Pilbara-focused explorer Artemis Resources (ASX: ARV) may have a significant nickel-copper-cobalt find on its hands at its Ruth Well project where drilling has intersected up to 11.15% nickel.
The company, well-known for discovering watermelon seed shaped gold nuggets along with joint venture partner Novo Resources in Western Australia’s Pilbara, is now making a name for itself on the nickel-copper-cobalt front.
Reverse circulation drilling at Ruth Well – some 12km north of its Radio Hill gold-nickel-copper-cobalt treatment plant, which is currently being upgraded and recommissioned – has returned excellent nickel grades over significant widths.
Best results from the initial 38 RC hole (2,838m) drilling campaign at Ruth Well included an intercept of 13m at 2.14% nickel, 1.19% copper, 0.07% cobalt, 0.6 grams per tonne gold and 0.6g/t palladium from 55m, including 2m at 8.74% nickel, 3.12% copper, 0.26% cobalt and 1.58g/t palladium from 57m, including the 1m high grade interval of 11.15% nickel from 57m.
“We are now looking at something potentially quite significant at Ruth Well on the nickel, copper, cobalt front, which is located only 12km north of our Radio Hill operations,” Artemis executive chairman David Lenigas said.
“We are seeing excellent nickel grades over significant widths, with very high copper and cobalt credits, and we now have a lot of newly identified shallow targets to drill over a potential 3.5km east-west strike in the Ruth Well area.
Mr Lenigas said drilling would restart as soon as the company receives further program of work approvals from the government.
“We are eager to start drilling again to see if this new nickel area can form part of our future nickel production strategy through Radio Hill,” Mr Lenigas added.
Artemis has also completed an initial diamond drill hole for 80m, which is currently being lithologically and geotechnically logged. Once this is completed, the diamond core will be cut and sent for assay.
Today’s results follow on from recent results from its Radio Hill nickel-copper-cobalt deposit where Artemis is aiming to grow a base metal resource centre for the Radio Hill operations.
Refurbishment and upgrades to the Radio Hill processing plant remain on track while start of mining at the Radio Hill deposit is targeted for July.
Shares in Artemis were trading A$0.01 higher at A$0.195 in morning trade.