Artemis Resources Ltd (ASX:ARV, AIM:ARV, OTCQB:ARTTF) is optimistic about the planned exploration of prospects within the Karratha Gold Precinct in Western Australia, including planned drill testing of the Lulu Creek prospect next quarter.
Spanning an area of more than 200 square kilometres, the company's Karratha Gold Project in the state’s West Pilbara region is highly prospective for gold and other commodities including lithium, copper, nickel, cobalt and silver.
Discoveries of intrusion-related gold systems (IRGS) are relatively new to the Pilbara region and show a scale of mineralisation not previously encountered. Gold mineralisation within these deposits is primarily situated within a sequence of intrusions, notably associated with stringer and disseminated sulphide-rich zones.
The high value of these types of discoveries is driven by size, grade continuity and growth potential.
Artemis believes that the Karratha precinct has the potential to host large-scale, multi-million ounce systems, due to the increased structural complexity of the region resulting from the close proximity of the Sholl Shear zone and the Regal Thrust.
Carlow Project
The Carlow Project is within a series of shear zones along the margin of the Regal Thrust Fault within the basalt and sediments of the Roebourne Complex.
The Regal Thrust is a regionally significant south-to-southwest dipping structure with sinistral movement that folds around on itself over a distance greater than 90 kilometres. Shear splays along the contact of the Regal Thrust within the Roebourne Complex are considered prospective for mineralisation, especially when intruded by Andover mafic/ultramafics.
Currently, Artemis has a high-grade resource at its Carlow Castle prospect of 704,000 ounces at 2.5 g/t gold equivalent.
Lulu Creek
Lulu Creek (formerly Carlow West) was previously drilled in 2020 where the drilling program involved an RC drill rig and targeted a discrete surface anomaly.
This work was followed up in 2023 where an induced polarisation (IP) survey was completed, resulting in the delineation of further targets at depth.
This result, the subsequent targeting and the similarities to a Hemi-style gold intrusive system were catalysts for the West Australian State Government awarding Artemis an exploration incentive scheme (EIS) grant of $82,500 to co-fund further drilling.
Previous drilling at Lulu Creek provided encouraging results including 2 metres at 1.62 g/t gold from 34 metres; 1-metre at 4.89 g/t gold and 13.7 g/t silver from 24 metres; and 1-metre at 1.15 g/t gold from 9 metres.
When Artemis drilled Lulu Creek, the significance of IRGS in the Pilbara region was not fully understood.
The gold system at the prospect is reminiscent of De Grey’s Hemi deposit (255 million tonnes resource at 1.3 g/t gold for 10.5 million ounces), which has resulted in large gold projects being discovered in intrusive related gold systems (IRGS).
Drilling ahead
A program of works to cover the Lulu Creek prospect has previously been submitted and approved and a heritage clearance application has been completed and submitted for approval.
Once the heritage clearance has been completed, drilling can be scheduled and undertaken in conjunction with the EIS co-funded drilling grant.