28 February 2024
Artemis
Resources Limited
NEW
TARGET IDENTIFIED AT PATERSON GOLD PROJECT
Highlights:
· Independent technical review
identifies new priority target - Apollo North - identified by gravity
anomaly
· Review identified that Hole
22PTMRD011 intercepted the same lithotypes and similar
mineralisation as Havieron and are considered to be typical of a
'near-miss' at Havieron.
· Project located adjacent to
Newmont/ Greatland Gold tier 1 discovery Havieron deposit
containing over 6.5m oz Au
· Options being considered to
advance project including joint ventures and third party funding
Artemis Resources Limited ('Artemis' or the
'Company') (ASX/AIM:
ARV) is pleased to report
that a detailed strategic review of the Company's 100% owned
Paterson Gold Project in Western Australia is currently
underway with the aim of establishing a development pathway that
extracts maximum value for shareholders.
Previous drilling at the Paterson
Project delivered the following significant intercepts:
· Within drill hole
22PTMRD011 include;
o
2.42m @ 0.85g/t
Au and 2.86% Cu from 752.58m,
including;
o
0.87m @ 0.36g/t Au and 4.99% Cu from 752.58m; 1m @ 1.73g/t Au and 2.58% Cu from 754m; and 1m @ 0.61g/t Au and 3.28% Cu from
904m1
· Within drill hole
22PTMRD010 include;
o
5m @ 0.32g/t Au and 0.81% Cu from 639m,
including;
o
1m @ 0.39g/t
Au and 2.99% Cu from
639m1
1Artemis Resources Ltd, ASX
Announcement, 12 December 2022
Executive Director George Ventouras
commented: "The Patersons Project is a unique
greenfields exploration opportunity. With the drilling and
reconnaissance work previously undertaken, the project is ripe for
additional work to unlock further potential mineralisation. While
exploring at depth requires additional resources and capital, as
can be seen from the nearby Havieron discovery, the upside may be
considerable.
I
am excited by the potential that the Paterson Project holds and we
are looking forward to advancing the project with a
partner".
Paterson Gold Project
Background
The
Paterson Gold Project is a 100% Company owned tenement covering 605
km2. It surrounds the 6.5 Moz AuEq Havieron Copper-Gold
discovery2 held by Newmont Mining (NYSE:NEM) and
Greatland Gold (LON: GGP) and is located only ~42kms from the
Telfer copper/gold mine (owned by Newmont).
Figure 1. Artemis Resources'
Paterson Project
The Project
is located approximately 450 km east of Port Hedland in the Great
Sandy Desert, with the project being accessed via a series of
well-maintained tracks from the Telfer Mine Site Gate House which
is only 50km to the west.
2Newcrest Mining Ltd, ASX Announcement, 10 December
2020
Apollo North - New
Prospect
A new priority target has been
identified by a single station gravity anomaly. Located ~2.5km from
the Apollo Prospect, this target is situated within the prospective
structural corridor, with a discrete gravity anomaly present. The
depth of cover is unknown but represents a walk up target that
warrants further exploration activity.
Figure 2. Paterson targets on
gravity survey
Apollo
Prospect
Identified as a potentially
significant ~1.5km north-west trending magnetic anomaly
representing an interpreted splay fault that has been intruded by a
dolerite intrusion. Recent drilling has revealed multi-phase
breccias and veining that host polymetallic systems. Drilling at
hole 22PTMRD011 also intercepted the same lithotypes and similar
mineralisation as Havieron and are considered to be typical
of a 'near-miss' at
Havieron.
Large intercepts (up to 90m) of
pervasive veining and multi-phase crackle breccias have been
encountered either side of the dolerite intrusion, often with
significant amounts of pyrite, chalcopyrite and
pyrrhotite.
Figure 3:
Drill hole 22PTMRD011 from 754.7 - 755.1 displaying sulphide
mineralisation including chalcopyrite and pyrite within a carbonate
breccia.
Figure 4.
Drill hole 22PTMRD011 with significant intercepts
Figure 5.
Drill hole 22PTMRD010 with significant intercepts
Juno and
Voyager
Juno is a
target which displays as a discrete magnetic feature on the edge of
the north-south trending Havieron Fault zone. It has a gravity high offset to the south-west of the magnetic
anomaly. Voyager is a northeast trending
magnetic anomaly which may be part of the structural lineament on
which Juno occurs. Heritage surveys and
programs of works have been approved for Juno and
Voyager.
