Artemis Resources (ASX: ARV) has unlocked further potential within its Pilbara tenements after unearthing a high-grade cobalt zone within its Carlow Castle project, while also uncovering further high-grade gold and copper mineralisation.
The new higher-grade cobalt zone was discovered in the Quod Est area with the best intersection returning 17m at 1.86 grams per tonne gold, 0.61% cobalt and 0.05% copper from 88m, with a 2m interval containing 9.02g/t gold and 2.42% cobalt and 0.03% copper from 89m.
Meanwhile, a drill intersection from the Carlow Castle South East deposit returned 33m at 2.68g/t gold, 0.28% cobalt and 2.11% copper from 117m, including 3m at 14.83g/t gold, 1.04% cobalt and 5.95% copper from 138m.
Other notable intersections were 37m at 1.53g/t gold, 0.23% cobalt and 1.7% copper from 34m, including 3m at 8.21g/t gold, 0.57% cobalt and 5.78% copper; and 15m at 4.13g/t gold, 0.09% cobalt and 2.66% copper from 121m, with a 5m interval grading 8.91g/t gold, 0.13% cobalt and 2.66% copper from 124m.
“The latest drilling to the east of Quod Est has identified another high value zone of gold and cobalt mineralisation at Carlow Castle,” Artemis chief executive officer Wayne Bramwell said.
He added the latest results underpin the company’s view that a much larger mineralised system exists across the project.
“This program has set Artemis up for a resource update in quarter four and post this release, additional drilling will be planned to define the controlling structures and the full scale of this exciting gold, cobalt, copper deposit,” Mr Bramwell said.
According to Artemis, these latest drill results are from an initial 1.2km of strike which was identified using sub audio magnetics geophysics and geochemistry. From this work, Artemis noted 4km of mineralised trend to follow up.
Through ongoing exploration, Artemis hopes the project’s three primary deposits Quod Est, Carlow Castle South and Carlow Castle South East in to one larger resource.
Additionally, mineralisation remains open along strike to the east and west.
A maiden resource was published for Carlow Cast in January this year with the initial estimate totalling 557,000t at 1g/t gold, 0.20% cobalt, and 0.5% copper.
An updated resource was published just a few weeks later that amounted to 4.5Mt at 0.9g/t gold, 0.07% cobalt, 0.4% copper and 1.3g/t silver.
The updated resource encompasses Quod Est, Carlow South and Carlow South East.
By midday, shares in Artemis were steady at $0.18.