Artemis Resources kicks off mining study at Carlow gold and copper project

• Conceptual mining study assessing open pit and underground optimisations for Carlow project
• Outputs to inform extensional drilling, resource growth, metallurgy and early-stage development thinking
• Gold prices up by 250% since last mineral resource update; copper prices up 30%

Special Report: Copper and gold prices have blown through the metaphorical roof since the Carlow project’s resource estimate was last updated, making now a perfect time for Artemis Resources to run a new conceptual mining study.

It will look into options for open pit and underground optimisations, led by independent mining consultant Snowden-Optiro.

Artemis Resources (ASX:ARV) intends to feed the results of the study into extensional drilling targeting, resource growth, metallurgy and early-stage development designs.

Gold prices have increased some 250% and copper prices 30% since ARV released a mineral resource update for Carlow in 2022, totalling 374,000 ounces of gold, 64,000 tonnes of copper and 8000 tonnes of cobalt.

ARV executive director Jozsef Patarica said the conceptual mining study was an important step in advancing Carlow.

“We are very focused on unlocking the full potential of the Carlow project area given the very high-grade intercept at Titan East along with the increase in gold price,” he said.

“The mining study is part of a multipronged approach with follow-up drilling at Titan due to start next week and extension drilling east of Carlow due to start in early December.

“Importantly, this work helps position Carlow for future development decisions, with higher gold and copper prices significantly improving project optionality and potential value creation for shareholders.”

Watch: Artemis ready to get boots on the ground

Extensional drilling to begin in December

Artemis expects to begin its extensional drilling campaign at Carlow in December this year, once the results from its mining study can be incorporated into the drill plan.

The program is following up on a gold hit 600m east of the main resource boundary, which generated a result of 7m at 2.9g/t gold from 404m of depth.

ARV will also scope the potential for high-grade extensions in the Upper Zone of Carlow’s deposit, before testing the potential of the Lower Zone beneath the resource, where a historical hole hit 4m at 11g/t gold and 2% copper from 639m.

Once the company has finished drilling, it will incorporate all of the results into a formal analysis of the Carlow mineral resource.

In the meantime, Artemis intends to follow up on reverse circulation drilling at the Titan East prospect.

A drill hit of 5m at 13.1g/t gold from 132m about 1.5km from the main Carlow deposit highlighted the potential for satellite targets, although the final assays from the program are still pending.

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.