- Artemis Resources has announced a significant increase in the mineral resource estimate at its Carlow Castle Project
- The company said its gold resource has increased by 60 per cent, copper resources increased by 25 per cent and cobalt resources increased by 15 per cent
- Its Radio Hill processing plant is not far from the project and provides an opportunity to fast track infrastructure and process Carlow’s materials
- Artemis Resources is up 3.45 per cent on the market today and is trading at 3¢ apiece
Artemis Resources has announced a significant increase in the mineral resource estimate at its Carlow Castle Project.
The company said its gold resource has increased by 60 per cent, copper resources increased by 25 per cent and cobalt resources increased by 15 per cent.
The inferred mineral resource is now estimated at 418 thousand ounces of gold, 48 thousand tonnes of copper and 7 thousand tonnes of cobalt, within 8 megatonnes at 0.51 per cent copper, 1.6 grams per tonne of gold and 0.08 per cent of cobalt.
Carlow Castle is located in the West Pilbara of Western Australia, 45 kilometres east of Karratha. It covers a strike length of 1.2 kilometres.
Artemis’ 100 per cent owned Radio Hill processing plant is not far from the project and potentially provides an option to fast track infrastructure to process Carlow’s materials.
“We are in the fortunate position of owning a processing plant just ~35 km from the deposit and we look forward to accelerating the project and taking full advantage of this,” Executive Director Ed Mead said.
“The new mineral resource estimate, including geological and structural models, undertaken by independent consultants CSA Global, has significantly increased metal tonnes, giving the Artemis board confidence to move Carlow Castle towards scoping study and then feasibility,” Ed added.
As a result of the mineral resource update, Artemis has already commenced plans to increase the confidence in the mineral resources.
The plans include a selection of acid-soluble copper assays from pulps to determine the residual copper available in the oxide material and infill drill hole planning that will be targeted on the high-grade zones.
“A small fully funded work program of infill drilling will be undertaken with the objective of allowing conversion of a part of the mineral resource estimate to higher classification (Indicated) and to feed into a scoping study and financial model, prior to conducting a feasibility study,” Ed added.
Artemis Resources is up 3.45 per cent on the market today and is trading at 3¢ apiece at 12:43 pm AEDT.