RE: ARV - Incredible value Australian Gold play10 Nov 2022 15:35
13 Oct
High-Grade Resource at Greater Carlow
Artemis Resources Limited is pleased to provide an update on a new Inferred JORC Mineral Resource at its 100%-owned Greater Carlow Project, located in the Pilbara Region of Western Australia.
Highlights
704,000 oz Au Eq. at 2.5 g/t Au Eq[1] from 8.74 Mt, combined open pit and underground.
A high-grade gold copper cobalt project primed for further growth:
· Conservative assumptions underlying the new resource estimate reflect the robust nature of the project and take into consideration the recent rising cost environment.
· The Greater Carlow resource compares very favourably to other gold mining projects on a grade equivalent basis.
· Inferred Mineral Resource completed for the Greater Carlow gold copper cobalt project reported in accordance with The JORC Code 2012.
· Total Inferred Mineral Resource of 8.74 Mt at 2.5 g/t Au Eq comprises:
o Open pit resource of 7.25 Mt at 2.4 g/t Au Eq. for 557 Koz Au Eq.
§ (using a 0.7 g/t Au Eq. cut-off grade).
o Underground resource of 1.49 Mt at 3.1 g/t Au Eq. for 146 Koz Au Eq.
§ (using a 2 g/t Au Eq. cut-off grade).
· With this high-grade resource open in multiple directions exploration will now push on to seek to grow resources further.
Alastair Clayton, Executive Director, commented: "On behalf of Artemis I am delighted to report to shareholders the results of our updated resource model. What we have now established at the Greater Carlow Project is a robust, credible, high-grade multi-metal resource from which our exploration team can now seek to continue to grow via drilling. The next phase at Greater Carlow is to drill and add more high-grade tonnes to the open pit and underground resources, including the high-grade Keel Zone which is not included in this resource statement.
Importantly, this resource has taken into consideration recent industry cost escalation and still returned robust results. There is an adage used in mining that "grade is king", we believe this is as relevant today as it ever was.
With a diverse potential product stream of gold and the key battery metals of copper and cobalt we believe Greater Carlow grade ranks very favourably against other comparable Western Australian pre-development resource uGreater Carlow's
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