Artemis Resources: 4.5 Mt of Cobalt/Copper/Gold JORC Resources at Carlow Castle
ASX: ARV
www.artemisresources.com.au
Mr. David Lenigas reports:
West Perth, WA / January 31, 2018 / JMN Wire / Artemis Resources Limited (ASX: ARV) ("Artemis") is pleased to provide a further update to the JORC Code (2012) compliant resource estimates for its 100% owned Carlow Castle Project, which includes Quod Est, Carlow Castle South and Carlow Castle South-East (Cobalt/Gold/Copper) Prospects, located about 20 km southeast of Karratha in the Western Pilbara Region of Western Australia.
David Lenigas, Artemis' Executive Chairman, commented;
"We have seen a significant boost to tonnage in this latest resource estimate at Carlow Castle and we believe that this Project has the potential to be a significant new Cobalt province in Australia based upon recent exploration results. With the world cobalt prices now at US$79,750 a tonne (LME, 26 Jan 2018) (~AUD $98,000 a tonne), our Carlow Castle Project's potential is looking very attractive. These three deposits reported on today are only a few of the many high priority targets now identified by Artemis over 50 km2. Apart from plans to continue drilling to expand the resource base further, we have now engaged consultants to run a fast-track scoping study to assess the potential economics of processing this material through our nearby and soon to be re-commissioned Radio Hill treatment plant. The Radio Hill plant upgrades are progressing well, and we continue to receive interest from international "Cobalt trading houses" for Artemis's conflict-free Cobalt."
Highlights
Significant increases in Carlow Castle JORC 2012 Resources.JORC 2012 compliant Indicated and Inferred resources at 0.05% Co cut-off grade, have increased to 2.3 Mt @ 1.3 g/t Au, 0.11% Co, 0.5% Cu & 1.6 g/t Ag within a global resource of 4.5 Mt @ 0.9g/t Au, 0.07% Co, 0.4% Cu & 1.3 g/t Ag.Deposits remain open and further drilling is planned in Q1 to expand resources.Open Pit optimisation studies and scheduling have commenced.Carlow Castle is only 30km north-east of Artemis's Radio Hill treatment plant.