Artemis Resources identifies high grade cobalt, gold and copper at Carlow Castle
Shares in Artemis Resources (ASX:ARV) traded as high as 11.5 cents on Monday morning, representing an increase of nearly 10% relative to the previous day’s closing price of 10.5 cents, as investors responded positively to drilling results returned from the group’s Carlow Castle cobalt-copper-gold project.
It should be noted that share trading patterns should not be used as the basis for an investment as they may or may not be replicated. Those considering this stock should seek independent financial advice.
The results featured high grades across all metals with one particular intercept of 4 metres grading 1.1% cobalt, 10.7 grams per tonne gold and 4.4% copper demonstrating high-quality mineralisation across all metals within the deposit.
This was the message relayed by the group’s Chairman, David Lenigas as he said, “These stellar cobalt drilling grades speak for themselves, and are even more significant when added to high grades of gold and copper”.
While cobalt appears to be the metal that is going to attract the most interest in 2017, projects need to be commercially viable. Consequently, the presence of high grade precious and base metals could potentially play an important role when the company moves through the various study phases and makes a decision to mine.
Acquisition of Radio Hill plant could potentially streamline transition from exploration to production
Importantly, ARV has more than just metal in the ground. Through its recent agreement with Fox Resources, the company has negotiated a binding conditional agreement to acquire the group’s fully permitted 425,000 tonnes per annum Radio Hill nickel, copper and cobalt processing plant, which has proven to be operationally sound.
The plant is ideally situated, only 35 kilometres south of Karratha and 20 kilometres by road from the Carlow Castle project.
Given that eight holes have been drilled to date with all having intersected visible mineralisation including primary sulphides, results from the following 15 holes of the 23 hole drilling program will be closely scrutinised.
Such is management’s confidence from initial drilling that it is already planning the Stage Two drilling campaign.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.