Zak Mir talks to Julian Hanna, Managing Director, Artemis Resources, in the wake of phase 1 drilling results, highlighting that the strike could extend another 600m.
Introducing Artemis Resources and Our Exploration Philosophy
Since joining Artemis Resources in January, I’ve brought a long-standing passion for geology, exploration, and project development to the company. My background spans every aspect of exploration—from initial discovery through resource modeling to project development and mining operations. Before Artemis, I co-founded and managed Western Areas, a nickel company in Western Australia that grew from a $3.5 million start-up to a peak valuation of $1.5 billion, becoming the country’s second-largest underground nickel miner.
More recently, I spent seven years running an Australian-listed copper company focused on the Kalahari copper belt in Botswana. During that time, we made two major discoveries and were acquired by Sandfire Resources, a global copper producer now valued at over $4 billion. These experiences have instilled in me a deep appreciation for the entire exploration-to-production lifecycle and the importance of delivering shareholder value through discoveries and dividends.
The Karatha Gold Project: Location and Geology
Artemis Resources has a highly prospective asset located just 30 kilometres from Karatha in Western Australia. Karatha is a well-established mining hub, known for its iron ore exports and thriving gas industry, supported by excellent infrastructure including ports, a large township, and multiple flights to and from Perth. This makes it an ideal location for a mining project with convenient access to services and a skilled workforce.
Our project covers approximately 300 square kilometres of gold prospective ground, but our current focus is on around 30 square kilometres within the “Carlo” tenement. This area is particularly promising for gold exploration because it features:
- Ancient, favourable host rocks
- Key structural features conducive to gold mineralisation
- Multiple known surface gold occurrences from historical and modern prospecting
- Comparatively under-drilled areas outside the main deposit
The Carlo deposit itself has been the focus of drilling since 2015-2016, with more than 400 drill holes completed. However, the drilling has been concentrated on one main deposit, leaving surrounding areas largely unexplored.
Phase 1 Drilling Results: Expanding the Strike and New Discoveries
In December 2023, Artemis Resources raised $4 million to fund an exploration drilling program starting in February 2024. The phase 1 drilling, conducted through February and March, has already yielded promising results, which we announced recently. These initial results come from just five diamond drill holes strategically placed around the Carlo deposit, and they have transformed our understanding of the project’s potential.
The Carlo deposit currently hosts a resource of approximately 8 million tonnes grading 1.3 grams per tonne (g/t) gold and 7-8% copper. Originally, this was viewed primarily as a low-grade open-pit target extending to about 200 metres depth. However, our recent review of the extensive drilling database revealed a substantial number of high-grade gold and copper assays that had been overlooked:
- 192 assays with gold grades exceeding 10 g/t
- 500 assays with copper grades greater than 2%
This discovery has shifted our perspective, and we now believe the Carlo deposit may be a high-grade underground system rather than just a low-grade open-pit resource. This opens up new possibilities for development and value creation.
Extending Mineralisation East and West
The first hole of the phase 1 program was drilled 600 metres east of Carlo at a target we named Merillion. This target was identified by a very strong electromagnetic anomaly, likely caused by conductive sulfide minerals. The drilling intersected a gold-copper mineralised zone that we believe represents an extension of the Carlo deposit. The standout intercept was 1 metre at 15 g/t gold, with an average of 7 metres grading just under 3 g/t gold. This is a significant result given the gap of 600 metres with no previous drilling between Merillion and Carlo. It suggests the mineralisation could extend further east along strike, warranting infill drilling to better define the continuity of the deposit.
To the west, three holes were drilled around the “Titan” prospect, approximately 1.5 kilometres from the Carlo deposit along the same geological structure. One of these holes intersected 1 metre at 16 g/t gold, with additional zones of lower-grade mineralisation (0.2 to 0.5 g/t gold) within a previously unrecognised sequence of rocks. Titan is an exciting new discovery that extends the known mineralisation strike length substantially and highlights the potential for additional deposits along the structural corridor.
Geological Insights and Structural Controls
One of the most fascinating aspects of our exploration is the complex geology controlling the mineralisation. The deepest hole drilled in the phase 1 program reached 700 metres and intersected a major geological structure known as the Regal Thrust. This thrust fault is a significant fluid pathway that likely channelled gold-bearing hydrothermal fluids to the surface. We found a distinctive “CH unit” at depth, which we interpret as an expression of the Regal Thrust beneath both the Carlo deposit and the Merillion target.
This structural setting is unique and provides a strong geological framework for the gold-copper mineralisation. It also suggests that mineralisation could extend not only along strike but also at depth, reinforcing the potential for a high-grade underground deposit. Our evolving geological model will guide future drilling to test these extensions and better understand the controls on mineralisation.
The North Pilbara Gold Province: A New Frontier
The Karatha project lies within what we are now referring to as the North Pilbara gold province. This region spans roughly 200 kilometres from Karatha in the west to Port Hedland in the east, both of which are major iron ore export hubs. Despite the region’s mineral potential, modern gold exploration has been limited, leaving much of the area underexplored.
At the eastern end of this corridor lies the Hemi deposit, discovered just five years ago by De Grey Mining. Hemi is a world-class gold deposit with over 12 million ounces of gold and growing, featuring both open-pit and underground mining potential. Although we do not claim to have a deposit of that scale, the geological similarities between Hemi and our Karatha project are encouraging. The discovery of Hemi has opened eyes to the prospectivity of the entire region, including the area around Carlo.
Infrastructure and Development Potential
One of the advantages Artemis Resources enjoys is proximity to existing infrastructure. We own a mining licence and processing plant 35 kilometres from the Carlo deposit, originally used for nickel processing at the historic Radio Hill mine. This facility is located adjacent to a major road and power supply, making it an attractive asset for any potential future development.
We are currently assessing the condition and value of this processing plant and considering engineering studies to determine its suitability for treating gold-copper ore from the Carlo project. Having a nearby processing facility under a granted mining licence is a significant advantage that could reduce capital expenditure and accelerate project development timelines.
Looking Ahead: Next Steps and Exploration Strategy
The phase 1 drilling program has provided a vital “line in the sand” for Artemis Resources. It has demonstrated that the mineralisation extends beyond the previously defined resource and that the deposit has characteristics of both open-pit and underground potential. Our immediate focus is on planning the next phase of exploration to:
- Infill drill the 600-metre gap between Carlo and Merillion to confirm continuity of mineralisation.
- Test extensions of the mineralisation along strike to the west and at depth.
- Better define the high-grade zones within the resource to support underground mining studies.
- Evaluate the existing processing infrastructure for potential future use.
We are excited about the opportunity to uncover multiple gold and copper deposits within the North Pilbara province and to advance the Karatha project toward development. The combination of a large land package, underexplored geology, strong initial drill results, and existing infrastructure provides a compelling foundation for growth.
Conclusion
Artemis Resources is at an exciting juncture, with phase 1 drilling results expanding the known mineralisation and reshaping our view of the Carlo deposit’s potential. The discovery of high-grade gold and copper assays both east and west of the existing resource, combined with a unique geological setting controlled by the Regal Thrust structure, points to a significant opportunity for further discovery and development.
Our location near Karatha offers excellent logistical advantages, and the presence of a nearby processing plant under a mining licence adds tangible value to the project. As we plan our next phase of exploration, we remain committed to building on these promising results and advancing the Karatha gold project into a profitable mining operation.
Stay tuned for further updates as Artemis Resources continues to unlock the potential of the North Pilbara gold province.
