12:40 AEST Mar 31, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.
Sydney, Australia (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 Limited:
Artemis Resources Limited (ASX: ARV) is a maturing resources exploration company with a focus on its prospective Mount Clement and Yandal gold projects in Western Australia. The Company also has exposure to rare earths through its Yangibana (Western Australia) and Buchanan’s Creek (Queensland) projects and Uranium through its Mundong Well and TAG II/IV projects in Western Australian and West Africa respectively. Its projects were targeted because of their quality, exploration potential and close proximity to existing important deposits or producing mines.
The Mount Clement Gold project comprises three mining leases and two exploration licenses over 14.5km2 in the Ashburton area of Western Australia, approximately 35km from the operating Paulsen’s Gold Mine owned by ASX-Listed Northern Star Resources Limited. As part of its recent acquisition of the nearby Paulsen’s Gold Mine, Northern Star Resources also acquired a 20% free-carried interest (to Feasibility Stage) in the 3 Mining Leases at Mt. Clement.
Contact:
Guy Robertson
Company Secretary
Tel: +61-2-8221-2255
Email: info@artemisresources.com.au
http://www.artemisresources.com.au
