Artemis Resources Limited (ASX:ARV) has announced a significant increase in the Mineral Resource Estimate (MRE) at the company’s 100% owned Carlow Castle Project.
Executive Director Ed Mead said the important MRE jump in grade and metal tonnes follows detailed technical work.
“The new Mineral Resource estimate including geological and structural models undertaken by independent consultants CSA Global has significantly increased metal tonnes giving the Artemis board confidence to move Carlow Castle towards scoping study and then feasibility,” Mr Mead said.
“A small fully funded work programme of infill drilling will be undertaken with the objective of allowing conversion of a part of the Mineral Resource Estimate to higher classification (Indicated) and to feed into a scoping study and financial model, prior to conducting a feasibility study.
We are in the fortunate position of owning a processing plant just ~35 km from the deposit and we look forward to accelerating the project and taking full advantage of this.”
The Carlow Castle gold and copper project is located in the West Pilbara region of Western Australia, ~45 km by road east of the city of Karratha. The project is located on the granted exploration license E47/1797 and is ~35 km from Artemis’ 100% owned Radio Hill Processing Plant.
The current Carlow Castle Mineral Resource covers a strike length of 1.2 km, and was successfully identified using SAM exploration in early 2018. In conjunction with geochemical anomalies, SAM targeting drove the Carlow Castle drilling programme in 2018 that increased the resource by 71% in February 2019, and subsequent SAM survey which has identified 21 new targets to the west of the current resource.
Recent Structural mapping and evaluation of historical diamond core and trenching through the top of the resource area, carried out in the last two months, has now led to a significant increase in the confidence levels of the project, and culminated in the new Mineral Resource estimate (MRE) that has increased metal content by 60% for gold, 25% for copper and 15% for cobalt.
A work programme planned to increase the confidence in the Mineral Resources includes an infill diamond drilling campaign for structural and geotechnical logging, and assaying of a select number of stored assay pulps for acid soluble copper. The work programme is expected to enable a detailed scoping study and financial model.