For its latest trick Pilbara explorer Artemis has even higher grade nickel
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Artemis Resources appears to be having no trouble showing investors it can be more than just a Pilbara gold play.
The West Australian miner (ASX:ARV) — which recently revealed a renewed focus on nickel — has drilled up to 11.15 per cent nickel at its Ruth Well project in the Pilbara region on Australia’s north-west shoulder.
The news comes close on the heels of shallow, high-grade hits of up to 3.37 per cent at the Radio Hill project.
Anything over 2 per cent is generally considered high grade for nickel.
Investors liked the news, pushing shares up 5.4 per cent to 19.5c in early Wednesday trade.
“We are now looking at something potentially quite significant at Ruth Well on the nickel/copper/cobalt front, which is located only 12km north of our Radio Hill operations,” executive chairman David Lenigas told investors.
“We are seeing excellent nickel grades over significant widths, with very high copper and cobalt credits, and we now have a lot of newly identified shallow targets to drill over a potential 3.5km east-west strike in the Ruth Well area.”
Mr Lenigas told Stockhead last week Artemis was more than just a gold play following a recent nickel find.
Artemis has completed an initial 38-hole, 2838m reverse circulation drilling program at Ruth Well aimed at unearthing shallow nickel, copper and cobalt mineralisation.
The company also drilled a deeper hole down to 80m.
Artemis says the Ruth Well results compliment recent drilling results from the Radio Hill deposit, where the company is aiming to build a base metal resource.
Renewed interest in nickel players
Junior ASX-listed nickel explorers have enjoyed increased investor attention after the price of the steel-making and battery commodity hit a near four-year high.
In late April, the price of nickel made its biggest daily gain in more than six years when it hit $US15,275 ($20,416) a tonne.
The price hike was partly driven by speculation that one of the world’s biggest nickel producers, Russia’s Norilsk Nickel, may be hit by US sanctions against Russia.
Here is a recent list of ASX-listed stocks with exposure to nickel*. (We include here stocks that are primarily nickel-focused as well as those with nickel side projects):
*Prices are as of April 19.