Artemis Resources Ltd (ASX:ARV, AIM:ARV, OTCQB:ARTTF) shares surged 14% to 0.43p in London, after the company reported a standout intercept from first drilling at its Titan East prospect in Western Australia.
The initial reverse-circulation hole testing an interpreted shear zone returned 5m at 13.1g/t gold from 132m, including 3m at 20.9g/t from 133m, within a 20m mineralised interval.
The structure sits under cover and parallels the Regal Thrust, about 300m to the south. A step-out hole 50m east cut several zones of vein quartz, with assays pending.
Titan East lies 1.5km west of Artemis’s Carlow gold-copper resource. Management said the result supports a strategy to build scale around Carlow by finding nearby additions.
Diamond drilling is slated to start in late November to establish vein orientation, true widths and potential extensions along the shear zone.
The company completed 18 widely spaced RC holes across Titan in September and October, targeting the Titan East structural intersection and the G1 gravity anomaly 700m to the west.
Apart from three diamond holes drilled in March and the latest RC programme, the Titan area remains largely untested.
Next steps include reporting outstanding assays, commencing the diamond programme and integrating Titan East and G1 results into follow-up plans for the broader Carlow corridor.