Artemis reveals further promising drilling results from Carlow Castle
Shares in Artemis Resources (ASX:ARV) traded as high as 8.8 cents in the first 15 minutes of trading on Monday morning, representing an increase of more than 15%, after the company released promising cobalt and gold results from its Carlow Castle project located in close proximity to Karratha and the group’s Radio Hill processing plant in Western Australia.
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.
These high grade gold, cobalt and copper assay returns build on previous impressive results from the Carlow Castle project. The reverse circulation drilling program included 34 holes across nearly 2.5 kilometres with approximately 2670 samples being submitted for laboratory testing.
The following recent results demonstrate impressive gold mineralisation, and particularly with regard to hole ARC008, this is accompanied by high grade copper and cobalt. Hole ARC 031 also returned high grade gold and cobalt mineralisation.
Blast program to define further mineralised cobalt/gold/copper trends
Results have been received for 28 of the holes, and examination of the additional 770 samples will assist the company in prioritising targeted mineralised zones for the resumption of reverse circulation drilling, which has been suspended as the company prepares to conduct a 500-hole shallow Rotary Air Blast (RAB) program.
The RAB programme has commenced at Carlow Castle, assessing a four square kilometre area. This will penetrate to a depth of 3 metres with a view to uncovering a sequence which masks the underlying geology.
On completion, this should allow management to generate a basement geological map and geochemistry with the aim of defining further mineralised cobalt/gold/copper trends for follow-up reverse circulation drilling.