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Artemis Resources hits more broad, high-grade gold in continuing drilling at Carlow Castle in west Pilbara

The results boost the company’s confidence that the project could be a regionally significant gold-copper-cobalt resource.

Artemis Resources Ltd - Artemis Resources reports further strong assay results from Carlow Castle Drilling
RC and diamond drilling are set to resume on January 6, 2021

Artemis Resources Ltd (ASX:ARV) has received results described by the company as outstanding in new assays from a recently completed 42-hole, multi-rig drilling campaign at the Carlow Castle Gold-Copper Project in WA's west Pilbara.

Step-out RC holes to extend the resource area 50 metres to the south have returned intercepts of 44 metres at 2 g/t gold, 0.71% copper and 0.15% cobalt from 132 metres and 5 metres at 2.4 g/t gold, 0.63% copper and 0.09% cobalt from 82 metres.

Infill diamond holes returned 53 metres at 2.98 g/t gold, 0.85% copper and 0.25% cobalt from 120 metres and 75 metres at 1.15 g/t gold, 0.36% copper and 0.05% cobalt from 56 metres.

“Potential for significant resource”

Artemis executive director Alastair Clayton said: “These outstanding results from the latest batch of assays from Carlow Castle further underlines our belief in the potential for this project to be a regionally significant gold-copper-cobalt resource.

“Step-out drilling to grow the resource to the South has hit impressive grades over some very large widths and infill diamond grade and structural drilling to support future resource upgrades just highlights the impressive characteristics of the gold, copper and cobalt mineralisation at Carlow Castle.”

Northern Discovery Zone

At the new Northern Discovery Zone, shallow reconnaissance RC holes around 250 metres north of the resource area returned:

  • 11 metres at 4.24 g/t gold, 1.58% copper from 71 metres; and
  • 6 metres at 1.33 g/t gold, 0.93% copper, 0.08 % cobalt from 102 metres to EOH).

Clayton said: “Drilling has discovered a totally new zone of shallow, high-grade gold and copper mineralisation over 250 metres north of the Carlow Castle Resource Area.

“This new Northern Discovery Zone will be immediately followed up as part of a 10,000-metre RC drill program that is due to commence before Christmas.”

DDH and RC hole locations (red) with previous drill collars and 2019 inferred mineral resource estimate wireframe outline.

Infill diamond drilling results

Within the 53-metre intersection at the first resource area was 14 metres at 4.92 g/t gold and 0.14% copper from 120 metres; 8 metres at 7.34 g/t gold and 1.03% copper from 144 metres, including 2 metres at 17.93 g/t gold, 2.36% copper from 147 metres and 19 metres at 1.59 g/t gold, 1.06% copper, 0.15% cobalt from 155 metres.

The infill hole that resulted in the 75-metre intersection also returned 5 metres at 1.86 g/t gold, 0.43% copper and 0.1% cobalt from 69 metres; and 7 metres at 1.49 g/t gold, 0.70% copper and 0.22% cobalt from 84 metres.

In addition, shallow reconnaissance RC holes around 100 metres east of the resource area returned:

  • 1-metre at 1.57 g/t gold and 0.01% copper from 75 metres; and
  • 1-metre at 7.43 g/t gold and 0.04% copper from 113 metres.

Looking forward

The results continue to impress the company’s technical team and the aim is to restart RC drilling later this week, with the commitment of another 10,000 metres.

RC drilling will cease for the Christmas break and resume on or around January 6, 2021.

Diamond drilling will also restart on January 6 and will complete the remaining 1,000 metres within the eastern mineral resource estimate area.

Clayton said: “We are expecting more assays to be available in the coming weeks, including much of the deeper diamond drilling that targeted further examples of the high-grade gold mineralisation discovered below the existing resource shells.

“Our Paterson Central 2020 update is also due imminently.”

Once the diamond drilling is completed, CSA Global will complete the structural model for the Carlow Castle deposit.

Quick facts: Artemis Resources Ltd

Price: 0.082 AUD

Market: ASX
Market Cap: $93.21 m

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