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PERTH - Artemis Resources Limited (ASX/AIM:ARV) has executed a land access agreement with the Pila Nguru Aboriginal Corporation for its Cassowary Copper-Gold Exploration Project in Western Australia’s Nullarbor region, the company announced Monday.
The agreement covers a recently granted 341km² tenement (E69/4266) that contains the large Cassowary Intrusion, along with four pending applications totaling approximately 788km². The company’s total tenement area now spans about 1,129km².
Located within a 30km-wide interpreted rift zone adjoining the Madura Crustal Boundary, the Cassowary Intrusion shows a large concentric magnetic footprint that suggests potential for iron oxide copper-gold (IOCG) mineralization.
"This is a major milestone for Artemis which should allow heritage surveys to commence for planned on-ground exploration, including initial drilling and gravity surveys," said Julian Hanna, Technical Director of Artemis, in the press release.
The company is preparing a work program for diamond drilling to test the Cassowary Intrusion, with site activities targeted to begin in December, pending submission of work programs and heritage surveys by the Pila Nguru.
According to magnetic data interpretation, the Cassowary Intrusion features a 5-10km width concentric magnetic footprint and has disrupted surrounding magnetic units by more than 20km to the east. The intrusion is located along the eastern contact of the Madura Crustal Boundary and coincides with a 3-4km wide cross-cutting fault zone.
The target area lies beneath an estimated 250-300m of Eucla Basin sediments, based on historic drilling in the region.
Artemis recently expanded its tenement holdings to cover additional targets within the interpreted rift zone, south of two applications by WA1 Resources Limited.
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