilot plant processed 42,500 tonnes of surface material that yielded a recovered grade of 0.15 g/t Au.
There are currently no JORC compliant resources at Nickol River as the previous work outlined in the 1980's in the Sir Samuel Mines NL Prospectus was published prior to the existence of JORC.
A Programme of Works ("POW") has been submitted to the Western Australian Department of Mines and Petroleum ("DMP") for an extensive trenching and pitting programme. This will be used for detailed grade control purposes prior to commencement of mining and processing operations and this work will be aimed at providing advanced grade and tonnage scheduling for the processing plant.
The company has applied to convert its 38.7 hectare Prospecting Licence (P47/1518), which covers the main Samantha, Tozer's and Boiler Prospects, to a Mining Lease and a heritage survey from the Ngarluma Aboriginal Corporation has been requested. The Company expects both of these to be obtained during Q1 2017.
Artemis has a total of around 1,500 hectares of approved and pending licences in the Nickol River area (Figure 2). The miscellaneous licences are held by other holders, with Artemis retaining mineral rights.
More recent work completed by Artemis in 2012 and released to the ASX in the December 2012 Quarterly Report included auger soil sampling in the western portion of the P47/1518, and limited rock chip sampling. The auger sampling identified broad gold anomalies, with a maximum assay result of
6.9 g/ t Au. The rock chip sampling completed also returned anomalous Au, with results of up to 14.8 g/t Au from the Samantha Lode. The work completed by Artemis confirmed the tenor of gold mineralisation as identified in historic work. The historic work included 58 Reverse Circulation Drill holes, mapping and soil sampling. The POW submitted to DMP for detailed grade control work is designed to convert the historic work to JORC standard.
The historic drilling also identified numerous gold bearing lodes within fresh rock which need to be followed up.
Figure 1: Artemis's Tenements and Projects near Karratha (incl. Fox Resources Tenements)
Figure 2: Artemis's Nickol River Tenements
BACKGROUND INFORMATION ON ARTEMIS RESOURCES
Artemis Resources Limited is a resources exploration and development company with a focus on its prospective West Pilbara (gold, base metals, platinum and platinum group elements) and Mt Clement-Paulsens (gold) projects in Western Australia. On 16 December 2016, Artemis announced the signing of a binding conditional agreement ("Agreement") with Fox Resources Limited ("Fox") for a 3 month exclusive option to buy their fully permitted AGIP 425,000 tpa Radio Hill nickel and copper operations, processing plant and associated mining and exploration tenements with significant existing JORC 2004 and 2012 compliant resources of Nickel, Copper and Zinc situated within a 15 km radius of the Radio Hill plant, for a total consideration of $3.5 million. The Radio Hill Plant is located 35 km south of Karratha in the Pilbara Region of Western Australia.
CONTACTS
For further information on this update or the Company generally, please visit our website at www.artemisresources.co.au or contact:
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Investors / Shareholders
Mr. Ed Mead Executive Director
Telephone: +61 407 445 351 Email: [email protected]
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Media
David Tasker
Professional Public Relations Telephone: +61 433 112 936 Email: [email protected]
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COMPETENT PERSONS STATEMENT
The information in this document that relates to Exploration Results and Exploration Targets is based on information compiled or reviewed by Edward Mead, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Mead is a Director of Artemis Resources Limited and is a consultant to the Company, and is employed by Doraleda Pty Ltd. Mr Mead has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Mead consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
FORWARD LOOKING STATEMENTS AND IMPORTANT NOTICE
This report contains forecasts, projections and forward looking information. Although the Company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions it can give no assurance that these will be achieved. Expectations, estimates and projections and information provided by the Company are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are out of Artemis' control. Actual results and developments will almost certainly differ materially from those expressed or implied. Artemis has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. To the maximum extent permitted by applicable laws, Artemis makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for (1) the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this report and (2) without prejudice to the generality of the foregoing, the achievement or accuracy of any forecasts, projections or other forward looking information contained or referred to in this report.
Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Company's securities.
JORC Code, 2012 Edition - Table 1 Nickol River Section 1: Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.)
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Criteria
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JORC Code explanation
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Commentary
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Sampling techniques
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Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.
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Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
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Aspects of the determination of mineralisation that are Material to the Public Report.
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In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.
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A manual grab sampling technique from bottom of hole was used to obtain a 0.5-1.5kg sample for submission to the laboratory for Fire Assay/ICP analysis.
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No field duplicates, standard or blank samples were submitted for analysis.
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