Pilbara-focused explorer Artemis Resources (ASX: ARV) has delivered high-grade cobalt hits at its Carlow Castle cobalt, gold and copper project, with investors welcoming the news this morning.
The stock was trading at A$0.175, up A$0.005 or 3%, on Wednesday morning with over 1 million shares changing hands by 11am AEST.
Latest reverse circulation and diamond drill intersections from a major drilling campaign at Carlow Castle included 6.5m at 23.44 grams per tonne gold, 2.32% cobalt and 10.35% copper from 47m.
The diamond drilling campaign is designed to significantly increase the current JORC Code (2012) indicated and inferred mineral resource of 4.5 million tonnes at 0.9g/t gold, 0.07% cobalt, 0.4% copper and 1.3g/t silver for a contained metal content of 127,000 ounces of gold, 18,000t copper, 3,150t cobalt and 188,000oz silver.
“These latest shallow cobalt, gold and copper assays from Carlow Castle are outstanding by any measure,” said Artemis chief executive officer Wayne Bramwell.
“The mineralisation remains open along strike and at depth and as such the drilling program will be expanded to further test this growing resource.”
The diamond drilling will also be used for geotechnical and metallurgical purposes.
Today’s stellar results come after Artemis reported in April it had retrieved outstanding cobalt grades from a drilling program at Carlow Castle, with many grades above 1%.
Carlow Castle is on a granted exploration tenement and lies around 35km by gazetted roads from the company’s wholly-owned Radio Hill processing plant.
Radio Hill is in the process of ramping up towards production, recently receiving DMIRS Project Management Plan (Safety approval), the first of three key approvals necessary to begin installation of the new 70-100t per hour gold circuit into the existing 500,000tpa Radio Hill concentrator.
Earlier this month, Artemis applied for 600 square kilometres of tenements within 40kms of Newcrest’s highly-productive Telfer Mine, jumping in barely three hours before an application from global giant Rio Tinto.
The new tenement package, known as the Armada prospect, is close to operating mines and associated regional infrastructure, including sealed roads and rail networks which run directly to Port Hedland, 500km west of the site.