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Artemis Resources to focus on gold producer status via Carlow Castle

The company has provided a corporate and operational update to investors.

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Third-party toll-treating will be used in the short term to fast-track production

Artemis Resources Ltd (ASX:ARV) has completed a strategic review and reset of its priorities following the appointment of chairman Sheikh Maktoum Hasher al Maktoum.

WATCH: Artemis Resources focused on transition to cash flow after strategic review

The company is the first in the West Pilbara to consolidate a large package of prospective gold tenements with a processing plant.

The board has agreed that the immediate focus for the company will be to systematically advance its gold assets and third-party toll-treating opportunities to provide sufficient ore to underpin the orderly transition to production at its 100% owned Radio Hill processing plant.

This means refurbishment of the Radio Hill processing plant, which is 80% complete, will be put on hold until minimum tonnages of potential ore source are secured and de-risked.

The Carlow Castle Au-Cu-Co Project is the prime development asset.

READ: Artemis Resources boosts Carlow Castle JORC resource by 71%

Carlow Castle hosts Artemis’s largest resource, which is a gold dominant orebody with copper and cobalt measuring 7.7 million tonnes at 1.06 g/t gold, 0.51% copper and 0.08% cobalt.

Metallurgy work completed to date supports the orebody’s amenability to low-cost processing options to recover gold, copper and cobalt.

READ: Artemis Resources new Dubai chairman buys shares on-market

Artemis’s chairman Sheikh Maktoum Hasher al Maktoum said: “The Operational Plan for 2019 is now keenly focussed on advancing our key assets in an orderly, well planned and tightly managed process to create value for all shareholders.

“This plan will be clearly and continuously communicated to our shareholders with Artemis providing additional detail as to milestones and costs for the 2019 programme in the upcoming weeks.”

Advancing towards Ore Reserves

The development target at Carlow Castle is to define a minimum 3-year mineable reserve that supports sustainable operations.

The next milestones are to upgrade the resource to Indicated classification by the September quarter of 2019 and then deliver a pre-feasibility study (PFS) by early 2020.

Proactive spoke to Artemis earlier this month about diamond drilling plans at Carlow Castle.

Quick facts: Artemis Resources Ltd

Price: 0.028 AUD

ASX:ARV
Market: ASX
Market Cap: $26.15 m
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