Figure 6:
Magnetic anomalies at Juno and Voyager
The
Location
The Paterson Central Gold-Copper
Project is located within the Yaneena Basin of the Paterson
Province, which hosts large scale mineral deposits, such as the
World class Telfer gold-copper mine, recently discovered Winu
copper-gold deposit, Nifty copper mine, and the Havieron gold and
copper deposit. The Company's Paterson Central project surrounds
and is adjacent to the Havieron gold - copper deposit on three
sides and covers the same continuous geological domain.
The geology of the project area
consists of Canning Basin sediments, primarily Permian siltstones,
which overlie Proterozoic meta-sedimentary basement rocks which
form the main host rocks to large mineral deposits in the region.
The sedimentary cover is 300m thick in the western part of the
project area and is interpreted to deepen to over 800m in the east.
The Havieron gold and copper deposit is associated with a strong
magnetic anomaly and sits under about 450m of sedimentary cover.
Mineralisation at Havieron extends over deep intervals to at least
600m below the base of sedimentary cover, where the mineralisation
starts, and it continues to remain open at depth.
While
difficult to explore due to the depth of cover and the remote
location, the Paterson ground remains highly
prospective.
This
announcement was approved for release by the Board.
For Further
information contact:
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Artemis Resources Ltd
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George Ventouras, Executive
Director
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george.ventouras@artemisresources.com.au
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WH Ireland Limited (Nomad &
Broker)
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Antonio Bossi / James Bavister /
Isaac Hooper
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Tel: +44 20 7220
1666
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About Artemis Resources
Artemis Resources (ASX/AIM: ARV;
FRA: ATY; US: ARTTF) is a gold, copper and lithium focused
resources company with projects in Western Australia. The Mt Marie
Lithium Project, the Osborne Lithium JV (Artemis 49%; GreenTech
Metals (ASX:GRE) 51%) and the Carlow Castle gold-copper-cobalt
project in the West Pilbara; and the Paterson Central project in
the Paterson Province (located adjacent to Greatland Gold /
Newcrest's recent gold-copper discovery at Havieron).
Artemis also owns the Radio Hill
processing plant, located only 35km from Karratha.
For more information, please
visit www.artemisresources.com.au
Competent Person's
Statement
The information in this
report that relates to exploration results was prepared by Mr
Oliver Hirst, a Competent Person who is a member of the
Australasian Institute of Geoscientists (MAIG) and Australasian
Institute of Mining and Metallurgy (MAusIMM). Mr Hirst is an
advisor to Artemis Resources. Mr Hirst has sufficient experience
that is relevant to the style of mineralisation and type of deposit
under consideration and to the activity being undertaken to qualify
as a Competent Person as defined in the 2012 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves". Mr Hirst consents to the inclusion in
this report of the matters based on his information in the form and
context in which it appears.
Forward Looking Statements
This announcement contains
or may contain certain 'forward-looking statements' and comments
about future events, including in relation to Artemis Resources
business, plans and strategies and expected trends in the industry
in which Artemis Resources currently operates. Forward-looking
statements involve inherent risks, assumptions and uncertainties,
both general and specific, and there is a risk that such
predictions, forecasts, projections and other forward-looking
statements will not be achieved. Forward looking statements are
based on Artemis Resources good faith assumptions as to the
financial, market, regulatory and other relevant environments that
will exist and affect the Company's business and operations in the
future. A number of important factors could cause Artemis Resources
actual results to differ materially from the plans, objectives,
expectations, estimates, targets and intentions expressed in such
forward-looking statements, and many of these factors are beyond
Artemis Resources control. Forward-looking statements may prove to
be incorrect, and circumstances may change, and the contents of
this announcement may become outdated as a result. Artemis
Resources does not give any assurance that the assumptions will
prove to be correct. Readers should note that any past performance
is given for illustrative purposes only and should not be relied on
as (and is not) an indication of the Company's views on its future
financial performance or condition. Past performance of the Company
cannot be relied on as an indicator of (and provides no guidance as
to) future performance including future share price performance.
Except as required by law or regulation, Artemis Resources
undertakes no obligation to provide any additional or updated
information whether as a result of new information, future events
or results or otherwise. Nothing in this announcement should be
construed as either an offer to sell or a solicitation to buy or
sell Artemis.
JORC Code,
2012 Edition - Table 1 report template
Section 1 Sampling Techniques
and Data
(Criteria
in this section apply to all succeeding sections.)
