LONDON (ShareCast) - (Sharecast News) - Artemis Resources announced the start of a significant diamond and reverse circulation (RC) drilling programme at its Carlow Tenement on Monday, in Western Australia's North Pilbara gold province.
The AIM-traded firm said the campaign would test multiple gold targets within a four-kilometre zone surrounding the company's 374,000-ounce inferred Carlow gold resource.

It said the diamond drilling component was designed to investigate the source of the Marillion electro-magnetic conductor, located 500 metres east of the Carlow resource.

Artemis said it would also assess the potential for substantial down-plunge extensions to the existing Carlow deposit, following previous high-grade gold intersections.

Following that, shallow RC drilling would take place at the Titan Prospect, two kilometres northwest of Carlow.

The company said the programme would provide an initial test of surface gold occurrences in an area of structural complexity interpreted as favourable for gold mineralisation.

None of the three targets included in the phase had been previously tested, despite their close proximity to the Carlow deposit.

Artemis said it was seeking to expand its resource base and identify new zones of gold mineralisation within the wholly-owned tenement.

"We are thrilled to announce the start of this diamond and RC drilling programme which will test three high-potential targets within a 4km long zone centred on our Carlow mineral resource," said managing director Julian Hanna.

"The current inferred mineral resource at Carlow contains 374,000 ounces gold and 64,000 tonnes copper, and remains open beyond previous drilling.

"Diamond drilling will focus on the large Marillion EM conductor, located 500 metres east of the Carlow resource and test for possible extensions to the Carlow resource, targeting areas down plunge from previous high-grade gold and copper intersections"

Hanna said that in addition, the company would use RC drilling to explore the Titan Prospect, two kilometres northwest of Carlow, where high-grade gold occurrences from selected sampling of quartz veins and chert outcrops offered "exciting" potential.

"We are excited about the opportunity this drilling presents to expand the Carlow resource and uncover further opportunities across our portfolio and look forward to updating the market on progress."

At 1047 GMT, shares in Artemis Resources were up 5.88% at 0.45p.

Reporting by Josh White for Sharecast.com.

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