Artemis Resources Limited (ASX: ARV) explores and develops a prospective base, battery and precious metals assets in the Pilbara region of Western Australia. On 5 November 2018, Artemis Resources Limited made an announcement stating that it has discovered three new large gold targets within 30 kilometers of its Radio Hill processing plant in the West Pilbara region of Western Australia. After the release of this news, the share price of the company increased by 14.286 percent as on 5 November 2018.
A total of 12,247 samples were taken to conduct broad regional soil geochemistry sampling programme which has now identified Pattersons Hut, Ruth Well North and Pipeline as the new Gold Targets in the West Pilbara. Pattersons Hut is an entirely new area of gold in soil anomalism (to 68ppb Au) and mineralization. The soil geochemistry shows a continuous anomaly >95th percentile over 4.5km long with an additional 1.7km to the west after a small break. The Geological mapping shows the area to be within a wide zone of sheared talcose and cherty schists with multiple strike parallel quartz veins, with rock chip sampling returning values up to 11.4 g/t Au.
The soil geochemistry at Ruth Well North shows discontinuous gold in soil anomaly to a maximum 146ppb Au for 14 km, apparently relating to a prominent chert ridge and outcrop. The pipeline is located to the south-east of Radio Hill and it is having soil geochemistry anomaly in association with numerous nuggets in shear zones across two 1.0 km long trends.
Silica Hills is an area which is well known locally for producing coarse nuggety gold from quartz veins. The soil anomaly at Silica Hills shows a zone 1.5km long (>95th percentile) with a maximum value of 370ppb Au with probable extensions to the northeast and southwest. At Nickol River, the gold geochemistry is surprisingly strong due to the extensive disturbance which has occurred in the area, but the geochemistry also suggests the known shear zones hosting primary mineralization in the Samantha, Tozers and Boiler zones may be replicated elsewhere.
The Company’s strategy at Radio Hill to date has been to focus on refurbishment, repair, rehabilitation and establishment of gold processing capability. The Progress at radio hill has been delayed by several key government approvals and has impacted refurbishment and construction schedules. In FY18, the net profit of Artemis Resources was $12.07m which was a loss of $2.18m in FY17 and it was mainly driven by the receipt and subsequent sale of 4 million Novo shares. The net cash used in operating activities increased from $0.99m in FY17 to $3.43m in FY18.
In the last six months, the share price of Artemis Resources decreased by 24.32 percent as on 2 November 2018, traded at a PE level of 6.310x. ARV’s shares traded at $0.160 with a market capitalization of approximately $88.86 million as on 5 November 2018.
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