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Criteria
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JORC Code
explanation
|
Commentary
|
|
Sampling
techniques
|
· Nature and quality of
sampling (eg cut channels, random chips, or specific specialised
industry standard measurement tools appropriate to the minerals
under investigation, such as down hole gamma sondes, or handheld
XRF instruments, etc). These examples should not be taken as
limiting the broad meaning of sampling.
· Include reference to
measures taken to ensure sample representivity and the appropriate
calibration of any measurement tools or systems
used.
· Aspects of the determination
of mineralisation that are Material to the Public
Report.
· In cases where 'industry
standard' work has been done this would be relatively simple (eg
'reverse circulation drilling was used to obtain 1 m samples from
which 3 kg was pulverised to produce a 30 g charge for fire
assay'). In other cases more explanation may be required, such as
where there is coarse gold that has inherent sampling problems.
Unusual commodities or mineralisation types (eg submarine nodules)
may warrant disclosure of detailed information.
|
· Ground gravity
surveying
· The gravity survey
detects density contrasts/more dense rock types potentially related
to alteration or a mineralised system. Sampling will be required to
confirm the presence of alteration/mineralisation. None of the
targets identified in the survey have been sampled.
|
|
Drilling
techniques
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· Drill type (eg core, reverse
circulation, open-hole hammer, rotary air blast, auger, Bangka,
sonic, etc) and details (eg core diameter, triple or standard tube,
depth of diamond tails, face-sampling bit or other type, whether
core is oriented and if so, by what method, etc).
|
· Not applicable as
no drilling was undertaken
|
|
Drill sample
recovery
|
· Method of recording and
assessing core and chip sample recoveries and results
assessed.
· Measures taken to maximise
sample recovery and ensure representative nature of the
samples.
· Whether a relationship
exists between sample recovery and grade and whether sample bias
may have occurred due to preferential loss/gain of fine/coarse
material.
|
· Not applicable as
no drilling was undertaken
|
|
Logging
|
· Whether core and chip
samples have been geologically and geotechnically logged to a level
of detail to support appropriate Mineral Resource estimation,
mining studies and metallurgical studies.
· Whether logging is
qualitative or quantitative in nature. Core (or costean, channel,
etc) photography.
· The total length and
percentage of the relevant intersections logged.
|
· Not applicable as
no drilling was undertaken
|
|
Sub-sampling techniques and
sample preparation
|
· If core, whether cut or sawn
and whether quarter, half or all core taken.
· If non-core, whether
riffled, tube sampled, rotary split, etc and whether sampled wet or
dry.
· For all sample types, the
nature, quality and appropriateness of the sample preparation
technique.
· Quality control procedures
adopted for all sub-sampling stages to maximise representivity of
samples.
· Measures taken to ensure
that the sampling is representative of the in situ material
collected, including for instance results for field
duplicate/second-half sampling.
· Whether sample sizes are
appropriate to the grain size of the material being
sampled.
|
· No drilling is
being reported.
|
|
Quality of assay data and
laboratory tests
|
· The nature, quality and
appropriateness of the assaying and laboratory procedures used and
whether the technique is considered partial or
total.
· For geophysical tools,
spectrometers, handheld XRF instruments, etc, the parameters used
in determining the analysis including instrument make and model,
reading times, calibrations factors applied and their derivation,
etc.
· Nature of quality control
procedures adopted (eg standards, blanks, duplicates, external
laboratory checks) and whether acceptable levels of accuracy (ie
lack of bias) and precision have been
established.
|
· No assays are
being reported
· 400x 400m spaced
ground gravity stations
· Gravity data were
acquired concurrently with GNSS data using a single Scintrex CG-5
gravity
meter.
· Each
loop contained a minimum of two repeated readings so that an
interlocking network of closed
loops was
formed.
· A
total of 57 repeat readings representing 3.34% of the survey were
acquired for quality control purposes.
· Repeat
readings were evenly distributed, where
possible,
on a time-basis throughout each of the gravity loops.
· One
CG-5 Autograv Gravity Meter (Serial Number: 40241, SF:
1.00000)
· ▪ One
CHC Nav i70+ GNSS Base Receiver
· ▪ One
CHC Nav i70+ GNSS Rover Receiver
|
|
Verification of sampling and
assaying
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· The verification of
significant intersections by either independent or alternative
company personnel.
· The use of twinned
holes.
· Documentation of primary
data, data entry procedures, data verification, data storage
(physical and electronic) protocols.
