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PERTH - Artemis Resources Limited (ASX:ARV) reported Wednesday that its first reverse circulation (RC) drill hole testing a new target at Titan East intersected 5 meters of high-grade gold grading 13.1 g/t from 132 meters depth, including a higher-grade zone of 3 meters at 20.9 g/t gold.
The significant gold intersection was found within a 20-meter mineralized interval containing other elevated gold assays ranging from 0.1 g/t to 0.78 g/t gold, according to the company’s press release statement.
Located approximately 1.5 kilometers west of the Carlow gold-copper resource in Western Australia’s Pilbara region, the Titan East prospect had not been previously drilled along the interpreted northeast-trending shear zone where the gold was discovered.
A second RC hole, drilled 50 meters east of the discovery hole, intersected several intervals of vein quartz starting from 28 meters depth, with assay results still pending.
"Hitting 5m @ 13.1 g/t Au in the first RC hole is an excellent start and supports our strategy to build scale around Carlow by finding additional, nearby gold resources," said Jozsef Patarica, Executive Director of Artemis Resources.
The company plans to begin diamond drilling in late November to determine the orientation of the quartz veins and potential for extensions along the interpreted shear zone, which is covered by transported sediments and runs parallel to the Regal Thrust, a prominent chert ridge 300 meters to the south.
The Titan area is described as structurally complex, with limited surface geochemical exploration due to transported cover. Artemis recently completed 18 widely spaced RC holes across two target areas at Titan, with many assay results still pending.
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