Artemis chief talks up Pilbara ‘super-deep’ drill hole
Summary: The brash, big-talking chairman of Artemis Resources has hit town to promote the explorer’s latest plan to drill a 3.3km-deep hole on its Pilbara landholdings.....
David Lenigas, who lives in Monaco and is based in London, says Artemis hopes the “super-deep hole” will answer questions about the geology of the Pilbara Basin, south of Karratha, and the source of mineralisation found at the surface.
The company wants to expand on the results of a nearby 2.3km-deep hole drilled by CRA Exploration back in 1984 which intersected 10.67g/t gold over 0.5m at a depth of 1.7km.
Artemis is best known as one of the early movers in Pilbara conglomerate gold, striking a joint venture last year with one of the pioneers in the area, Novo Resources, over its Purdy’s Reward prospect.
The company is also working with the CSIRO to discover the origins of the watermelon-seed shaped nuggets appearing in shallow dirt on its tenements.
But Artemis also has ambitious plans to mine cobalt, nickel, copper, zinc, platinum and even diamonds from its 2000sqkm of Pilbara landholdings, initially using the Radio Hill plant it bought from Fox Resources last year for $5 million as a processing hub.
Mr Lenigas describes a refurbished Radio Hill as the “tool to unlock the jeweller’s box” which will enable Artemis to be cashflow positive from July. He admits some investors find Artemis confusing because of plans across so many commodities.
“The problem I see as a company right now is I don’t know which is the right strategy to adopt yet and it’s too early to tell,” he said.
“I might choose to float one (commodity) off and it’s the wrong one and everyone then goes and criticises you.
“This whole Pilbara area has been so under-explored, it’s all about oil and gas offshore or iron ore, that’s it.” The former mining engineer and graduate of the WA School of Mines is best known internationally for discovering an oilfield dubbed the Gatwick Gusher under Britain’s second busiest airport.
Mr Lenigas said he had not planned to reacquaint himself with the WA mining scene until he visited the Pilbara in 2016 and saw the potential of Artemis’ landholding.