22nd Aug 2022 10:13
(Alliance News) - Shares fell in Artemis Resources Ltd on Monday after it saying no significant nickel or copper results were found in laboratory analyses of samples from the first drill hole at the Osborne nickel prospect.
Artemis shares fell 11% to 2.05 pence each in London on Monday morning.
Artemis said that reverse circulation samples from the first drill hole at the Osborne joint venture were sent to a laboratory in Perth for multi-element analysis.
"Although the nickel and copper potential of the sulphides was initially confirmed by handheld pXRF analyser, no significant nickel or copper results were reported in the laboratory analyses. Similarly, no significant nickel or copper mineralisation was identified in the drill chips and core from the second drill hole using a pXRF analyser," it said.
The JV project is 100% owned by Artemis with GreenTech Metals Ltd, the project manager, earning up to 51%.
Further, in a separate statement regarding its Greater Carlow project, holes ARC395 and ARC396 "did not return any significant mineralisation, in line with the offset of the lodes already discovered by holes ARC403 and ARC404," the Perth-based miner with gold, copper and cobalt projects in Australia said.
However, it reported "encouraging results revealing several new exploration targets which will be investigated further" from a new gravity survey at Carlow. It also identified a "significant new exploration target" to the east of Carlow via down hole electromagnetic surveys.
"Artemis is in a very busy phase of its 2022 exploration and evaluation programme. Paterson Central drilling is progressing very well and as part of the senior management team that recently visited the Paterson Central region it is difficult not to be struck by the scale of the exploration and development activity in the area and the proximity of our project drilling to the emerging Havieron mine. With all drill holes now returned from recent drill programmes at Carlow the updated mineral resource estimation is now being finalised," stated Executive Director Alastair Clayton.
By Tom Budszus; [email protected]
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