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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1 year TSR5 year TSR
173rdTriangle Energy Global18%16%
337thOtto Energy-8%4%
650thCape Lambert Resources-54%-24%
781stArtemis Resources-75%-4%
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52nd↑Artemis Resources$19.0m
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