· Discuss any adjustment to
assay data.
|
· No drilling is
being reported
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Location of data
points
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· Accuracy and quality of
surveys used to locate drill holes (collar and down-hole surveys),
trenches, mine workings and other locations used in Mineral
Resource estimation.
· Specification of the grid
system used.
· Quality and adequacy of
topographic control.
|
· GNSS raw data was
used and processed by GrafNav v8.70 post processing
software.
· GrafNav was used to transform the GNSS-derived WGS84
coordinates to GDA94 coordinates
for each
gravity station location.
· MGA
coordinates were then derived by projecting the GDA94 geodetic
coordinates with a Universal Transverse Mercator (UTM) transform
using the
appropriate
zone.
· GrafNav produced GDA94 ellipsoidal heights for
each
gravity station location; and elevations above the Australian
Height Datum (AHD) were
modelled
using the AUSGEOID09 geoid model, with separations (N values) added
to GDA94
ellipsoidal
heights.
|
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Data spacing and
distribution
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· Data spacing for reporting
of Exploration Results.
· Whether the data spacing and
distribution is sufficient to establish the degree of geological
and grade continuity appropriate for the Mineral Resource and Ore
Reserve estimation procedure(s) and classifications
applied.
· Whether sample compositing
has been applied.
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· 400x 400m spaced
ground gravity stations
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Orientation of data in
relation to geological structure
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· Whether the orientation of
sampling achieves unbiased sampling of possible structures and the
extent to which this is known, considering the deposit
type.
· If the relationship between
the drilling orientation and the orientation of key mineralised
structures is considered to have introduced a sampling bias, this
should be assessed and reported if material.
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· No drill data is
being reported
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Sample
security
|
· The measures taken to ensure
sample security.
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· No sampling being
reported
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Audits or
reviews
|
· The results of any audits or
reviews of sampling techniques and data.
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· No sampling being
reported
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Section 2
Reporting of Exploration Results
(Criteria
listed in the preceding section also apply to this
section.)
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Criteria
|
JORC Code
explanation
|
Commentary
|
|
Mineral tenement and land
tenure status
|
· Type, reference name/number,
location and ownership including agreements or material issues with
third parties such as joint ventures, partnerships, overriding
royalties, native title interests, historical sites, wilderness or
national park and environmental settings.
· The security of the tenure
held at the time of reporting along with any known impediments to
obtaining a licence to operate in the area.
|
· Gravity Survey by Artemis was carried out on E45/5276 - 100%
owned by Artemis Resources Ltd.
•This tenement is in good standing,
free of any
impediments.
|
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Exploration done by other
parties
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· Acknowledgment and appraisal
of exploration by other parties.
|
· Majority of the exploration for gold was completed by Newcrest
and its predecessor Newmont, within the area encompassing E45/2418,
45 km to the east of Telfer gold mine known locally as Anketell,
commenced in 1986 and progressed in three main phases to
1996.
· 1986-1989: Originally part of Newmont's Canning tenement
group, surface geochemical sampling (mainly BLEG) and RAB and RC
drilling were undertaken in the Anketell area following the
recognition of a suite of distinctive and intriguing aeromagnetic
anomalies. Results from this work were not encouraging and the
tenements were surrendered.
· 1991-1992: New tenement coverage was obtained by Newcrest
following detailed interpretation of the aeromagnetics and
recognition that the earlier work had not, in fact, tested the
magnetic anomalies because of thick Phanerozoic cover. Diamond
drilling was used to test several of the anomalies, with
mineralization of potential economic significance being intersected
in two holes at the Havieron Prospect. Unfortunately, the
Proterozoic-hosted mineralization is oncealed beneath +400m of
post-mineral cover, and no further work was done in this
period.
· 1995:
The project was again revived, with a program of diamond drill
testing of additional magnetic targets in the northern parts of the
Anketell area without success, and at the Havieron Prospect with
only minor success.
· 1997:
No exploration was undertaken on M45/605. The tenement was included
in a package of Telfer tenements on offer for farm-out.
· 1998-2001: The Havieron tenement M45/605 was included as part
of the Normandy/Newcrest Crofton JV. No further field work was
undertaken during this time and Normandy withdrew from the JV on
10" January, 2001. The Mining Lease was subsequently surrendered by
Newcrest Mining Limited on the 19" March, 2001.
