Shares in Artemis Resources (ASX:ARV) have gained on news of a significant 71% jump in the size of the gold-copper-cobalt resource for its Carlow Castle project in the West Pilbara region.
The inferred resource now stands at 7.7 million tonnes grading at 1.06 grams per tonne gold, 0.51% copper and 0.08% cobalt for 260,000-ounce gold, 38,000 tonnes of copper and 5,900 tonnes of cobalt.
Since the previous resource announcement for Carlow Castle, Artemis have completed additional drilling that added to the resources, mainly in previously undrilled sections along strike and near the central area of the Carlow Castle line.
In total 12 diamond drill holes for 1,504.6 m and 108 Reverse Circulation (RC) drill holes for 15,882 m were drilled since the previous announcement.
Artemis Chief Executive Officer Wayne Bramwell said the 2018 Carlow Castle Au-Cu-Co drilling program had significantly increased the inferred resource to 7.7Mt.
The growth in tonnage, in conjunction with our preliminary metallurgical programme confirming Carlow Castle’s amenability to low cost processing technology now builds a platform to advance Carlow Castle in a systematic manner,” he said.
“The next round of diamond drilling will focus on improving the structural understanding of the resource and better inform proposed extensional drilling.”
The company will now look to resource delineation activity including improved definition of existing resources and conceptual mining studies and structural and geotechnical drilling.
Artemis is currently developing a detailed development timeline for Carlow Castle.
Shares in Artemis were last trading at 7.1c, up 0.3c or 5%.