Artemis quick to identify high grade copper zones
Emerging gold, base metals and cobalt miner, Artemis Resources (ASX: ARV) has released highly promising assay results from the first eight holes of a 20 hole drill program at the Whundo copper mine which is located only 15 kilometres from the company’s recently acquired Radio Hill mine and processing plant.
Previous mining in the area had identified copper zones at shallow depths, and management’s drilling program was aimed at validating historical drill results and exploring conceptual previously untested target zones.
The confirmation of substantial widths of high grade copper zones at shallow depths is a promising development for ARV as it executes on its broader plan of establishing a diversified mining operation in the Radio Hill area which lies only 35 kilometres to the South of Karratha in the Pilbara region of Western Australia.
However, it should be noted that the company is an early stage play and investors should seek professional financial advice before making an investment decision.
The company owns the fully permitted 425,000 tonnes per annum Radio Hill nickel and copper operations, processing plant and associated mining and exploration tenements with significant existing JORC 2004 compliant resources of nickel, copper and zinc situated within a 15 kilometre radius of the plant.
Given the quality of the following assays and the prospect of further promising results from the other 12 holes, ARV’s share price could receive a further boost on the back of a 30% increase over the last fortnight.
Commenting on this recent development, ARV’s chairman David Lenigas said, “The company’s plan is to expand the available oxide tonnages at Whundo to either increase the ore supply deal to the Whim Creek SX-EW plant or look at establishing an on-site oxide treatment operation at Radio Hill itself.”