LONDON (ShareCast) - (Sharecast News) - Artemis Resources said on Monday that it has been granted a key exploration licence covering the Cassowary Intrusion in Western Australia, expanding its ground position to target copper and gold mineralisation within a previously untested rift zone.
The AIM-traded firm said the licence, E69/4266, spans 341 square kilometres and was granted on 11 August.

It said four priority magnetic and structural targets had been identified within the tenement, with the Cassowary Intrusion designated as the first drilling focus.

Geophysical surveys were planned for the December quarter to refine targets ahead of initial drilling.

The company said it had also applied for an additional 447 square kilometre exploration licence, EL69/4330, to cover further interpreted intrusions in the southern part of the rift zone.

Artemis said the Cassowary project area, 440 kilometres east of Kalgoorlie, lay beneath 250 to 300 metres of Eucla Basin sediments and has seen minimal historic drilling.

Artemis noted that the targets displayed geophysical characteristics similar to iron-oxide copper-gold systems such as Ernest Henry, Carrapateena and Havieron.

"I am happy to report the Artemis team is very excited to have the Cassowary tenement granted which should enable field activities to get underway soon," said managing director Julian Hanna.

"The seven-month application period has been put to good use by Artemis chief geologist, Oliver Hirst.

"Oliver has made excellent progress in building our understanding of the unique potential of this area which we think has been overlooked by previous explorers and majors who have held tenements in the region.

"The Cassowary Intrusion is a rare opportunity to explore the potential for large-scale IOCG type copper-gold deposits and other deposit types including nickel-copper-PGE - mafic intrusion type - and gold - hydrothermal vein systems - in an area with effectively no prior drilling."

Artemis said it was well-funded for the programme following its recent AUD 4.75m placement.

In addition to Cassowary, the company said it expected to begin reverse circulation drilling in September at the Titan prospect near its Carlow gold-copper resource in the Pilbara, before moving on to drill extensions to Carlow.

At 1153 BST, shares in Artemis Resources were down 5.45% at 0.26p.

Reporting by Josh White for Sharecast.com.

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