Artemis Resources (ASX:ARV) has identified new gold targets through a high-resolution dipole-dipole induced polarisation (IP) survey at the Lulu Creek Gold Project in Western Australia.
Southern Geoscience Consultants completed the IP survey with the aim of defining chargeability anomalies representing disseminated sulphides within and around the Lulu Creek diorite.
Artemis, which has a $39.25 million market capitalisation, says Lulu Creek is believed to have the potential to host gold mineralisation in conjunction with quartz veins.
In the central portion of the Lulu Creek intrusion, a shallow discrete chargeability body was identified 25m below surface with a down-plunge component of 100m. Meanwhile, a northern and deeper IP chargeability anomaly is untested and associated with a subtle magnetic feature.
Further, a southern IP chargeability anomaly is interpreted as a shallow body and corresponds with a gossanous outcrop along the Regal Thrust.
Commenting on these new anomalies, Artemis Resources Exploration Manager Luke Meter says: “We continue to advance our Pilbara portfolio and are very encouraged by the latest indications from our Lulu Creek Gold Project.
“Discovering IP conductors, one of which is associated with gold mineralisation, reinforces our belief that Lulu Creek may represent a new IRGS discovery within our Pilbara tenements“
Discovering IP conductors, one of which is associated with gold mineralisation, reinforces our belief that Lulu Creek may represent a new IRGS discovery within our Pilbara tenements, with the intrusion being emplaced along the prospective Regal Thrust and situated near recently documented ‘Sanukitoid like intrusions’, which indicate mantle fluid pathways in the area.
The company is excited by its potential and is advancing its preparations to drill test these new anomalies.”
Artemis says the 11 drill lines have been heritage-cleared at the project, and a new Program of Works (PoW), including reverse circulation (RC) and diamond drilling, has been approved by the WA Department of Mines, Industry Regulations and Safety (DMIRS).
Meanwhile, a final small heritage survey will now be completed to allow for drilling to take place on the northern and southern chargeability anomalies.
Drilling is expected to begin in Q4 2023 once the heritage survey has been completed.
Artemis Resources is a Perth-based exploration and development company focused on its Pilbara projects, including the Greater Carlow Project and the Paterson Central Project. As of 30 June 2023, the company had $1.65 million cash at hand, alongside $3.7 million in ASX share investments, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Artemis Resources
