Artemis Resources (ASX:ARV) has signed off on a 3000 metre reverse circulation drilling contract with Macquarie Drilling for its Eastern Hills Antimony-Lead deposit in the Ashburton region, W.A.
Drilling is to commence next week to upgrade the current exploration target of 410,000 tonnes to 1.25 million tonnes at 1.5-1.9% antimony and 2.1-2.7% lead to a JORC resource.
The mineralised system extends over a strike length of around 1km, with the main load open down dip and along strike.
Drilling is aimed at expand known mineralisation and testing an adjoining zone to the northeast northeast, where recent remodelling of geophysics has defined a new electromagnetic conductor with similar properties to the known antimony-lead lode, interpreted to be a sub-parallel structure.
The Western Australian government is co-funding up to $140,000 towards drilling costs. Artemis has a partly underwritten rights issue under way.
Antimony is required alloys used in batteries, bullets, bearings, and printers. New demand for high purity antimony is coming from its application as a semiconductor used in the production of diodes.
Global antimony demand, particularly from China, is strong, and trending stronger. Prices have surged almost 400% over past 10 years and remain robust, currently sitting at $9500 per tonne.
Antimony deposits, and miners, are few and far between, especially in Australia. A significant expansion of Artemis' deposit, coupled with JORC confirmation, could see Artemis garnering substantial attention.
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