Ok so where are we at right now and where will we been at the end of 2018.
Right now what we know:
Infrastructure
Radio hill refurb 500,000 ton capacity
Gekko 500,000 ton 2 stage gravity gold plant addition .
Radio hill underground mine.
Whundo open pit mine.
Power in place
Water in place
Road access to plant in place (not sealed)
Licence and permitted
At this stage what we know is the refurb is around the $6 million mark and the gold circuit addition is around the $3 million mark. The $6 million is at the current 500,000 ton capacity not including the 500,000 ton gold circuit.
Exploration
Gold
Silica Hills . 86.83% and silver at 12.67%. 38.3 ounces of gold/ 5.3 ounces of silver from 27kg of quartz specimens.
new exploration plan for 90 test pits across a 25m x 25m grid on M47/177 and also 80 test pits across of 100x x 100m grid on E47/1746. Each of these 170 test pits will be 2m x 2m x 2m. Working with the Ngarluma Aboriginal Corporation for Aboriginal Heritage surveys and working with the Department of Mines, Industry Regulation and Safety for excess tonnage application.
Mt Oscarwitts
rock chips of 21.5 g/t Au. 14km conglomerate . 2nd target for CSIRO exploration
highest gold assay in rock chips of 21.5 g/t Au, this is from a ferruginous pebble conglomerate. We’ve submitted an exploration project to the Department of Mines, Industry Regulation and Safety (DMIRS) for approval; this is for 3,067 metres of trenching, 48,000 tonnes of disturbed tonnage and an initial 840 metres of RC drilling and 250 metres of diamond drilling.
As part of the Mt OscarWits iron ore rock-chip exploration, geologists sampled a conglomerate unit at White Quartz Hill with a peak gold assay of 6.38g/t Au. The conglomerate unit at the Churnside Prospect was sampled with a peak assay result of 10.93 g/t Au (average of 13.9 g/t Au primary and 7.96g/t Au repeat). The 10.93g/t Au sample was recovered from a coarse-grained clast supported cobble conglomerate and likely represents a primary placer style form of mineralisation in a high-energy environment with a high coarse gold component. The mineralised unit is bounded by a larger matrix. Also has JORC Resource of 126Mt @ 33.8% Fe grade magnetite iron ore .
47 Patch. First CSIRO exploration target for Conglomerate gold.
Not much is know about 47 patch other than Novo was wanting the ground and a lot of gold is being pulled from this area. Watch for updates over the next month or two.
Weerianna
45m @ 3.1 g/t Au from 28 metres (WRC133)
19m @ 4.05 g/t Au from 1 metres (WRC36)
16m @ 15.35 g/t Au from 15 metres (WRC116)
9m @ 21.5 g/t Au from 87 metres (WRC140)
In early 2017, we commenced a 1,975m trenching program to further prove this resource which is conveniently located close to roads and towns, to provide easy trucking access to the Radio Hill plant, if we can prove this resource. Fortunately, we already have a JORC (2012) compliant Inferred Mineral Resource of 70,000 oz of gold. The gold mineralisation outcrops at surface and is associated with quartz veining within chlorite-serpentinite schists, with variable degrees of silicification and carbonate alteration.
Purdy’s Reward
conglomerate sampling returns gold grades including 87.7g/t, 46.1g/t, 17.7 g/t, 15.7 g/t and 10.6g/t.
Basement (Dolerite) sampling, below the conglomerates, returned gold grades up to 4.1 g/t.
Bulk sample size has now increased to ~6 tonnes per sample from 300kg.
Currently the jewel in the Pilbara conglomerate gold play . Mystery surrounds the total length of the conglomerate. 1.5-2km has been noted in most reports but from site visits and company interviews it appears to be 6km plus. Its a nuggetty deposit so needs much larger samples (possibly know from the start). Fine gold showed up in early samples but supposably does not exist . Although over 6 months exploration work has been carried out by JV partner the market and followers still get mixed messages. We know they have been looking at the at surface section....what's under cover?? . Its the pawn in the chess game or is it the queen? time will tell . One thing is fact ...is a rich deposit but how much is there??. 4m to 14m thick....does it get thicker towards the tenement boundary? is it thicker through the mystery missing 4 plus km?. One thing for sure at this point .....it has driven both Artemis and Novo to attack the non JV ground. To be continued.....
