Artemis drilling indicates Carlow gold resource has more ounces to be found

Artemis Resources’ drilling provides “compelling support” for potential new discoveries and possible extensions to its Carlow gold deposit.

Drilling has identified a potential extension of the Carlow resource. Pic: Getty Images

• Phase 1 drilling has extended the gold potential of Artemis’ Carlow resource by 600m along strike

• Further drilling to test the gap between the Carlow resource and Marillion prospect

• Technical review of historical drilling now underway while planning is underway on follow-up drilling

Special Report: First phase drilling in the immediate area of Artemis Resources’ intriguing Carlow resource in WA’s Pilbara region has extended its gold potential by 600m along strike.

The first hole (25ARDD001) in the five-hole program was drilled to test the Marillion prospect about 600m east of Carlow and returned an assay of 7m grading 2.9g/t gold including 1m at 15.3g/t gold from 404m.

As Marillion might be an extension of Carlow, Artemis Resources (ASX:ARV) now considers the gap between the two to be a high priority for further drilling.

Meanwhile, hole 25ARDD004 testing the Titan prospect returned a 1m intersection at 16.4g/t gold that is supported by elevated gold assays up to 0.5g/t gold within previously untested sequence intruded by porphyry with strong alteration, veining and brecciation.

Titan sits 1.5km west of Carlow on the same interpreted structure which hosts Carlow and Marillion.

This Phase 1 drilling has generated a new interpretation of Carlow geological setting opening up wider potential for mineralisation.

Carlow sits within the company’s Karratha project, which is on the opposite end of a 200km east-west structural corridor to the 13.6Moz Hemi project.

Longitudinal section extending from Marillion to Titan showing main interpreted geological features. Pic: ARV

Successful drilling provides ‘compelling support’

Managing director Julian Hanna said the drill program was designed as an initial test of three previously untested targets near Carlow and to scope out the potential for significant extensions to known mineralisation had returned encouraging results.

“The program was successful in intersecting high-grade gold at two of the targets and providing compelling support for potential new discoveries and possible extensions to the Carlow deposit,” he noted.

Hanna added the potential for extensions to the Carlow deposit is also supported by an intersection of 4m at 11.1g/t gold and 2% copper in 20CCDD003, the deepest historical drill hole at Carlow.

“This intersection is at approximately 500m vertical depth and is not included in the Carlow resource,” he said.

“The high-grade intersection in hole 20CCDD003 warrants step out drilling to test for other high-grade gold and copper lodes and potential resource extensions below Carlow.”

With gold currently trading at about twice the price it was trading at when the Carlow resource was announced in October 2022, the company has now started a review of more than 400 historical drill holes that formed the basis of its 2022 resource.

High-grade gold and copper grades are widespread across the Carlow lode system.

“Depending on the initial review we expect to appoint consultants to undertake conceptual technical studies including metallurgical test work on drill core samples from Carlow,” Hanna said.

“We look forward to updating shareholders in coming weeks on the planned follow-up drilling as well as progress on the review of the Carlow gold/copper deposit at this exciting project.”

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This article was developed in collaboration with Artemis Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Artemis drilling indicates Carlow gold resource has more ounces to be found