Artemis Resources Ltd (ASX:ARV, AIM:ARV, OTCQB:ARTTF) has initiated an independent technical review of the Paterson Gold Project in Western Australia, which has already generated a new gold target for exploration.
This review highlighted drill hole 22PTMRD011, which was interpreted to intercept very similar geology to that found at Newmont’s Tier-1 discovery, the Havieron deposit, which contains more than 6.5 million ounces of gold.
The company believes the similar lithotypes and mineralisation point to that typical of a ‘near-miss’ at Havieron, meaning the target is ripe for follow-up exploration to better target whatever mineralisation may exist there.
Potential for considerable upside
“The Paterson Project is a unique greenfields exploration opportunity. With the drilling and reconnaissance work previously undertaken, the project is ripe for additional work to unlock further potential mineralisation,” Artemis Resources executive director George Ventouras said.
“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.”
Artemis is considering several options to advance the project, including potential joint venture or third-party funding agreements.
The ‘near-miss’ hole 22PTMRD011 previously returned:
- 2.42 metres at 0.85 g/t gold and 2.86% copper from 752.58 metres; including 0.87 metres at 0.36 g/t gold and 4.99% copper from 752.58 metres;
- 1 metre at 1.73 g/t gold and 2.58% copper from 754 metres, and
- 1 metre at 0.61 g/t gold and 3.28% copper from 904 metres.