Cobalt play, Artemis fast tracks Carlow drilling program
It was only on Monday that Artemis Resources’ (ASX:ARV) share price doubled as the group advised the market of the cobalt potential that lay in its Carlow Castle project located near Karratha in Western Australia.
The group has the benefit of past exploration results, as well as recently identified cobalt mineralisation in strong association with copper and gold. Cobalt grades from shallow drilling at the site have yielded grades in excess of 1% with assays of 5.88% recorded from the Quod Est mine.
Management intends to immediately confirm the potential of the project, announcing today that plans for a 100 hole drill program have been submitted to the Department of Mines and Petroleum (DMP). The company is in a position financially to commence drilling immediately approvals have been granted.
The drilling will focus on known trends of mineralisation, exploring to depths of approximately 200 metres. This should allow the company to upgrade the current mineral resource which stands at 418,000 tonnes grading 3 grams per tonne gold and 0.6% copper.
Significantly, cobalt was not factored into the initial resource estimate.
Those considering this stock shouldn’t make assumptions regarding exploration outcomes, nor should they base investment decisions on performances to date and should seek independent financial advice.