RE: ASX3 Nov 2023 14:27
Analyst note says it all
Azure project next door valued at $2.8b vs ARV $40m
Arv about to drill - took azure 12 months to climb to these heady heights - can happen but in time and with results
Artemis Resources (ARV) – Corporate – Quarterly update, focus on lithium
Market Cap £20.6m Share Price 1.2p
Artemis today provide their quarterly update for the September quarter. A new Executive director has been appointed in George Ventouras who has considerable experience in the resources sector…….ground assessment of the many identified lithium pegmatites.
The focus for Artemis this quarter has been on the lithium potential in its licences and those of its licences held in JV with Greentech Metals (ASX:GRE, No Rec) in which Artemis holds a 49% stake. These licences lie in a newly identified zone of lithium pegmatites in which the Andover project has been discovered; Azure Minerals (ASX:AZS, No Rec), Andover’s 60% owner has gone from a market cap of ~A$45m to a potential takeover of A$1.6bn whilst the Andover project still has no defined resource. The whole area is prospective for further large discoveries and Artemis has access to much of the newly defined ‘lithium corridor’ to the west of Andover.
Greentech will begin drilling a few holes on already permitted drill sites with Artemis looking to prioritise the over 90 pegmatites identified on its 100% owned licences with rock chip samples grading up to 2.4% Li2O and over 21km2 of exposed Andover intrusive suite to ground truth.
WHI View: The potential takeover of Azure Minerals for $1.6bn by SQM (NYSE:SQM, No Rec), one of the largest lithium chemical producers in the world, has set the whole area alight. Azure has gone from a small company with a market cap of A$45m to a takeover offer of ~$1.6bn even though there is no defined resource. Significant intercepts of e.g. 209m grading 1.42% Li2O show the kinds of pegmatites waiting to be discovered. Whilst Artemis (and Greentech) have yet to drill, they have identified lithium-rich pegmatites through rock chip samples to show that the potential for a big discovery is there. Drilling will prove (or not) the concept and we look forward to the first drill holes into the area expected by Greentech over the coming months.
Paul Smith
Analyst