Artemis Resources’ (ASX: ARV) goal to drill one of the deepest holes ever drilled in Western Australia received a boost today with the WA government granting an exploration licence over the patch of dirt where it will drill to 3,300 metres.
Artemis today was granted an exploration licence over a newly granted tenement package, located 50km south of its Radio Hill processing plant, in the Karratha region.
The company intends to conduct a diamond drilling program at the site, testing for base metals, cobalt, gold and diamonds.
“We are pleased to get these 599km2 tenements granted so quickly and work is now underway to get the Programme of Works approvals in place to drill this exciting super-deep diamond drill hole,” Artemis Resources executive chairman David Lenigas said.
The company reported that the program of works has been submitted for approval and drilling will to commence as soon as approval is received.
Artemis will be partnering with the CSIRO to analyse the drill core, with the organisation applying the latest geochemical and geophysical methods, which will help better understand the deep ore body.
This will be the first major project to take advantage of the CSIRO’s Drill Core Lab facility in Perth.
The diamond drilling will occur in an area which has previously been explored by Fox Resources (ASX:FXR). Fox completed a VTEM survey that resulted in the discovery of six base metal clusters and 31 prospective targets.
Artemis says it will applying for a co-funded exploration drilling program, which is a program of the Exploration Incentive Scheme (EIS), provided by the West Australian Government.
As noted by Bill Johnston, the WA Minister of Mines and Petroleum, in a recent interview with Small Caps, the EIS is only open for applications twice a year, which offers up to a 50 per cent refund for innovative exploration drilling projects, capped at specific amounts.
If successful, the EIS could provide Artemis with up to $200,000 in funding for this single super-deep ASD-1 drill hole.
The addition of the new tenements adds to Artemis Resources’ suite of Pilbara projects, with the company seeking to explore the regions surrounding its fully-permitted processing plant at Radio Hill, south of Karratha.
Artemis which along with Canadian joint venture partner Novo Resources famously kicked off the Pilbara gold nugget rush in July 2017 when they discovered “watermelon-seed” shaped gold nuggets found at or close to surface over extensive strike lengths at the Purdy’s Reward project south of Karratha. Artemis currently has a market cap of $131 million and cash in bank of around $25 million.
Listen to question on the Exploration Incentive Scheme and mention of Artemis’ 3,300m drill hole: