Artemis Resources Ltd’s (ASX:ARV) (FRA:ATY) (OTCQB:ARTTF) further assays from the 2020 42-hole multi-rig drilling campaign has found up to 2.62% cobalt and 7.44% copper to complement the excellent gold results from its 100%-owned Carlow Castle Gold and Copper Project in the west Pilbara region of Western Australia.
The latest drill results demonstrate that high-grade gold, copper and cobalt are being routinely discovered at Carlow Castle, with exceptional combined metal content at Carlow Deeps.
The Carlow Castle 10,000 metres 2021 reverse circulation (RC) drill campaign is about 50% complete (23 of 35 planned holes), targeting step-out, new discovery zones, and resource extensions.
Supplier of copper and cobalt
Executive director Alastair Clayton said: “Given the strength of the gold grades being reported from our drill campaign, it is sometimes easy to overlook the exceptional copper and cobalt grades at Carlow.
“With copper trading near 5-year highs at around US$7,850 per tonne and cobalt fetching around US$41,250 per tonne, more than twice that of nickel, the possible economic contribution of these metals to any future development at Carlow has the potential to be significant.
“As both metals are keenly sought after to support the booming global electric vehicle (EV) market, Carlow may present itself as a Western Australian supplier of copper and cobalt to global markets.
“At Carlow Deeps, all three holes targeting mineralisation up to 250 metres vertically below the existing resource shells to extend known mineralisation from surface to nearly 500mRL were successful.
“Carlow Deeps is a large target area comprising a near-vertical E-W striking panel of mineralisation interpreted to be a chilled or feeder zone beneath the 1.2 kilometres strike of the Carlow resource area.
“Thus far, we have two holes on section 507540E and another 120 metres to the west.
More assays due soon
“We intend to keep drilling Carlow Deeps vertically to 500mRL and along strike to the east and west with the goal of proving up a substantial resource.
“There are still more assays from our fourth quarter 2020 programme due soon and our 10,000 metres, as our 2021 RC drill programme nears the halfway point.”
The drill results include:
New Carlow Deeps ‘Feeder Zone’ drill holes 20CCAD007 and 008W
- 7 metres at 1.08 g/t gold, 0.92% copper, 1.03% cobalt from 618 metres in 20CCAD008W, including 2 metres at 3.18 g/t gold, 2.04% copper, 2.62% cobalt from 619 metres;
- 3 metres at 0.74 g/t gold, 0.14% copper, 1.25% cobalt from 575 metres;
- 4 metres at 2.27 g/t gold, 1.27% copper, 0.38% cobalt from 504 metres in 20CCAD007, including 1 metres at 8.07 g/t gold, 3.56% copper, 0.80% cobalt from 505 metres.
Resource area infill diamond hole 20CCAD010
- 8 metres at 5.63 g/t gold, 3.87% copper, 0.21% cobalt from 122 metres in 20CCAD010, including 3 metres at 11.62 g/t gold, 7.44% copper, 0.35% cobalt from 127 metres; and
- 17 metres at 2.13 g/t gold, 1.16% copper, 0.36% cobalt from 141 metres, including 5 metres at 5.05 g/t gold, 1.25% copper, 1.25% cobalt from 150 metres.
The assay results clearly confirm the Carlow mineralised system continues to depth with multiple intersections over about 150 metres of strike length 500 metres below surface.
Updated structural model
Both IP survey and the drilling programme have been placed on hold until the current weather event passes and conditions improve.
Once RC drilling resumes, several holes will be repurposed to test the Discovery Zone on an NW-SE orientation; the traverses will be extended to investigate the secondary target zone to the west.
This zone potentially explains the presence of several minor mineralised zones intersected in drilling to the east of Quod Est and the presence of several historical pits and shafts along the trend.
Once the diamond drilling and assaying are completed, consultants CSA Global will complete an updated structural model for the Carlow Castle deposit and resource estimation.