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Artemis Resources makes deep gold-copper discovery beneath Carlow Castle resource

Last updated: 10:52 23 Nov 2020 AEDT, First published: 10:24 23 Nov 2020 AEDT

Artemis Resources Ltd - Artemis Resources hits deep gold-copper beneath the current resource at Carlow Castle
The best result is 4 metres at 11.1 g/t gold, 2.0% copper and 0.18% cobalt from 639 metres.

Artemis Resources Ltd (ASX:ARV) ongoing drilling at its 100%-owned Carlow Castle Project in the west Pilbara region of Western Australia has revealed a high-grade gold and copper discovery well below the existing 2019 JORC resource envelope.

First assays from deep diamond drill hole 20CCAD003 have identified this potential feeder zone 525 metres below surface and 250 metres vertically below the current resource with key results of 4 metres at 11.1 g/t gold, 2% copper, 0.18% cobalt from 639 metres.

These assays from the bottom half of 20CCAD003 are the first received from a near-complete 48 hole, multi-rig diamond and reverse circulation (RC) drill program and more than 90% of assays are still pending.

Artemis' market cap is approximately $142.1 million and shares have been as much as 12% higher to 14 cents.

“Highlights potential size of system”

Artemis executive director Alastair Clayton said: “The targeting and successful discovery of high-grade gold and copper over 250 metres below the bottom of the 2019 mineral resource estimate from our very first deep hole just highlights the potential size of the gold and copper mineralised system at Carlow Castle.

“We feel exploration to date has only scratched the surface of what might be present.

“As such and despite only having around half the assays back from the first hole, we have, based on visual core inspections, followed up with 20CCAD007 to test for vertical continuity and 20CCAD008, 120 metres to the west, to test for strike continuity of this possible high-grade feeder zone.”

Notably, hole 20CCAD003 also discovered an upper high-grade gold zone, possibly representing a totally new northern parallel lode, the size of which will be determined when remaining upper hole assays are received.

Carlow Castle interpretive geological section though 507530mE (pending assays green).

Drilling ongoing

In addition to the deep diamond drilling, 2,131 metres of shallow infill and resource growth diamond drilling has been completed with another 1,010 metres to be completed.

Clayton said: “These are only the first few assays back from our multi-rig Carlow Castle exploration program and we now expect regular assays and updates from today through to January 2021.

“Elsewhere in our portfolio, we expect to provide a detailed update from our Paterson Central Project in early December.”

A 32-hole reverse circulation (RC) drilling program of 4,156 metres has been completed and assays are expected in early December.  

Additionally, a detailed AMAG survey has been completed and an IP survey program is due to start soon in advance of a further 10,000 metres of follow-up RC drilling to begin early December.

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