Artemis Resources (ASX: ARV) has boosted its 100%-owned Carlow Castle global resource inventory to 4.5 million tonnes of gold, cobalt, copper and silver ore.
The updated global resource estimate for the Pilbara-based project includes Carlow Castle South and Carlow Castle South East, which combined add 3.9 million tonnes of ore grading 0.9 grams per tonne gold, 0.06% cobalt, 0.4% copper and 1.4g/t silver.
Using a 0.05% cobalt cut-off, the indicated and inferred resource estimate for Carlow Castle increases the cobalt grade with the resource altered to 2.3mt grading 1.3g/t gold, 0.11% cobalt, 0.5% copper and 1.6g/t silver.
“We have seen a significant boost to tonnage in this latest resource estimate at Carlow Castle and we believe that this project has the potential to be a significant new cobalt province in Australia, based upon recent exploration results,” Artemis executive chairman David Lenigas stated.
“These three deposits reported on today are only a few of the many high priority targets now identified by Artemis over 50 square kilometres,” Mr Lenigas added.
Artemis published its first JORC-compliant resource for Carlow Castle earlier in the month which was for the small Quod Est deposit, with mineralisation remaining open at depth.
The maiden resource was 557,000t grading 1g/t gold, 0.2% cobalt and 0.5% copper.
Mineralisation in multiple deposits remains open with further drilling planned during the quarter.
Mr Lenigas said the company would continue drilling to increase its resource base at the project and added that the company had engaged consultants to fast-track a scoping study to assess the economic viability of processing the ore via its nearby Radio Hill plant which is undergoing refurbishment and scheduled for commissioning by the end of June.
In anticipation of a positive result, Artemis has begun work on converting a portion of the primary exploration licence to a mining licence.
Shares in Artemis lifted 2.5% in early morning trade to sit at A$0.205.