Artemis Resources (ASX: ARV) should trade higher today after intersecting visual sulphide mineralisation at the Eastern Hills antimony-lead project in Western Australia.
ARV has now completed 5 holes of a 15 hole, 3000 metre reverse circulation drilling program, with the first five holes all hitting visual sulphide mineralisation, with the presence of antimony confirmed via portable XRF.
Sulphide mineralisation in four of the holes completed to date has been intersected within the Southern conductor target zones. as expected from in-house modelling of previous drilling data.
Notably, the sulphides intersected in hole five confirm the recently identified Northern electro-magnetic conductor is also mineralised, extending the strike length from 600 metres to 1 kilometre, open at depth.
This zone is not yet included in the current exploration target of Artemis' current exploration target at Eastern Hills is 410,000 tonnes to 1.25 million tonnes at 1.5-1.9% antimony and 2.1-2.7% lead.
Drilling is designed to enable a maiden JORC Resource definition, and is expected to be completed in early October, with results shortly thereafter.
The antimony-lead mineralisation at Eastern Hills occurs as vein hosted massive sulphides bound by disseminated sulphides. The sulphide mineralogy consists of pyrite, boulangerite (a lead-antimony sulphide), and arsenopyrite with minor pyrrhotite, chalcopyrite and galena.
Antimony demand from China is strong and prices have surged almost 400% over past 10 years, with curent prices tracking USD$4.65 per pound.
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