Artemis Resources buoyed by assays from Carlow Castle Gold-Copper-Cobalt Project

Artemis Resources Ltd (ASX:ARV) (OTCMKTS:ARTTF) (FRA:ATY) has received strong gold, copper and cobalt assay results from ongoing drilling at its 100%-owned Carlow Castle Gold Copper Cobalt Project in the West Pilbara region of Western Australia.

The 10,000-metre reverse circulation (RC) drilling program is targeting new discovery zones and resource extensions and the company has received new batches of assays from the ongoing 42-hole, multi-rig drilling campaign.

At the New Northern Discovery Zone, shallow reconnaissance RC holes around 250 metres north of the main Carlow Castle resource area returned:

• 5 metres at 4.36 g/t gold, 2.67% copper and 0.49% cobalt from 32 metres including 2 metres at 9.26 g/t gold, 4.94% copper and 0.98% cobalt from 33 metres;
• 1-metre at 3.03 g/t gold, 3.30% copper and 0.30% cobalt from 52 metres; and
• 2 metres at 2.28 g/t gold, 0.57% copper and 0.51% cobalt from 86 metres.

Best results from resource area infill from two diamond holes are:

• 21 metres at 1.05 g/t gold and 0.49% copper from 190 metres; and
• 2 metres at 7.17 g/t gold, 1.43% copper and 0.93% cobalt from 177 metres.

“Outstanding drill results”

Artemis executive director Alastair Clayton said: “As evidenced by yet more outstanding drill results, the Carlow Castle Gold Copper Cobalt Project is on its way to delivering our stated aims under Project One Million.

“Drilling for resource step-outs, the Northern Discovery Zone and resource infill programs are all delivering strong gold, copper and cobalt assay results.

“Particularly noteworthy is the new Northern Discovery Zone located 250 metres to the north of the main resource zone, which appears to be coalescing into a significant source of new, high-grade and shallow mineralisation.

“It is worth noting the exceptionally high-grade copper content in many of these shallow Northern Discovery Zone holes.

“The copper and cobalt content of mineralisation at Carlow Castle should not be overlooked and copper may be particularly important to the company when intercepts with grades of between 1% to 4% copper that are coincident with high-grade gold are being routinely uncovered.”

Carlow Castle current program interpretive drill section showing shallow RC hole intersections in the Northern Discovery zone.

Further assays pending

Clayton said: “The current 10,000-metre RC drilling program is working to extend the Northern Discovery Zone to the NW and SW, with a number of holes already completed and samples received at the assay lab.

“In addition, further assays from the three-hole, Carlow Deeps ‘Feeder Zone’ drilling program are expected shortly, as well as more diamond infill and extension holes, all of which were completed in Q4 2020.

The company has allotted a portion of its ongoing 10,000-metre RC drilling program to test new exploration targets generated from the IP survey that is in process.

Additionally, the 1,000-metre diamond program is due to start on Friday, January 22 (subject to regional weather events), after which consultants CSA Global will complete an updated structural model for the Carlow Castle deposit.

Clayton said: “We are working towards a significant resource upgrade later in the first half of 2021, with a further resource upgrade likely before the end of 2021.”

Story by ProactiveInvestors