Artemis Resources Limited (“Artemis” or “the Company”) (ASX:ARV, Frankfurt: ATY, US OTCQB: ARTTF) is pleased to announce a significant increase in the Mineral Resource Estimate (MRE) in grade and metal tonnes in accordance with JORC Code (2012) at the Company’s 100% owned Carlow Castle Project (E47/1797).
A summary of the Carlow Castle MRE is tabulated in Table 1.
- Gold (Au) resource significantly increased by 60%, Copper (Cu) resource increases 25% and Cobalt resource increased 15%1
- Inferred Mineral Resource estimate now 418koz Au, 48kt Cu and 7kt Co within 8Mt @ 0.51% Cu, 1.6 g/t Au and 0.08% Co.
- The Company’s 100% owned Radio Hill Processing plant just ~35 km from Carlow Castle project, potentially provides an option to fast track infrastructure to process Carlow Castle material.
- Planned work program of resource infill drilling, and assaying of a select number of stored assay pulps for acid-soluble copper, designed to address issues currently limiting resource classification to Inferred and provide the opportunity to upgrade the classification to Indicated.
- Metallurgical testwork to commence shortly to characterise the resource and define Metallurgy zones.
Commenting on the resource update, Artemis Resources 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. 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. 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.”
CARLOW CASTLE GOLD AND COPPER PROJECT RESOURCE SUMMARY
The Carlow Castle gold and copper project is located in the West Pilbara region of Western Australia, ~45 km by road east of the city of Karratha (Figure 1). Access is via the Northwest Coastal Highway and then by the unsealed Cheratta public road, which passes through the Project area. Carlow Castle is on the granted exploration license E47/1797 and is ~35 km from Artemis’ 100% owned Radio Hill Processing Plant.
The current Carlow Castle Mineral Resource covers a strike length of 1.2 km, and was successfully identified using SAM exploration in early 2018. In conjunction with geochemical anomalies, SAM targeting drove the Carlow Castle drilling program in 2018 that increased the resource by 71% in February 2019, and subsequent SAM survey which has identified 21 new targets to the west of the current resource (Figure 2).
Recent Structural mapping and evaluation of historical diamond core and trenching through the top of the resource area, carried out in the last 2 months, has now led to a significant increase in the confidence levels of the project, and culminated in the new Mineral Resource estimate (MRE) that has increased metal content by 60% for gold, 25% for copper and 15% for cobalt.
The structural mapping programs and MRE have been carried out by independent Mining Industry Consultants, CSA Global. A work program planned to increase the confidence in the Mineral Resources includes an infill diamond drilling campaign for structural and geotechnical logging, and assaying of a select number of stored assay pulps for acid soluble copper. The work program is expected to enable a detailed scoping study and financial model.
SOURCE: ARTEMIS RESOURCES
DATE: 20 NOVEMBER 2019