Artemis Resources hits more broad, high-grade gold in continuing drilling at Carlow Castle in west Pilbara
The results boost the company’s confidence that the project could be a regionally significant gold-copper-cobalt resource.
Company
ASX:ARV
Artemis Resources Ltd is a gold, copper and lithium focused resources company with three major projects in Western Australia: the Greater Carlow Castle gold-copper-cobalt project in the West Pilbara; the Paterson Central project in the Paterson Province; and the Osborne JV in the West Pilbara.
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The results boost the company’s confidence that the project could be a regionally significant gold-copper-cobalt resource.
The diamond drilling program is now 60% complete and has identified high-grade gold and copper over 250 metres below the bottom of the 2019 mineral resource estimate.
The ongoing non-core asset disposal program adds significant additional financial resources to further invest in ongoing exploration programs.
Artemis is drilling at Carlow Castle Gold Project in the West Pilbara region of WA as part of Project One Million targeting resources of 1 million ounces.
The appointment of Boyd Timler as an independent non-executive director is expected to enhance the company’s progress at its Carlow Castle and Paterson Central projects.
The drilling aims to expand the Carlow Castle mineralised envelope as part of Project One Million aimed at delivering a 1-million-ounce resource.
The company intends investing £138,000 in Thor’s conditional placing for which commitments have been received for a total of £323,000.
In July the company completed a A$5.6 million capital raise at $0.07 per share through the issue of 79,992,856 shares to institutions and professional investors.
The maiden program aims to discover gold and copper and demonstrate that the mineralising structures and events that led to the formation of the Havieron discovery are active across the company’s tenement.
The partners are confident the project hosts of one of Australia’s largest undeveloped palladium deposits with endowments of platinum and gold.
The Mt Clement tenements are 30 kilometres southwest of Northern Star Resources' Paulsens gold mine and plant.
The company has completed 126 holes for 3,694 metres completed across 1.9 kilometres of strike length of the gold target area.
The company initially sought to raise $4.2 million but raised this after receiving a large number of bids from quality investors.
A 12-hole RC drilling program for 1,928 metres has been completed at Munni Munni with samples in transit to ALS Global Laboratories in Perth.
A 12-hole RC drilling program for 1,928 metres has been completed at Munni Munni with samples in transit to ALS Global Laboratories in Perth.
A detailed survey of holes drilled in this program will be completed plus re-surveying of around 10% of historical holes to validate hole data and assist in a resource estimate.
The company is pushing towards a resource update at Greater Carlow, which is expected to take place once the next round of extensional drilling has been completed.
The company believes the project, which adjoins the Havieron discovery and is only 40 kilometres from the Telfer gold-copper mine, is highly prospective.
A combination of aircore, reverse circulation and diamond drilling campaigns will kick off in the coming weeks to mark an extensive rolling phase of resource and greenfield exploration across the virtually untested greater Carlow Castle pro
The transaction provides a steady pathway for progression at the Munni Munni project while the company retains direct and indirect project exposure without the requirement to contribute further funding.