Artemis Resources Limited (ASX:ARV) Update On Yandal Gold Drilling Program
Sydney, Mar 31, 2011 AEST (ABN Newswire) - Australian resources company, Artemis Resources Limited (
ASX:ARV), is pleased to announce that drilling at Lowlands prospect on its Yandal project in Western Australia is completed. 13 holes for 1997m were drilled at a rate of 175 meters per shift. Samples have now been dispatched to SGS in Perth for analysis.
At Lowlands a historical JORC inferred resource of 320,000t at a grade of 2.29g/t for 23,560 ounces has been previously reported by Artemis. Of the 13 holes drilled, 8 holes were targeted around the existing Lowlands resource to test for possible extensions to the east and west, while 4 holes were targeted to the north to test for repetitions. Additionally, one deep vertical hole was drilled to also test for repetitions at depth.
The Yandal Gold Project is situated in the highly productive Yandal gold belt in Western Australia, which has historically produced more than 12 million ounces of gold. The Yandal tenement package lies between the 5.4 million oz Jundee Gold Mine (90km to north) and the 2.3 million oz Bronzewing Gold Mine (30km to the south).
Drilling at Yandal is now over 80% complete but has suffered from some weather delays. There are no penalties to Artemis due to weather delays. Targets still to be drilled at Yandal include Dan's Find and Forked Stick.
The development of the Yandal project at a time of record gold prices (over US$1400 per oz) is designed to confirm high grade mineralisation amenable for sale to operating mines in the area. This approach is in line with Artemis new gold strategy to maximise return to shareholders by developing projects with an aim to achieve cash flow with limited capital investment.
For the complete Artemis Resources announcement including figures, please view the following link:
http://www.abnnewswire.net/media/en/docs/66787-ASX-ARV-535607.pdf
About Artemis Resources Ltd
Artemis Resources Limited (ASX:ARV) (FRA:ATY) is a resources exploration and development company with a focus on its prospective West Pilbara (gold, base metals, platinum and platinum group elements) and Mt Clement-Paulsens (gold) project in Western Australia. On 16 December 2016, Artemis announced the signing of a binding conditional agreement with Fox Resources Limited for a 3 month exclusive option to buy their fully permitted AGIP 425,000tpa Radio Hill nickel and copper operations, processing plant and associated mining and exploration tenements with significant existing JORC 2004 and 2012 compliant resources of Nickel, Copper and Zinc situated within a 15 km radius of the Radio Hill plant, for a total consideration of $3.5 million. The Radio Hill Plant is located 35 km south of Karratha in the Pilbara Region of Western Australia.
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