ARTEMIS RESOURCES LIMITED - ASX: ARV

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Description

Artemis Resources Limited is a maturing exploration company focused on gold. The company also has rare element and uranium projects.

Mt Clement

The Mt Clement Gold Project has historical drilling by BHP, WMC and Newmont Mining. Mineralisation remains open in all directions and provides Artemis with short-term growth potential to significantly expand this resource. During 2010, Artemis has completed 4,114m of RC and Diamond drilling. Results from the drilling programs include:

11m @ 4.76 g/t gold
6m @ 8.82 g/t gold
20m @ 7.32 g/t gold
4m @ 9.33 g/t gold

5m @ 656 g/t silver
7m @ 581 g/t silver

5m @ 2.8% copper
5m @ 1.85% copper

Yandal

This project lies mid-way between the giant Bronzewing and Jundee Gold Mines, both multi-million ounce gold deposits within the Yandal Gold belt of Western Australia. Yandal occupies the same rock unit and the same fault as both of these deposits. Yandal presents the possibility for a large-scale gold deposit for Artemis.

Yangibana

Yangibana provides Artemis with a strong footing for long-term growth in an increasing rare earth market. The company aims to explore the 7km long strike length of carbonatite dyke in an effort to achieve a resource in excess of 250,000 tonnes of contained rare earth oxide (“REO”).

* 80 drill holes used to define a historical resource of rare earth oxides.
* Ferrocarbonatite dykes host significant rare earth oxide grading 1.70% REO averaged from 3,500m of drilling
* Light REO Lanthanum, Cerium, Praseodimium, Neodymium, Samarium
* Heavy REO Europium, Gadolinium, and Dysprosium
* Seven (7) kilometers of strike remains largely untested but highly prospective
* Eleven (11) prospects identified so far at surface
* Targeting +300,000 tonnes REO

Buchanan's Creek

Buchanan’s Creek in Queensland is one of the most important lithium/tantalum/niobium occurrences in Australia and the company holds more than 100 square kilometers of prospective ground hosting mineralised pegmatite dykes. Exploration will focus on drilling out the mineralised pegmatite dykes.

* Rare metals discovered in 1930’s yet most exploration undertaken for gold.
* Swarms of zoned pegmatites hosting rare metals.
* Sixteen (16) drill holes drilled in 2008 intersected the following; (the deepest hole drilled was a mere 30m)

9m @ 0.71% Li2O (7m down hole)
10m @ 1.38% Li2O (5m down hole)
8m @ 1.40% Li2O (11m down hole)
7m @ 0.91% Li2O (10m down hole)
7m @ 0.13% Ta2O5 (10m down hole)
4m @ 0.03% Nb2O5 (9m down hole)
10m @ 0.15% SnO2 (5m down hole)

Mundong Well

Mundong Well is a promising uranium project with strongly mineralised zones containing visible carnotite and kasolite uranium minerals. Historical high grade rock, trench and drilling samples, radiometric hotspots and proven channel-hosted uranium mineralisation provides the Company with prospective targets for exploration.

* Mundong Well and Cambridge Creek together represent 2 adjoining uranium projects covering more than 450sq km of ground prospective for uranium
* Strongly mineralized zones with visible carnotite and kasolite uranium minerals
* Hosted by radiometrically anomalous Palaeoproterozoic granite
* Multiple high grade rock and trench samples including 39,000 ppm (3.90%) U3O8 over 1.5m wide in a trench
* Early drilling has intersected 6m @ 2,500ppm U3O8 at 41m depth
* Intense radiometric (uranium count) hotspots remain untested

Tag II + Tag IV Uranium Prospect, Niger

Artemis owns a 49% interest in the Tagaza II and IV uranium project in Niger, West Africa. Under the terms of the joint venture with Artemis's partner Trendfield, Artemis has the ability to increase its stake to a majority 51% holding. The Niger Project is located within the highly productive Tim Mersoi Basin in North-East Niger, home to two uranium mines producing 12% of the world's uranium supply. The Tagaza II and IV tenements cover approximately 1,000 km² and are situated adjacent to another major uranium deposit, Teguidda.

Teguidda, which is 800 metres from the Niger Project tenement boundary, is currently being developed by a state owned Chinese company, SinoU, and has a resource of 15,000 tU of U308 grading 0.2%. Production at Teguidda is planned for 2010 with an initial expected output of 700 tonnes of U308 per year.

Areva, the French nuclear engineering and mining company, has also continued to invest in the Tim Mersoi province. It is expected to spend some US$1.47 billion in developing the Imouraren deposit, with production of about 4000 tonnes expected by 2012. Areva also owns the mill and open pit mine at Somair.

CAMECO, the world's largest uranium producer, recently announced a US$28 million investment in Goviex, an exploration company with its own uranium tenements in the Tim Mersoi province, including Madaouela.

The Republic of Niger is the world's 4th largest uranium producer, producing 9% of the global production. Over the last 40 years, in excess of 100,000 tU has been produced from areas close to the Artemis Niger Uranium Project, developing a well established mining infrastructure.

The Company has agreed arrangements with its joint venture partner for the further exploration of these tenements. As manager of the joint venture, Artemis is working towards implementing these arrangements.

Mine For

gold, uranium, rare earth metals, silver, copper, niobium, tantalum, lithium

Location of operation(s)

Western Australia, Queensland, Niger

Address

Level 10, Margaret Street
SYDNEY, NSW, AUSTRALIA

Phone

+61282212255

Email

Website

http://www.artemisresources.com.au

Last Updated

11/04/2011