Artemis Resources Readies First Drill Test of Two Untested Copper-Gold Targets
Key Takeaways
- Artemis expects its maiden Madura drilling to start in mid-October, after heavy September rain closed roads and delayed the original schedule.
- The initial program is three diamond holes totalling 2,250m, with two at Cassowary and one at Sharon Dam, both previously untested.
- Cassowary is fully drill-ready, with heritage clearance for four sites and contractors appointed, on a 100%-owned tenement hosting a 4km-plus magnetic intrusion.
- Sharon Dam still needs a mid-October heritage survey before drilling, and Artemis can earn up to 80% under its JV with Red Metal.
- Funding comes from an oversubscribed August placement of undisclosed size and up to $270,000 in EIS co-funding for the first Sharon Dam hole.
Madura drilling set to start mid-October at Cassowary and Sharon Dam
Heavy September rain has pushed back the first drill test of two large copper-gold targets, but the start is now expected in mid-October. Artemis Resources (ASX: ARV) said its maiden drilling program at the Madura Copper-Gold Project is expected to commence in mid-October, after road closures delayed the earlier planned start.
The initial program includes three deep diamond drill holes (2,250m planned). Two holes are planned at Cassowary and one at Sharon Dam.
The targets sit within an underexplored ~50km wide structural corridor. It has numerous interpreted intrusions buried beneath a >250m thick sedimentary cover sequence.
For you as an investor, this is the first drill test of two large, previously untested targets. The company says it is well funded for the drilling, through a strongly oversubscribed placement in August and EIS co-funding.
Julian Hanna, Artemis Project Manager
“It is very rare to have the opportunity to drill two large-scale targets of this nature in a belt that have never previously been tested.”
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Cassowary is drill-ready while Sharon Dam awaits heritage survey
The two targets are at different stages of readiness. Cassowary is ready to go, while Sharon Dam still needs a heritage survey before drilling can proceed.
Cassowary: heritage clearance in place
Heritage clearance covers four drill sites, and drilling contractors have been appointed. Drilling is expected to commence in October, subject to road access.
The Cassowary target is centred on a large interpreted magnetic intrusion with a diameter of over 4km. It is the largest interpreted magnetic intrusion identified by Artemis along the Madura Crustal Boundary, and sits in tenement E69/4266, which is 100% owned by Artemis.
Phase 1 involves two diamond holes designed to test the potential for mineralisation within the centre of the magnetic target and cross-cutting structures.
Sharon Dam: access agreement executed
Red Metal Ltd (ASX: RDM) and the Traditional Owners recently executed an updated access agreement. Sharon Dam is within tenement E69/3441, held by Red Metal, and is subject to an earn-in JV agreement where Artemis can earn up to an 80% joint venture interest.
A heritage survey of two initial planned drill sites and access tracks is scheduled for mid-October. Subject to heritage clearance, drilling will commence after Cassowary drilling is complete.
Sharon Dam is located 50km south of Cassowary and is described as the strongest known coincident magnetic and gravity anomaly in the Madura Province. The first hole will be co-funded by a Western Australian Government Exploration Incentive Scheme (EIS) grant.
How the two-phase program works
Drilling here is difficult because the targets are buried. Iron oxide copper-gold (IOCG) style intrusions sit beneath sedimentary cover, so explorers use magnetic and gravity readings (geophysics) to spot anomalies that may point to them.
The program runs in two phases:
- Reverse circulation (RC) and Aircore drilling: relatively shallow drilling to identify and establish water sources close to the Cassowary drill sites, testing local aquifers likely within 100m of surface. This supplies water for the diamond drilling.
- Diamond core drilling: planned to commence from base of cover at 250m to 750m, to test the source of the modelled targets.
Success at either target would open up potential for the other high-priority targets along the corridor. Artemis holds over 100km of strike length and a tenement package covering more than 2,000km².
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Funded and ready: timeline and next steps
Artemis says it is well funded for the drilling, following a strongly oversubscribed placement in August plus EIS co-funding. The announcement does not disclose the size of the placement.
The EIS term has been extended by six months (now ending May 2027), and the company is eligible for up to $270,000 in (Round 32) co-funding of the first Sharon Dam hole.
The indicative timetable is below.
| Step | Indicative timing | Comment |
|---|---|---|
| Road access to project restored | Early October | Weather dependent with access roads currently closed |
| Mobilise first drill rig to Cassowary to drill water bores | Following road reopening | Establish local water supply for diamond drilling at Cassowary |
| Site establishment, drill pads and pre-collars at Cassowary | October | Heritage clearance received for four drill sites |
| Diamond drilling commences at Cassowary | Mid-October | Subject to water supply and timing of rig mobilisation |
| Heritage survey at Sharon Dam | Mid-October | Access agreement executed, next step heritage survey of drill sites |
| Drilling at Sharon Dam | Late October, following heritage clearance | Drilling will follow Cassowary drilling with first hole co-funded by EIS grant |
| Planned updates to shareholders | Mid-October | Once rig is mobilised and drilling is underway |
Groundwork completed ahead of drilling includes:
- Heritage clearance for four initial drill sites, access tracks and a temporary campsite at Cassowary
- Appointment of drilling contractors and an additional site support team
- Studies by specialist consultants relating to geophysical modelling and structural interpretations
- Ongoing dialogue with owners of Gunnadorrah cattle station, which includes Sharon Dam
The indicative timetable is subject to weather, road access and heritage clearance at Sharon Dam.
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