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Artemis hits 2.32% cobalt at Carlow Castle

ASX listed Artemis Resources could be in for a drastic resource hike at its Carlow Castle cobalt, gold and copper project in the Pilbara after banking some glowing results from its recent drill program.

The top result to date is an outstanding 6.5 metres grading 23.44 grams per tonne gold, 2.32% cobalt and 10.35% copper from 47 metres down-hole.

Other solid intersections include 4m @ 7.92g/t gold, 0.56% cobalt and 1.11% copper from 62m down-hole, 5m @ 2.06g/t gold, 0.45% cobalt and 0.73% copper from 61m down-hole and 13m @ 4.96g/t gold, 0.39% cobalt and 1.47% copper from 62m.

Carlow Castle has a current Indicated and Inferred resource of 2.3 million tonnes @ 1.3g/t gold, 0.11% cobalt, 0.5% copper and 1.6g/t silver within a global resource of 4.5Mt @ 0.9g/t gold, 0.07% cobalt, 0.4% copper & 1.3 g/t silver.

The project is located just 35km by gazetted roads from Artemis’ 100% owned Radio Hill processing plant where approvals required to install a new gold processing circuit are starting to fall into place.

Artemis Chief Executive Officer Wayne Bramwell said: “These latest shallow cobalt, gold and copper assays from Carlow Castle are outstanding by any measure.”

“The mineralisation remains open along strike and at depth and as such the drilling program will be expanded to further test this growing resource.”

Artemis has also stopped drilling its “super-deep” diamond drill hole located 43km south of Radio Hill and is preparing to drill a second hole 3.6km from the first hole.

The second hole will initially test to see if the diorite-granodiorite intersected in the first hole exists in this location and if not, it will drill on to the basement.

Separately, Artemis has received safety approvals for the installation of a 70-100 tonne per hour gold circuit at Radio Hill. It is now waiting on environmental approvals and final licence approvals before proceeding with the installation.

Once operational, the fully refurbished three-stage crushing circuit will crush ore at the rate of 100tph run of mine. The crushed ore will be fed directly into the Gekko supplied gold recovery circuit.

Notably, Radio Hill will also be capable of treating base metals and cobalt ores at a rate of between 40tph and 60tph.

There is more drilling to go at Carlow Castle and if the recent results are any guide future results may just create a bit of excitement.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 29/06/18

1 year TSR5 year TSR
8thAzure Minerals1650%-24%
86thArtemis Resources146%0%
583rdEmerald Resources-15%42%
632ndKibaran Resources-25%14%
722 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

01/12/17
$0 Issued
01/12/17
$0 Issued
Total value as at the date of the transaction
Source: Morningstar

Revenue

136th↑Artemis Resources$629k
171st↑Emerald Resources$296k
172nd↑Kore Potash$295k
174th↓Kibaran Resources$285k
175th↓Azure Minerals$272k
507 listed resources companies ranked by revenue.
Source: Morningstar

Remuneration from Artemis Resources

776thEdward Mead$141k
1081stGuy Robertson$68k
Ranked by total remuneration from all listed WA companies

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