· 2003:
The area was reapplied for by Newcrest Mining Limited on the 43"
May, 2002 and subsequently granted by DOIR on May 8, 2003 as the
Terringa Project (E45/2418) with an area of 19,600ha (196km'). The
tenement has subsequently been renamed Havieron to reflect the
location of the original AMAG anomaly.
· 2004:
Exploration conducted on E45/2418 comprised the drilling of one (1)
diamond drillhole (HACO301) for a total of 717.9m - 102m of RC and
615.9m of core. A maximum intercept of 1m @ 180 ppb from 503m dhd
was recorded.
· 2005:
Nine core samples from HAC0301 were submitted to Mason Geoscience
Pty Ltd for thin section petrological analysis.
· 2006:
An aeromagnetic survey was conducted across the entire
tenement.
· 2007:
No exploration conducted on surrendered ground.
· 2008:
A 4 hole air core program was carried out to test a aeromagnetic
anomaly.
· 2013 -
2015, Potash exploration by Reward Minerals concluded that the area
was not prospective for potash occurrences.
· 2014 -
Ming Gold explored on E45/3598. Work included reinterpretation of
the geophysical data (magnetics, gravity and EM) along with core
inspection at Havieron. Due to significant depth of cover the
Proterozoic basement was not reached for several targets and in
other cases it is interpreted that the drilling potentially missed
the anomalies.
· 2018 -
Tenement E45/5276 acquired by Armada Mining, subsidiary of Artemis
Resources. Armada completed low detection soil sampling (MMI and
Ionic leach). Three deep diamond holes were drilled in the
Nimitz Prospect only 2.5km to the east of Havieron area for a total
of 3,012m. Drilling programs are on-going.
|
|
Geology
|
· Deposit type, geological
setting and style of mineralisation.
|
· This
program has yet to define the type and style of mineralisation that
is being targeted.
· However, based on other styles of mineralisation located
nearby, as in the Havieron Deposit, the types of mineralisation
likely to be discovered include IOCG, porphyry-style
mineralisation, breccia hosted Au-Cu and skarns.
· Style
of mineralisation is currently unknown but inferred to be related
to Iron Oxide Copper Gold (IOCG).
|
|
Drill hole
Information
|
· A summary of all information
material to the understanding of the exploration results including
a tabulation of the following information for all Material drill
holes:
o easting and northing of the drill hole
collar
o elevation or RL (Reduced Level - elevation above sea level in
metres) of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
· If the exclusion of this
information is justified on the basis that the information is not
Material and this exclusion does not detract from the understanding
of the report, the Competent Person should clearly explain why this
is the case.
|
· No drilling is
being reported.
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Data aggregation
methods
|
· In reporting Exploration
Results, weighting averaging techniques, maximum and/or minimum
grade truncations (eg cutting of high grades) and cut-off grades
are usually Material and should be stated.
· Where aggregate intercepts
incorporate short lengths of high grade results and longer lengths
of low grade results, the procedure used for such aggregation
should be stated and some typical examples of such aggregations
should be shown in detail.
· The assumptions used for any
reporting of metal equivalent values should be clearly
stated.
|
· No drilling is
being reported.
|
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Relationship between
mineralisation widths and intercept lengths
|
· These relationships are
particularly important in the reporting of Exploration
Results.
· If the geometry of the
mineralisation with respect to the drill hole angle is known, its
nature should be reported.
· If it is not known and only
the down hole lengths are reported, there should be a clear
statement to this effect (eg 'down hole length, true width not
known').
|
· No drilling is
being reported.
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Diagrams
|
· Appropriate maps and
sections (with scales) and tabulations of intercepts should be
included for any significant discovery being reported These should
include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
|
· Appropriate plans
are shown in the text.
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Balanced
reporting
|
· Where comprehensive
reporting of all Exploration Results is not practicable,
representative reporting of both low and high grades and/or widths
should be practiced to avoid misleading reporting of Exploration
Results.
|
· All results are
reported.
|
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Other substantive exploration
data
|
· Other exploration data, if
meaningful and material, should be reported including (but not
limited to): geological observations; geophysical survey results;
geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater,
geotechnical and rock characteristics; potential deleterious or
contaminating substances.
|
· Exploration data
is contained in previous AM reports.
|
|
Further
work
|
· The nature and scale of
planned further work (eg tests for lateral extensions or depth
extensions or large-scale step-out drilling).
· Diagrams clearly
highlighting the areas of possible extensions, including the main
geological interpretations and future drilling areas, provided this
information is not commercially sensitive.
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· Drilling to
provide subsurface information on the targets.
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