9 November 2009
Option acquired over LithiumTantalum-Rare Earth Project
HIGHLIGHTS
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Option over lithium, tantalum and rare earth elements project acquired
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Project area has significant potential for discovery of economic mineralisation
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Initial drilling results from 2008 include mineralised intercepts of lithium, tantalum
and tin from shallow depths
Artemis Resources Limited (ASX: ARV, “Artemis”) today announced that it has signed an
option agreement to purchase the Buchanan’s Creek–Grants Gully Lithium-Tantalum-Rare
Earth Project located south of Georgetown, northern Queensland.
The project comprises three mining leases (MLs 3311, 30123 and 30208) and two
exploration permits (EPMs 13694 and 14988), as shown in Figure 1.
Mineralised pegmatites are widely distributed within the region and have highly anomalous
lithium, tantalum and rare earth concentrations. Surface sampling and historical work
indicates that the project area has significant potential for the discovery of economic
lithium, niobium-tantalum and tin. Recent work has highlighted this potential with results
from the 2008 drilling program returning mineralised intercepts of lithium, tantalum and
tin from depths less than 20 metres below surface:
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10 me t r e s at @ 1. 38% lit hium oxide (Li2 O) in hole BCDH-8;
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8 me t r e s at 1. 39% Li2 O in hole BCDH-12; and
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7 me t r e s at 0. 91% Li2 O in hole BCDH-13.
The project requires a detailed and comprehensive program of geological mapping,
geochemical sampling for detailed target definition followed by drill testing.
Director Frans Voermans noted: “This is an exciting opportunity which provides Artemis
with a low risk entry into the strongly performing lithium and rare earth sector.”
Artemis has paid the project owner, Orion Metals Ltd (ASX: ORM,“Orion”), a nonrefundable deposit of $25,000 which entitles Artemis to an exclusive due diligence period
of 45 days. Subject to a positive review, Artemis will then pay a further $425,000 of which
$200,000 is to be paid in cash and the rest in fully paid Artemis shares. Orion shall then
transfer its 100% interest in the project to Artemis.
About lithium, tantalum and rare earths
Lithium is combined with aluminum and magnesium in light weight alloys used in batteries
(particularly in relation to electric/hybrid powered cars), glass and ceramics, lubricants,
2
air conditioning and pharmaceuticals. Its use in electric vehicle batteries and lithium
alloys for aircraft is forecast to increase significantly over the next 10 years as demand for
these applications increases.
Tantalum is a metal with excellent corrosion resistance, high-temperature strength, good
machineability and good biocompatibility. Tantalum and tantalum alloy are mainly used
for heat exchangers, shell and tube heaters, bayonet heaters, condensers, vessel liners,
sputtering targets, cathode protection systems for steel structures such as bridges, water
tanks, corrosion resistant fasteners, high temperature furnace parts, nuclear reactors,
aircraft and missile parts.
Rare earth elements include the 15 elements in the lanthanide series of the periodic
table, plus yttrium and scandium. Better known rare earths include cerium, lanthanum,
neodymium, praseodymium, gadolinium, europium, and samarium. They are used in a
wide range of applications, from everyday household items, such as rechargeable cell
phone batteries, to cutting-edge technologies such as superalloys used in the aerospace
industry. Other common applications are as catalysts in the petroleum and automotive
industries; magnets (neodymium magnets are key components of the electric motors and
regenerative braking systems used in hybrid vehicles; computer applications (hard-disc
drives, CD-ROMS and DVDs; rechargeable batteries; LCD and plasma display panels used for
TV, computer and other screens; superalloys; lasers and superconductors.
Frans Voermans
Director
Office: +61 2 9299 8820
Email: [email protected]
Website: www.artemisresources.com.au
The information in this Report that relates to Exploration Results is based on information compiled by
Mr Frans Voermans who is a Fellow of the Australian Institute of Mining and Metallurgy and a nonexecutive director. Mr Voermans has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves’. Mr Voermans consents to the inclusion in
the report of the matters based on their information in the form and context in which it appears.
Telephone: +61 2 9299 8820 Facsimile: +61 2 9262 2885 Email: [email protected]
Level 10, 1 Margaret Street, Sydney, NSW, 2000, AUSTRALIA
Postal Address: PO Box R933, Royal Exchange, NSW, 1225
ABN: 80 107 051 749
www.artemisresources.com.au
Figure 1.
Map showing
location, tenement
outlines and
significant results
from past
exploration for the
Buchanan’s Creek –
Grants Gully
Project.