- Artemis Resources (ARV) has kicked off the new year with a major exploration program at its Carlow Castle and Paterson Central projects in WA
- A 10,000-metre reverse circulation (RC) drilling program will begin this week at Carlow Castle to further grow the 1.2-kilometre mineralised strike and test for extensions
- Another 1000 metres of diamond drilling will also be completed within the eastern mineral resource estimate area of the Carlow Castle Project
- As Artemis waits on results from drilling at Paterson Central, it’s already planning a new program that will focus on seven targets discovered last year
- Lastly, the company has put in place a key personnel incentive and retention scheme for geoscientists which have played a key role in developing the projects
- Company shares are up 8.7 per cent and trading at 12.5 cents
Artemis Resources (ARV) has kicked off the new year with a major exploration program and a key personnel incentive and retention scheme.
2021 exploration
Carlow Castle
Artemis will begin a 10,000-metre reverse circulation (RC) drilling program this week at its Carlow Castle Project in Western Australia.
The program is aimed at further extending the 1.2-kilometre mineralised strike length along with the mineralised extensions to the main zone both down dip and to the east.
Previous results from drilling at the project include 53 metres at 2.98g/t gold, 0.85 per cent copper and 0.25 per cent cobalt from 120 metres, including two metres at 17.93g/t gold and 2.36 per cent copper from 147 metres.
The company will also complete the remaining 1000 metres of diamond drilling within the eastern mineral resource estimate area. Once the drilling is completed, CSA Global will finalise the structural model of mineralisation for Carlow Castle.
The project’s current mineral resource estimate sits at 418,000 ounces of gold, 48,000 tonnes of copper and 7000 tonnes of cobalt within eight million tonnes at 0.51 per cent copper, 1.6g/t gold and 0.08 per cent cobalt.
“We have hit the ground running in 2021 in what we expect to be a seminal year for the company. The Carlow Castle project is now in a full growth mode with new discovery zones identified in 2020 being followed up and the existing resource footprint growing in multiple directions,” Executive Director Alastair Clayton said.
Paterson Central
As Artemis waits on assays from drill core samples from two holes at the Nimitz target area, it’s planning for a multi-rig drilling program at its WA-based project.
This upcoming program will focus on all seven priority targets that were identified last year. This will include follow-up drilling at Nimitz South as well as the Apollo and Atlas targets.
Artemis also hopes to secure a heritage agreement shortly which will give it long-term access to the targets for drilling.
“We are confident 2021 will be the year we further demonstrate that the mineralising conditions that created Havieron are also present on our ground and of course on the back of this hopefully make a significant gold/copper discovery,” Alastair stated.
Key personnel incentive and retention scheme
In recognition of their involvement in driving these projects forward, the Perth-based explorer has issued certain performance rights to key geoscientists within the company.
“The board have also taken this opportunity to approve a strongly shareholder-aligned, incentive and retention plan for our key geoscientists who are between them responsible for driving our projects forward,” he said.
Geophysicist and Director, Dr Jayson Myers has been issued 750,000 rights to vest on the company achieving a 30-day volume-weighted average price (VWAP) of 25 cents per share and 750,000 rights to vest on the Carlow Castle resource achieving one million ounces of gold.
Principal Geologist, Ian Shackleton, has also been issued 750,000 rights to vest on Artemis achieving a 30-day VWAP of 25 cents per share and 750,000 rights to vest on the Carlow Castle resource achieving the same resource milestone.
Finally, Consultant Allan Younger, has been issued 1.5 million rights to vest on the Carlow Castle resource achieving one million ounces of gold.
Company shares are up 8.7 per cent and trading at 12.5 cents at 2:56 pm AEDT.