Artemis Resources Limited (ASX: ARV) has identified eight compelling targets on the completion of an airborne magnetic survey conducted on its wholly owned Armada Prospect. The news sent the Artemis’ shares to jump up by 8.696% to trade at $0.125 on 17 January 2019 (12:24 PM AEST).
Armada Prospects covers an area of ~600 square kilometers in the highly prospective Paterson Province of Western Australia, surrounding Greatland Gold Plc’s Havieron Project to the north, south, and east. These eight prospective exploration targets are reportedly within the 22km radius of Havieron gold and copper discovery in the East Pilbara region of Western Australia.
Ed Mead, Artemis’ Executive Director, stated, that “the latest airborne survey undertaken by Artemis has now identified a significant number of extremely prospective targets surrounding Havieron, with the Kzinti Target only 2.5 km away and on the Greatland/Artemis tenement boundary. Artemis surrounds Havieron on three sides, and right now the company’s eyes this project as one of the most exciting in the Company’s extensive Pilbara tenement portfolio.”
As per the company’s information, the eight targets include Ferengi, Bolian, Kazon, Arcadian, Edosian, Vidiian, Ocampa, and Kzinti. Artemis further told that Kzinti target is directly along strike from Havieron and based on this survey the magnetic unit is ~1km long.
Greatland Gold Plc has released the high-grade drilling results to date, including 275m at 4.77g/t gold and 0.61% copper from 459m in HAD005 drill hole. The drilling results from Greatland Gold on their Havieron gold-copper discovery near Telfer are quite extraordinary, said Mr. Mead.
The company has also undertaken reprocessing of open file seismic data collected from the Moodoo seismic survey in 1987. Since then there have been significant advances and improvements made in processing techniques because of which the company has decided to process the data again. Full results of this depth reprocessing are expected to be released later in January. However, the information obtained will reportedly provide just valuable additional information on structures, the thickness of cover which company plans to integrate with the gravity data to improve modeling of targets.
Currently, the company is in the process of further processing, inversion, and interpretation of the magnetic data. It further intends to take up a gravity survey to get assistance in drill targeting and ranking of the targets. The company explained that the proposed gravity survey would assist in defining the highest-ranking targets, where gravity anomalism is defined proximal to the AMAG anomalism. Also, there seems to be a high possibility of finding gravity anomalies with subtle magnetic signatures.
Looking forward, the company targets to proceed with The magnetic inversion modeling and interpretation at the earliest and get the gravity data merged as it becomes available.
ARV is currently trading at a PE of 5.180 with a market capitalization of $74.61 million. Over the past 12 months, the stock price has fallen by 51.06% include a negative price movement of 28.13% witnessed over the past three months.
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