Mt Clement-Paulsens (Au, Ag)
JORC resource: 64,400 ounces of gold and 618,500 ounces of silver.
As announced in February 2017, showed exceptional gold recoveries at over 97% using Nagrom’s LeachWEL bottle roll test to extract the cyanide soluble gold and announced that the metallurgical test confirms the Mt Clement-Paulsens project is amenable to conventional cyanide leaching. We’re working towards a Feasibility Study for an open pit and heap leach gold operation with Northern Star.
Blackrock Metals Pty Ltd – are also interested in the precious metals at Mt Clement-Paulsens. In May 2017, signed a MoU to commence a full scoping study of the gold and silver project. Blackrock is a specialist operator with significant experience in operating heap leaching and processing facilities for precious metals. We’re co-funding the study (50/50) but Blackrock is managing the study.
Munni Munni
1.14Moz palladium, 0.83Moz platinum, 152Koz gold and 76Koz rhodium.
Significant Fortescue group sediments
20km south west of Purdy's reward along trend
Gets brought up a bit and could be a dark horse in the conglomerate play as the exploration trickles deeper . CW will play a part in munni munni. Watch this space.
Elysian / Hard Rock Tenements
Was what a few wanted , namely Novo......ended up in Artemis hands and includes 47 patch. Game changer some have said.......time will tell . MacArthur Tenements
Looks exciting and was a steal as some vocal in the Pilbara gold circles have said . Lets see. CDT (Castle Minerals Limited)
Took a 4% stake . Ground looks the goods. I bet is Artemis will take control.
Non Gold
Ruth Well Nickel/Copper/Cobalt Project licence approved by DMIRS.
11 metres @ 4.3% nickel, 1.5% copper, 0.13% cobalt, from 55m (RWRC218),3 metres @ 6.0% nickel, 1.2% copper, 0.18% cobalt from 69m (RWRC230), including 1 metre @ 13.8% nickel, 1.7% copper, 0.41% cobalt, from 70m; 4 metres @ 5.4% nickel, 3.0% copper, 0.17% cobalt from 79m (RWRC220), including 1 metre @ 15.9% nickel, 6.7% copper, 0.49% cobalt from 81m
plans are to get drilling here as quickly as possible and see if we can add Ruth Well in to the Radio Hill plant feed schedule. Previous drilling has intersected high grade nickel/copper and cobalt close to surface. Could possibly be blended with CC or radio hill.
Carlow Castle
JORC 2012 compliant Indicated and Inferred resources at 0.05% Co cut-off grade, have increased to 2.3 Mt @ 1.3 g/t Au, 0.11% Co, 0.5% Cu & 1.6 g/t Ag within a global resource of 4.5 Mt @ 0.9g/t Au, 0.07% Co, 0.4% Cu & 1.3 g/t Ag.
Deposits remain open and further drilling is planned in Q1 to expand resources.
Open Pit optimisation studies and scheduling have commenced.
Will Artemis mine Carlow Castle this year? excellent grades with high potential of resource growth. One of the major plays for Artemis. Radio Hill
Nickel/Copper/Cobalt mineralisation extends to surface, as evidenced by the 1985/86 historic metallurgical test pit.81 hole (9,000 metre) RC drill programme planned to design open pit to a vertical depth of 70 metres.
Radio Hill remains principally unmined from a depth of 70 metres to near surface. Outcrop position (Test Pit) is only 400 metres from Radio Hill Plant.
Fully approved Mining Lease with Heritage Agreements and Aboriginal Surveys in place.
Programme of Works approved from the DMIRS.
Drill rig is booked for 10 January 2018. Plans to drill primary sulphide mineralisation to measured/indicated JORC category.
Open pit designs and approvals to be completed prior to Radio Hill Plant recommissioning, scheduled for June 2018. Plans underway to fast track Radio Hill Stage 2 upgrades to +1 million
Well the drill has been drilling away as I have seen in action . Will be part of the mining schedule in 2018 . Mining cost and ore transport to plant will be low ......truck only needs to travel 400 or so meters .
This is just a few of the non gold plays but the ones I think will play a part in the short term to get feed into the plant this year. Artemis have around 300.000 ton of copper/cobalt/nickel ore sitting on the deck ready to go.
Interesting times , Fantastic gold and EV to bring to market with solid pricing across the board.
$25 million cash
4 million novo shares
ARV Price at posting:
18.5¢ Sentiment: Buy Disclosure: Held
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