In a case of literally hitting a gold sweet spot Artemis Resources (ASX:ARV) seems to have struck lucky with their very first drill hole in the Mt Clement Gold Project in Western Australia. The drill hole numbered ARMCRC001 was bored with an aim to test the first of five high grade ore zones.
It intersected a massive sulphide and high grade gold ore confirming the company's in house mineralization model. The intercept from 106m (averaging 6m @ 8.81g/t Au but includes 3.0m @ 13.68g/t Au) is the deepest intersection in the western part of Artemis' Mining Lease (M 08/192).
The Executive General Manager of Artemis, David Price said that this intersection proved that gold mineralization is not restricted to near surface secondary weathering enrichment of gold. The mineralisation was intersected on target as modelled and extends the gold mineralisation 37m deeper than the previous BHP intersection drilled in 1979 (hole number CD004 which intersected 8.5m @ 5.80g/t Au).
The best results from this drill hole included 6.0m @ 5.23g/t Au between 14m and 20m downhole depth, and 6.0m @ 8.81g/t Au between 106m and 112m downhole depth.
The Mt Clement Gold Project is located approximately 35km south-southwest of Intrepid Mines Limited’s 541,000 ounces Paulsens gold mine and consists of three mining leases covering an area of 1573 hectares and an exploration licence covering 24 sub blocks.
Shares in Artemis will open today at 0.058 cents having risen from 0.045 cents since the 3rd August 2010 with 179.70 million shares currently on issue.