After releasing its Corporate and Operational Update this morning, Artemis Resources Limited [ASX:ARV] is trading a little flat.
At the time of writing, Artemis Resources share price is trading at $0.057, stable after yesterdays 3.39% drop.
As a whole, the ASX traded lower yesterday with major banks and big mining companies being hit the hardest.
The recent restructure of the board and the new appointment of Non-Executive chairman Sheikh Maktoum on 5 February has led to a full strategic review, with a new focus aimed at gold exploration in the West Pilbara Region of Western Australia.
Artemis Resources project update
ARV’s largest resource, the Carlow Castle Au-Cu project, is a gold dominant orebody with important copper and cobalt credits.
The project recently increased its resourced tonnage to 7.9Mt, with metallurgical work that details orebody’s yield to low cost processing options in recovering gold, cooper and cobalt.
Significant investment in exploration at Carlow Castle project in 2018 has led to further advancement in devolvement and metallurgical assessment.
Currently the development target at Carlow Castle is set for a minimum three-year mineable reserve that will support operations.
ARV also has plans to build a larger mineral inventory in West Pilbara, where its conqueror and pipeline prospects are in early stages of regional gold targets (discovered in 2018).
On top of this, ARV is leveraging its regional Pilbara Radio Hill exploration. It is a key strategic advantage, in that if infrastructure is permitted, it will signal more rapid cash flow and potentially benefit Artemis Resources’ share price.
Artemis Resources share price next millstones
After seeing an increasingly strong appetite in gold opportunities, Artemis Resources is focused on transforming itself into a gold producer, with the immediate aim of encouraging its UK market base.
Carlow Castle’s next milestone is to upgrade its resources to show classification by Q3 2019 and as well as deliver a pre-feasibility study (PFS) by Q1 2020.
Q2 2020 will be an exciting time for Artemis Resources as the company’s planned listing on the London Stock Exchange will give ARV access to UK investment capital.
This could be positive for Artemis Resources’ share price.
The good news for shareholders is that the PFS will measure optimal mining and processing scale, and will provide a flowsheet that will expand project economics as well as returns.
Mr Maktoum commented on Artemis’s operational plan, saying:
‘The Operational plan for 2019 is now keenly focused on advancing our key assets in an orderly, well planned and tightly managed process to create value for all shareholders. This plan will be clearly and continuously communicated to our shareholders with Artemis providing additional details as to milestones and costs for 2019 programme in the upcoming weeks.’
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