What’s sparked a 14% Artemis (ASX:ARV) share price rally?

The Artemis Resources Ltd (ASX: ARV) share price has rocketed more than 14% today after a quarterly update from the Aussie gold miner.
The post What’s sparked a 14% Artemis (ASX:ARV) share price rally? appeared first on The Motley Fool Australia. –

A drawing of a white rocket streaking up, indicating a surging share pirce movement

The Artemis Resources Ltd (ASX: ARV) share price has surged more than 14% today. Shares in the gold and copper miner are rocketing higher today after its latest quarterly update.

Why is the Artermis share price rocketing higher?

Artemis reported that further batches of assays from its 42-hole, multi-rig Q4 2020 drilling at the Carlow Castle Gold Copper Project were received in the March quarter. Those results highlighted the success seen in the December quarter drilling program.

That includes a New Northern Discovery Zone with shallow reconnaissance RC holes ~250 metres north of the main Carlow Castle resource area. That contains 5 metres at 4.36 grams per tonne of gold (g/t), 1 metre at 3.03 g/t gold and 2 metres at 2.28 g/t.

The Main Carlow Castle zone also returned positive results with the deep hole drilling. The solid result includes hitting economic grade intersections ~630 metres below surface and 400 metres below the Main Eastern Zone.

Artemis said its knowledge of the structural, alteration and mineralogical controls at Carlow Castle has “increased immensely”. The Artemis share price has rocketed higher today on the back of the positive update.

The results are returning high-grade gold, copper and cobalt assays on the main shoots. As a result, Artemis has started a new Mineral Resource Estimate (MRE). The company has engaged CSA Global who calculated the previous MRE in November 2019. Those updated estimates should be completed in May 2021.

The Artemis share price has been on fire throughout the day’s trade as investors pile into the Aussie mining stock.

Artemis reported net operating cash outflows of $653,000 for the quarter. Total net cash used during the period across all activities totalled $3.37 million.

Foolish takeaway

Today’s gain of 14.3% has pushed the Artemis share price to $0.12 with a $133.7 million market capitalisation. It means the Aussie gold and copper miner’s value has quadrupled in the last 12 months thanks to strong drilling results at the flagship Carlow Castle site.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post What’s sparked a 14% Artemis (ASX:ARV) share price rally? appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!