Artemis Resources (ASX:ARV) has identified a new priority target, namely Apollo North, within its Paterson Gold Project in Western Australia, upon conducting a detailed strategic review.
The priority target was uncovered by a single station gravity anomaly and sits 2.5km from the Apollo prospect.
Artemis, which has a market capitalisation of $27 million, says the target sits within the prospective structural corridor, with a discrete gravity anomaly. The depth of cover is unknown but represents a walk-up target that requires further exploration work.
Executive Director George Ventouras says Paterson is a ‘unique’ greenfields exploration opportunity and previous work conducted paired with additional work will help unlock further potential mineralisation.
“While exploring at depth requires additional resources and capital, as can be seen from the nearby Havieron discovery, the upside may be considerable. I am excited by the potential that the Paterson Project holds and we are looking forward to advancing the project with a partner.”
The review is being undertaken with the aim of establishing a development pathway for Paterson.
Further, Artemis is considering options to advance the project, including joint ventures and third party funding.
The Paterson project covers a 605km-square area and lies 450km east of Port Hedland in the Great Sandy Desert.
Artemis Resources is a gold, copper, and lithium-focused explorer with assets across Western Australia.
As of 31 December 2023, the company had $1.560 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Artemis Resources
