Artemis Resources’ Ltd [ASX:ARV] share price is grappling with the effects of the recent decline in gold prices, and it’s no wonder why. The exploration company located in West Pilbara region, mines deposits of gold, cobalt and copper.
Despite this, Artemis shares have bounced back after a 5% fall at yesterdays close, trading at $0.18 in today’s market — a steady increase of 2.86%.
How the Carlow Castle project is affecting Artemis resources’ Ltd share price
ARV provided recent updates on their deep hole drilling programs, which saw highlights in its Carlow castle project. The project itself covers three deposits (Carlow Castle South, Quod Est and Carlow Castle South East).
Artemis saw significant gold, cobalt and copper intervals persist in its latest diamond results from the project, which could be why investors saw a bounce back in share price in today’s trading.
This saw drilling intersected mineralisation over a distance of 500 metres north-south direction from the Quod Est to Carlow Castle South. But the main strike of mineralisation at Carlow Castle south is found east-west of about 1.2 km.
Artemis seeks to consolidate its east-west strikes to join Quod Est and Carlow Castle south-east into one large resource, before stepping up drilling out to test further strike extensions.
Artemis resources Ltd project highlights
After announcing a drilling update on 25 July this year, Artemis’s Carlow Castle south deposit generated some very high cobalt intercepts, as well as high copper and Gold Assays.
Artemis’ CEO Wayne Bramwell commented positively on the project, saying:
‘Shallow drilling by Artemis continues to define impressive widths and grades of gold, copper and cobalt at Carlow castle. Though not fully defined yet, Carlow castle looks to be a part of a larger mineralised system that is open at depth and along strike. Drilling along strike and depth could quickly add resource tonnage here.’
With this in mind, investors might need to wait before they see this reflected in the share price. Despite Artemis’ slight increase today, the recent drop in gold prices might still prove tricky for Artemis’s.
For Money Morning
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