Artemis Resources’ share price declined after announcement of Drilling Results from Carlow Castle Project

  • Sep 25, 2018 AEST
  • Team Kalkine
Artemis Resources’ share price declined after announcement of Drilling Results from Carlow Castle Project

Artemis Resources Limited (ASX:ARV) is in the business of developing and exploring mineral properties in Australia. On 25 September 2018, Artemis Resources Limited announced the latest drilling results from its Carlow Castle Project which is located in Western Australia. After the announcement of this news the share price of the company declined by 15.217% as on 25 September 2018.

Shallow and deeper high-grade gold, cobalt and copper assays are being delivered from the Company’s Carlow Castle Project with new intersections which highlights the depth potential of the mineralized shear zone system. The company is on track for a resource update in Q4 and after that an additional extensional and an in-fill drilling is planned to define the broader scale and the internal controlling structures of this emerging Au-Co-Cu deposit.

The drilling programme at Carlow Castle is focusing on an initial 1.2 km of a 4 km mineralised trend and the goal of this drilling is to infill and extend the 1.2 km east-west strike and join Quod Est, Carlow Castle South and Carlow Castle South East into one combined resource. The drilling is indicating that a higher grade mineralization is sitting within a broader shear zone defined by the 1000 ppm (0.1%) Cu halo. The proposed future drilling will include more diamond scissor holes which will better define the width and orientation of structures within the shear. Additional assays are pending for Carlow Castle to close out this round of drilling and will be released as they become available.

From the total drilling to date at Carlow Castle Diamond, the diamond drilling is comprised of approximately 6.5% and it will be increased to assist with future geotechnical and structural studies. 

On 21 September 2018, the company provided a construction update of its radio hill gold circuit. The construction was started on 20 August 2018 and tertiary crusher installation has already completed. The Gold room structure and cladding is also complete. The company has begun the process of expanding the multi metal capability of Radio hill operations. On 1 September 2018, Artemis Resources Limited announced that total conglomerate gold nuggets recovered and owned 100% by the company from exploration activities is 7Kg (225 ounces). For the quarter end 30 June 2018, the cash used in operating activities was $8.95 million which was $17 million in the corresponding previous year. The company paid $1.79 million for purchasing property, plant and equipment in June quarter.

ARV’s share traded at $0.195 with a market capitalization of $145.98 billion as on 25 September 2018.

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