- Artemis Resources (ARV) has identified high-grade gold and copper over 250 metres below the current mineral resource at the Carlow Castle Project in WA
- Significantly, the initial hole identified a whole new mineralised zone deep below the current resource
- The observation was made from a drill hole in a diamond drilling program that is 60 per cent complete
- Additionally, Artemis has completed a 32-hole reverse circulation drilling program and samples have been sent for assaying
- Following survey work, a 10,000-metre drilling program will be conducted next month
- Company shares are up 8 per cent and trading for 13.5 cents
Artemis Resources (ARV) has provided an update on drilling at the Carlow Castle Project in Western Australia’s Pilbara region.
Pleasingly, a 60 per cent-completed diamond drilling program has uncovered deep, high-grade gold and copper below the existing 2019 JORC resource envelope.
One hole in particular aimed to intersect the mineralised system at a vertical depth of roughly 600 metres — 250 metres below the previous deepest mineralised intercepts.
Promisingly, the hole identified an entirely new mineralised zone 525 metres below surface and 250 metres vertically below the current resource.
Initial results from this hole include four metres at 11.1g/t gold, 2.01 per cent copper and 0.18 per cent cobalt from 639 metres, including one metre at 33.7g/t gold, 1.32 per cent copper and 0.14 per cent cobalt.
“The targeting and successful discovery of high-grade gold and copper over 250m below the bottom of the 2019 MRE from our very first deep hole just highlights the potential size of the gold and copper mineralised system at Carlow Castle,” Executive Director Alastair Clayton said.
Due to results from the first hole, Artemis drilled a 551-metre infill hole to confirm vertical continuity of both new discovery zones. Unfortunately, the drill hole finished prematurely due to technical issues, but it did transverse most of the target zone.
Additionally, Artemis has completed 2131 metres of shallow infill and resource growth diamond drilling with another 1010 metres to be completed.
A 32-hole reverse circulation (RC) drilling program, for 4156 metres, has also been completed and samples have been sent for assaying. An induced polarisation survey program is expected to begin soon ahead of a 10,000-metre RC drilling program next month.
Artemis expects RC and further diamond drilling results to come through regularly from now through to January 2021.
Company shares are up 8 per cent and trading for 13.5 cents at 11:07 am AEDT.